IPOs This Week: Despite muted activity in the broader secondary market, the primary market is set for another busy week, with 20 companies scheduled to launch their initial public offerings (IPOs) from
September 21 to 25.
The 20 issues comprise seven mainboard IPOs and 13 SME offerings. Excluding digital lending platform Moneyview, whose price band is yet to be announced, 19 companies are looking to raise more than Rs 4,200 crore, including around Rs 3,825 crore through mainboard issues.
Moneyview is scheduled to open its IPO on September 24. The company has recently scaled down the issue, with the revised offering comprising a fresh issue of Rs 750 crore and an offer-for-sale (OFS) of 10.04 crore shares.
Varmora Granito to kick off mainboard IPO rush
The mainboard IPO calendar will begin with Varmora Granito, which will open its Rs 708-crore issue on September 22. The Gujarat-based ceramic and vitrified tiles manufacturer has fixed a price band of Rs 140-148 per share. The IPO comprises a fresh issue of Rs 320 crore and an OFS of 2.62 crore shares worth Rs 388.02 crore at the upper end of the price band.
Four more mainboard companies — Elevate Campuses, ArMee Infotech, Swastika Infra and Adroit Industries India — will open their IPOs on September 23.
Elevate Campuses biggest issue among September 23 launches
Student accommodation operator Elevate Campuses, backed by Singapore-based Hillhouse Capital, is looking to raise up to Rs 2,100 crore through its IPO. The company has set a price band of Rs 343-362 per share, with the issue comprising entirely a fresh issuance of shares.
IT infrastructure and services provider ArMee Infotech will raise up to Rs 300 crore through a fresh issue. Its price band has been fixed at Rs 350-375 per share.
Engineering, procurement and construction company Swastika Infra is targeting Rs 161.37 crore from its IPO. The issue consists of a fresh issue worth Rs 129 crore and an OFS of 17.5 lakh shares worth Rs 32.37 crore at the upper end of the Rs 175-185 price band.
Auto components manufacturer Adroit Industries India is looking to raise Rs 150.7 crore. The IPO comprises a fresh issue of 98.97 lakh shares and an OFS of 13.5 lakh shares, with the price band set at Rs 126-134 per share.
A-One Steels IPO to open on September 24
Bengaluru-based steel producer A-One Steels India will open its Rs 405-crore IPO on September 24. The issue comprises a fresh issue of Rs 355 crore and an OFS worth Rs 50 crore. The company has fixed the price band at Rs 385-405 per share.
13 SME IPOs lined up
The SME segment will also remain active, with 13 companies scheduled to launch their IPOs next week. Together, these offerings are expected to raise more than Rs 400 crore. On September 21, FX Multitech, Vivekanand Cotspin and Robokidz Eduventures will open their issues, seeking to raise more than Rs 45 crore, Rs 31 crore and Rs 22 crore, respectively.
Himalaya Nutravedics India and Anand Seamless will follow on September 22 with IPOs worth Rs 26.5 crore and Rs 25.5 crore, respectively.
September 23 will be particularly busy for the SME segment, with six IPOs opening on the same day — Pooja Logistics, Liqvd Digital India, Unitec Fibres, SK Offset, Coreintegra Consulting Services and Sai Urja Indo Ventures.
Pooja Logistics plans to raise more than Rs 44 crore, while Liqvd Digital India is targeting Rs 39 crore. Unitec Fibres, SK Offset, Coreintegra Consulting Services and Sai Urja Indo Ventures are looking to raise Rs 34.5 crore, Rs 29 crore, Rs 22 crore and Rs 25 crore, respectively.
Peshwa Wheat and Bench Mark Infotech Services will round off the SME IPO calendar next week, opening on September 24 and September 25. Their combined issue size is expected to be around Rs 100 crore.
NSE, Sonaselection IPOs to close next week
The IPO activity will not be limited to new launches, with some of the month’s major offerings set to close next week. The National Stock Exchange (NSE) and textile company Sonaselection India will close their IPOs on September 21. NSE’s IPO had been subscribed 1.16 times so far, while Sonaselection India’s issue had received subscription of around 90%.
In the SME segment, SpectraA Technology Solutions and Kheria Autocomp will also close their issues on September 21. They had received subscription of 18.43 times and 45%, respectively. Axiom Gas Engineering will close its IPO on September 22 and had received subscription of 58% so far.
14 companies to make stock market debut
The IPO activity will translate into a busy listing calendar as well, with 14 companies expected to make their stock market debut next week.
The mainboard segment will see six listings — Manika Plastech, Hero Motors, SS Retail, Jindal Supreme (India), NSE and Sonaselection India.
Manika Plastech is scheduled to list on September 21, followed by Hero Motors, SS Retail and Jindal Supreme (India) on September 23. Sonaselection India and NSE are scheduled to begin trading on September 24.
The SME segment will see eight listings
Century Business Media and Injecto Polymers are scheduled to debut on the BSE SME platform on September 21, followed by Vama Wovenfab and Quanto Agroworld on September 22. On September 24, SpectraA Technology Solutions and Kheria Autocomp are scheduled to begin trading on the NSE Emerge platform. Axiom Gas Engineering will make its debut on the same platform on September 25.
Grey market signals mixed
Grey market activity has remained mixed ahead of the upcoming listings. SS Retail, SpectraA Technology Solutions and Jindal Supreme have commanded premiums of more than 30% in the grey market, according to market observers.
The remaining companies, including NSE, have seen a relatively subdued response from grey market investors. Grey market premiums are unofficial and can change sharply before listing, so they may not necessarily translate into actual listing gains.
