IPO Rush Is Back: 12 Companies To Raise Rs 7,180 Crore This Week
India’s IPO market is heading into a busy week, with 12 companies set to launch initial public offerings between September 7 and 11, collectively seeking to raise Rs 7,179.84 crore.
Of the total, around Rs 2,814.10 crore will come through fresh issues, while Rs 4,365.74 crore will be raised through offers for sale (OFS). The activity comes ahead of two much larger proposed IPOs from the National Stock Exchange (NSE) and Jio Platforms.
Pranav Constructions:
September 7-9; issue size Rs 351.03 crore; fresh issue Rs 315.60 crore and OFS Rs 35.43 crore. The price band is Rs 118-124, with a lot size of 120 shares and retail investment of Rs 14,880 at the upper band.
Glass Wall Systems:
September 8-10; issue size Rs 427.89 crore, comprising Rs 60 crore fresh issue and Rs 367.89 crore OFS. The price band is Rs 172-182, with a retail investment of Rs 14,924.
Prasol Chemicals:
September 8-10; issue size Rs 500 crore, including Rs 80 crore fresh issue and Rs 420 crore OFS. The price band is Rs 643-676, with a retail investment of Rs 14,872.
Kanohar Electricals:
September 8-10; issue size Rs 1,055.74 crore, comprising Rs 300 crore fresh issue and Rs 755.74 crore OFS. The price band is Rs 601-632 and retail investors need Rs 14,536 for one lot.
Karamtara Engineering:
September 9-11; issue size Rs 875 crore, including Rs 675 crore fresh issue and Rs 200 crore OFS. Its price band is Rs 241-254, with a retail investment of Rs 14,986.
LCC Projects:
September 9-11; issue size Rs 427.14 crore, comprising Rs 258 crore fresh issue and Rs 169.14 crore OFS. The price band is Rs 139-146, with a retail investment of Rs 14,892.
Steamhouse:
September 9-11; issue size Rs 414 crore, including Rs 353 crore fresh issue and Rs 61 crore OFS. Its price band and retail investment details had not been announced in the information available.
Manipal Payment & Identity Solutions:
September 9-11; issue size Rs 805 crore, comprising Rs 320 crore fresh issue and Rs 485 crore OFS. The price band is Rs 322-339, with a retail investment of Rs 14,916.
Asset Reconstruction:
September 9-11; issue size Rs 732.97 crore, entirely through OFS. The price band is Rs 132-139, with a retail investment of Rs 14,873.
Rentomojo:
September 9-11; issue size Rs 1,255.57 crore, the largest among the 12. It includes Rs 150 crore fresh issue and Rs 1,105.57 crore OFS. The price band is Rs 384-404, with a retail investment of Rs 14,948.
Veegaland Developers:
September 10-15; issue size Rs 210 crore, entirely through a fresh issue. The price band is Rs 130-140 and retail investment is Rs 14,980.
Manika Plastech:
September 11-16; issue size Rs 125.50 crore, including Rs 92.50 crore fresh issue and Rs 33 crore OFS. The price band is Rs 40-43, with a retail investment of Rs 14,964.
The busy week could be followed by larger offerings. NSE is expected to target an IPO of around Rs 30,000 crore, while Jio Platforms has received Sebi approval for a proposed issue that could raise about Rs 37,700 crore.
If completed at that size, the Jio Platforms IPO would surpass Hyundai Motor India's Rs 27,859-crore issue and become India's largest-ever public offering. NSE's proposed issue could also rank among the country's biggest.