India’s primary market is set for a busy week as 11 main-board companies prepare to launch initial public offerings worth about Rs. 7,055 crore. The issues will open between September 7 and September 10, while the final subscription window will close on September 15.
The upcoming IPOs include companies from real estate, engineering, chemicals, payments, manufacturing and online rental services. Rentomojo, Karamtara Engineering, Kanohar Electricals and Manipal Payment and Identity Solutions are among the larger issues scheduled for the week.
Of the total Rs. 7,055 crore planned fundraising, about Rs. 2,722 crore will come through fresh share issues. The remaining Rs. 4,333 crore will come through offers for sale, where existing shareholders will sell part of their holdings.
Rajkumar Rathi, Chief Investment Officer at YES Securities, said, “This multi-issue rush reflects an eagerness to lock in early-stage growth equity in young companies as all these companies are below USD 1 billion market cap at listing.” Companies plan to use fresh proceeds for expansion, capital expenditure, debt repayment, working capital and other corporate needs.
Pranav Constructions will start the week with its IPO opening on September 7. The company plans to raise about Rs. 351 crore at a price band of Rs. 118 to Rs. 124 per share. The issue includes a Rs. 315.6 crore fresh issue and an offer for sale worth about Rs. 35.43 crore.
Kanohar Electricals, Prasol Chemicals and Glass Wall Systems will follow on September 8. Kanohar Electricals plans to raise about Rs. 1,056 crore at Rs. 601 to Rs. 632 per share. Meanwhile, Prasol Chemicals has set its Rs. 500 crore issue at Rs. 643 to Rs. 676 per share. Glass Wall Systems will seek about Rs. 428 crore with a price band of Rs. 172 to Rs. 182.
Six companies will launch their IPOs on September 9. Rentomojo plans to raise about Rs. 1,256 crore at a price band of Rs. 384 to Rs. 404. Its offer includes a Rs. 150 crore fresh issue and an OFS worth more than Rs. 1,100 crore.
Karamtara Engineering will launch an Rs. 875 crore IPO at Rs. 241 to Rs. 254 per share. Manipal Payment and Identity Solutions will seek Rs. 805 crore at Rs. 322 to Rs. 339.
Arcil will raise about Rs. 733 crore entirely through an OFS, meaning the company will not receive proceeds from the issue.
LCC Projects will also open its Rs. 427 crore IPO on September 9, alongside Steamhouse India’s Rs. 414 crore offering. Steamhouse India’s issue includes a Rs. 353 crore fresh issue and an Rs. 61 crore OFS.
Veegaland Developers will be the final company among the 11 to open its IPO. The Rs. 210 crore issue will run from September 10 to September 15. The company has fixed a price band of Rs. 130 to Rs. 140 per share.
The issue consists entirely of fresh shares, with no OFS component. Shares are scheduled to list on the BSE and NSE on September 18, while several IPOs opening earlier in the week are expected to list between September 15 and September 17.
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