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Dalal Street is heading into an unusually busy session on Thursday, September 17, with the much-awaited National Stock Exchange (NSE) IPO opening for subscription. At the same time, six companies that completed their IPOs last week are scheduled to make their stock-market debut.
The combination puts India's primary market firmly in focus as investors track both the country's largest exchange and a fresh batch of listed companies.
The NSE IPO will remain open from September 17 to September 21. The issue is an offer for sale, meaning existing shareholders are selling shares and NSE itself will not receive the IPO proceeds. The price band has been fixed at Rs. 1,700-Rs. 1,785 per share.
The issue is valued at roughly Rs. 22,568 crore, making it one of India's largest IPOs. Ahead of the public issue, 189 institutional investors bought shares worth about Rs. 6,746 crore in the anchor allocation at Rs. 1,785 a share.
NSE's IPO also comes amid changing conditions in the derivatives market, which remains an important source of revenue. Reuters reported that investors are weighing regulatory changes and softer derivatives volumes while assessing the offer.
Thursday will also see six companies listed on the NSE and BSE. The line-up includes
RentoMojo
LCC Projects
Manipal Payment & Identity Solutions
Asset Reconstruction Company (India)
Karamtara Engineering
Steamhouse India
Together, these six companies had raised substantial amounts through their IPOs. Their issues attracted combined demand of around Rs. 1.4 lakh crore, against a mobilisation target of about Rs. 7,100 crore, according to Times of India.
RentoMojo raised about Rs. 1,255.6 crore, while Karamtara Engineering mobilised Rs. 875 crore. Manipal Payment raised Rs. 805 crore, followed by ARCIL at Rs. 733 crore, LCC Projects at Rs. 427 crore and Steamhouse India at Rs. 414 crore.
Also Read: Stock Market Update: Nifty 50 Opened 22.35 Points Lower, Sensex Fell 153.83 Points
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