Nearly a dozen companies are set to raise approximately Rs 20,000 crore through initial public offerings (IPOs) from the market in September.
Some of the IPOs to be launched this week include Bajaj Housing Finance, PN Gadgil Jewellers and Kross Ltd.
Of the mainboard IPOs, Bajaj Housing Finance is the biggest with an issue size of Rs 6,560 crore. The housing finance company’s IPO opened on September 9 for subscription and will close on September 11. The price band of the IPO is Rs 66 to Rs 70 per share.
PN Gadgil Jewellers is planning to raise Rs 1,100 crore through the primary issuance of shares. The price band of the issue is set at Rs 456-480, and will open on September 10 and close on September 12.
The initial public offer of Kross Ltd, a diversified player engaged in manufacturing and supplying trailer axle and suspension assemblies, opened on September 9 and close on September 11. The company is looking to raise Rs 500 crore, and has set a price band of Rs 228 to Rs 240 per share.
Tolins Tyres, a tire producer company is raising Rs 230 crore. The IPO opened on Monday and will close on Wednesday. The price band for the issues has been set at Rs 215 to Rs 226 apiece.
Shree Tirupati Balajee Agro Trading IPO which opened on September 5, closed on Monday. The IPO size was Rs 170 crore and the price band was set in Rs 78 to Rs 83 range.
Some of the SME (small and medium enterprises) IPOs in September include Vision Infra Equipment Solutions (Rs 106 crore), Aditya Ultra Steel (Rs 46 crore), Trafiksol ITS Technologies (Rs 45 crore), Share Samadhan (Rs 24 crore), SPP Polymers (Rs 24 crore), Gajanand International (Rs 21 crore), Shubhshree Biofuels Energy (Rs 17 crore) and Excellent Wires and Packaging (Rs 12 crore) .
According to a note by Pantomath Capital Advisors, the outlook for the Indian IPO market remains promising, with domestic companies projected to raise over Rs 1.50 lakh crore through primary issuances in the next 12 months, signaling continued activity and strong investor interest ahead.
The IPO fund raising in August hit an all-time high since May 2022, the note said. In the past few months, IPOs in the small and medium enterprises (SME) space have seen a lot of traction.
As many as 108 SME IPOs hit the market since April 1 this year, mobilising around Rs 3,903 crore, as per data available from the NSE and BSE. Of these IPOs, 99 were listed at a premium and only 6 witnessed listing at a discount.
Delhi-based Resourceful Automobiles which came out with an IPO of Rs 11.99 crore baffled the investing community as the issue was oversubscribed 418 times and got bids for close to Rs 5,000 crore on Monday. The bike dealership firm has just 8 employees and two showrooms under the name “Sawhney Automobile”. The company made a profit of Rs 1.52 crore on a turnover of Rs 17.23 crore for the period ended February 2024.
Broach Lifecare Hospital recently came out with a Rs 4.02 crore IPO at a price of Rs 25 per share. The firm’s Bharuch hospital has 25 ultra-luxury in-patient beds and is equipped with diagnostic devices for various tests, it says. The firm reported a turnover of Rs 2.60 crore and a net profit o Rs 69.76 lakh for the year ended March 2024. Its share is now quoting at Rs 47.
Earlier this month, West Bengal-based Aesthetik Engineers which came with an IPO of Rs 26.47 crore received 705 times subscription. It got bids worth over Rs 18,000 crore. The company is engaged in planning, designing, manufacturing and installing facade systems, aluminium doors and windows, railings and stairs, and glass fibre reinforced concrete (GRP). The share was listed at Rs 110.20 as against the IPO price of Rs 58. The company made a net profit of Rs 5.02 crore and a turnover of Rs 60.79 crore for the year ended March 2024.
