IPO GMP Highlights (May 5): Check Day 1 trends for Srigee DLM, Manoj Jewellers IPOs

Avaada Group, a renewable energy focused firm founded by Vineet Mittal, former co-founder of Welspun Energy, has begun preparations for a Rs 4,000-5,000 crore initial public offering (IPO) of the group’s solar module manufacturing unit, according to sources aware of the development. The group has reached out to several investment banks and law firms to pitch for the mandate to manage the IPO of the solar module arm, said the sources cited. (Read More)

In the financial year 2023–24 (FY24), Manoj Jewellers posted operational revenue of Rs 43.35 crore, marking a 218% year-on-year (Y-o-Y) increase from Rs 13.63 crore in FY23. The company also saw its profit after tax (PAT) surge to Rs 3.24 crore in FY24—nearly four times higher than the Rs 62.36 lakh recorded in the previous year.

• As per the Red Herring Prospectus (RHP), the company plans to utilise Rs 13.23 crore from the net proceeds of the issue for the repayment or prepayment of certain borrowings. The remaining Rs 1.67 crore will be allocated for general corporate purposes.
• Manoj Jewellers operates in both the retail and wholesale segments of the jewellery market, dealing in gold and diamond ornaments adorned with precious and semi-precious stones. Its product range includes rings, earrings, armlets, pendants, gajrahs, nose rings, bracelets, chains, necklaces, bangles, and various traditional wedding jewellery items. The company currently operates two showrooms in Chennai.

Manoj Jewellers launched its initial public offering (IPO) today, May 5, 2025, with plans to raise Rs 16.20 crore through a fresh issuance of 3 million equity shares. The IPO does not include any offer for sale (OFS) component. As outlined in the red herring prospectus (RHP), 50% of the issue has been allocated for retail investors, while the remaining half is set aside for other categories of investors, including corporate bodies, qualified institutional buyers (QIBs), and non-institutional investors (NIIs).

• IPO Closing Date: The Srigee DLM IPO is open for subscription until Wednesday, May 7, 2025.
• Allotment Date: The basis of allotment is expected to be finalized on Thursday, May 8, 2025.
• Listing Date: Srigee DLM shares are scheduled to list on the BSE SME platform on Monday, May 12, 2025.

Srigee DLM's unlisted shares were commanding a strong premium in the grey market on Monday. According to sources monitoring grey market trends, the shares were trading at approximately Rs 124 apiece, indicating a grey market premium (GMP) of Rs 25 — or about 25.25% — over the IPO's upper price band.

The Srigee DLM IPO is being offered at a price band of Rs 94 to Rs 99 per share, with a lot size of 1,200 shares. Investors can place bids starting from a minimum of one lot (1,200 shares) and in multiples thereafter. At the upper end of the price band, a retail investor would require a minimum investment of Rs 1,18,800 to apply for one lot.

Non-institutional investors (NIIs) and retail investors have driven the demand for the Srigee DLM IPO, oversubscribing their respective categories by 4.97 times and 3.05 times. However, the portion reserved for Qualified Institutional Buyers (QIBs) has yet to receive any bids.

Srigee DLM, a plastic mouldings company, garnered robust investor demand for its initial public offering (IPO), which was oversubscribed within just two hours of opening for public subscription. The SME IPO, worth Rs 16.98 crore, comprises a completely fresh issue of 1.71 million equity shares, with no offer-for-sale (OFS) component. As per BSE data, the issue was oversubscribed 2.76 times by around 11:37 AM on Monday, May 5.

Axis Capital Limited, HSBC Securities & Capital Markets (India) Pvt Ltd, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt Ltd have been appointed as the book-running lead managers for Ather Energy's upcoming IPO, with Link Intime India Private Ltd acting as the registrar for the issue.

As Apple targets sourcing most of its iPhones for the U.S. market from Indian factories in the June quarter, Foxconn and Tata Electronics factories in India are well-equipped to meet demand valued between $12 and $14 billion, analysts told Moneycontrol. They further estimate that if this pace continues beyond the June quarter, iPhone production in India could reach nearly $40 billion by value in FY26, with approximately 80% of that output likely headed to the U.S. market. (Read More)

Days after the Supreme Court ordered liquidation of Bhushan Power and Steel by rejecting the JSW’s resolution plan, a Business Standard report on Monday said that many national and international players are keen on the company’s assets. The report stated that while the renewed auction may take some time, top steelmakers may rebid for Bhushan Power and Steel. A major acquisition under the Insolvency and Bankruptcy Code, Bhushan Power and Steel was bought by JSW Steel. Under the new leadership, Bhushan Power and Steel went on to almost double its operation capacity to 4.5 million tonnes from 2.75 million tonnes. (Read More)

Ather Energy’s IPO includes a fresh issue of equity shares valued at Rs 2,626 crore, alongside an offer-for-sale (OFS) of 1.1 crore shares by existing shareholders and promoters. The OFS will see participation from current investors such as National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd, IITM Incubation Cell, and IITMS Rural Technology and Business Incubator. Promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain will also offload part of their stake.

• Total Sales Up 7.6% MoM &  3% YoY At 22.87 Lk Units
• 2-wheeler Sales Up 11.84% MoM & 2.25% YoY At 16.86 Lk Units
• CV Sales Down 4.44% MoM & 1.05% YoY At 90,558 Units

• Step 1: Visit the official website of the Bombay Stock Exchange (BSE).
• Step 2: Navigate to the 'Investors' section.
• Step 3: From the 'Investor Services' menu, choose 'Status of Issue Application'.
• Step 4: Click on the 'Application Status Check' option.
• Step 5: In the issue type field, select Equity.
• Step 6: Provide the necessary information, including the Issue Name.
• Step 7: Enter your PAN number and hit Search to check your application status.

India’s two-wheeler industry is poised for a robust FY26 and may reach the pre-pandemic high. An Economic Times report citing industry data on Monday said that latest outlook for FY26 sees the growth in fast lane on back of lower EMIs and high disposable income. (Read More)

Investors who subscribed to the Rs 2,981 crore initial public offering of electric scooter maker Ather Energy are now keenly awaiting its stock market debut. However, expectations for the listing on NSE and BSE this week remain muted, as the IPO is not attracting a significant grey market premium (GMP). According to current GMP trends, Ather Energy shares are likely to list with a modest premium of around Rs 2 per share, indicating a potential listing price in the range of Rs376 to Rs378.

Rupee Check | Rupee Opens At 84.45/$ Vs Friday’s Close Of 84.58/$

Srigee DLM and Manoj Jewellers are set to launch their debut public issues for subscription from May 5 to May 7. Srigee DLM, a plastic injection moulding company, aims to raise Rs 16.98 crore through its IPO, priced in the range of Rs 94–Rs 99 per share. The proceeds will primarily be used to establish a manufacturing facility in Greater Noida, Uttar Pradesh, and to acquire machinery for the new plant. Meanwhile, gold jewellery retailer Manoj Jewellers plans to raise Rs 16.2 crore via a fixed price issue at Rs 54 per share, with the primary objective of reducing its existing debt.

Ather Energy’s initial public offering (IPO) comprised a fresh issue of equity shares worth Rs 2,626 crore and an offer-for-sale (OFS) of 1.1 crore shares by existing promoters and shareholders. Priced at the upper end of the band, the total IPO size stands at Rs 2,981 crore, valuing the company at approximately Rs 11,956 crore. From the fresh issue proceeds, Ather intends to allocate Rs 927.2 crore towards establishing a new electric two-wheeler manufacturing plant in Maharashtra.

According to Ather Energy’s Red Herring Prospectus (RHP) filed with SEBI, the IPO allotment was scheduled to be finalized on or around Friday, May 2. However, investors are still awaiting official confirmation on whether they have been allotted shares. Applicants can check their Ather Energy IPO allotment status online through the registrar’s website at Intime/MUFG. The allotment status is also available on the BSE and NSE websites.

Ather Energy, the electric two-wheeler manufacturer, is all set to make its debut on the stock market, marking a key milestone for the company. This will be the first mainboard IPO of the year and the first major public issue in nearly two months. With its listing, Ather Energy will join Ola Electric on Dalal Street, becoming the second electric scooter company to go public after Ola Electric Mobility’s Rs 6,145-crore IPO in August last year.