The momentum in the primary market is likely to gather steam in the week starting September 11 with six companies geared up to raise more than Rs 4,000 crore from public, and five listings queued up for debut.
The mainboard IPOs
Wire and cable products company RR Kabel will be the first initial public issue in the mainboard segment, opening on September 13, with a price band of Rs 983-1,035 per share. The company intends to raise Rs 1,964.01 crore from the offer, which comprises fresh issues worth Rs 180 crore and an offer-for-sale (OFS) of 1.72 crore equity shares amounting to Rs 1,784.01 crore by six selling shareholders, including promoter Mahendrakumar Rameshwarlal Kabra, and private equity firm TPG Asia VII SF Pte Ltd (the largest public shareholder in the company). Bidding will close on September 15, while the anchor book will open for a day on September 12.
Privately held SAMHI Hotels will float its IPO on September 14. The issue closes on September 18. It comprises a fresh shares of Rs 1,200 crore and an offer-for-sale of 1.35 crore equity shares by three shareholders - Singapore-based investment firm Blue Chandra Pte Ltd, Goldman Sachs, and GTI Capital Alpha.
Though the price band is yet to be announced by Samhi Hotels, a back-of-the-envelop calculation at a price of Rs 126 per share at which Blue Chandra sold its 8.4 percent stake in the company last week, estimates the issue size at Rs 1,370.1 crore.
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The public issue of Zaggle Prepaid Ocean Services, the fintech-SaaS company, will be open for bidding from September 14 to 18. It will Rs 392 crore of fresh issues and an OFS of 1.04 crore. The company, which provides spend management solutions to corporates, is yet to disclose the price band, but the total issue size is pegged at Rs 563.38 crore if the offer price is considered as Rs 164 per share, the price at which the pre-IPO placement had undertaken by the company in August.
Sewerage solutions company EMS will close its Rs 321.24-crore IPO on September 12. The offer opened at a price band of Rs 200-211 per share and received subscription of 3.71 times on the first day of bidding on September 8. Incorporated in 2012, the company is engaged in the business of providing water and wastewater collection, treatment, and disposal services.
Mumbai-based hospital chain Jupiter Life Line Hospitals in consultation with NSE will finalise the basis of allotment of IPO shares by September 13.
The small and medium enterprise segment
Chavda Infra, which provides construction and allied services to residential and commercial projects in Gujarat, will be the first IPO in the SME segment next week, opening on September 12 with a price band of Rs 60-65 per share. The company plans to raise Rs 43.26 crore from the public issue, which will close on September 14, comprising only a fresh issue of 66.56 lakh equity shares.
Electronics manufacturing services company Kundan Edifice will launch its initial public offer on September 12 and close it on September 15. It intends to garner Rs 25.22 crore from the market at a price of Rs 91 per share, comprising only fresh issue by the company.
Cellecor Gadgets, backed by Tano Investment Opportunities Fund, managed by the California-headquartered alternative investment firm Tano Capital LLC, will be the third public issue in the SME segment opening next week. It will open on September 15 with a price band of Rs 87-92 per share. The Delhi-based electronic gadgets maker aims to raise Rs 50.77 crore from the IPO.
Three more public issues, of Meson Valves India, Jiwanram Sheoduttrai Industries, and Unihealth Consultancy, will be closing on September 12. These were subscribed 7.9 times, 5.59 times, and 1.19 times, respectively, on their first day of bidding on September 8.
Listings
Test and measuring instruments maker Rishabh Instruments will make its debut on September 11 after closing the issue last week with 31.65 times subscription, while stainless steel-based products manufacturer Ratnaveer Precision Engineering will also be listing on September 11. Ratnaveer had advanced its listing date from September 14, which was as per its IPO schedule. Its public issue was subscribed 94 times last week.
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Ratnaveer IPO shares were available at a premium of around 50 percent in the grey market, over the issue price of Rs 98 per share, while Rishabh Instruments traded at around 15 percent over the offer price of Rs 441 per share, analysts said on anonymity.
The grey market is an unofficial platform wherein IPO shares can be bought and sold till the listing.
Among SMEs, Chennai-headquartered visual effects studio Basilic Fly Studio will list shares on the NSE Emerge on September 11, which also preponed listing date from September 13. The offer was subscribed 286.61 times.
Specialty chemicals and API trader Saroja Pharma Industries India, and promotional marketing agency Pramara Promotions will also make their debuts on the NSE Emerge on September 13, as per IPO schedule. Their IPOs were booked around 9 times and 26 times, respectively.
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