After a quiet start to the new year 2024, the activity in the primary market seems to be picking up as four companies are going to hit Dalal Street with IPOs. Nearly Rs 1,100 crore of funds will be raised by these companies.
Jyoti CNC Automation IPO
This is the first initial public offering from the mainboard segment in the current calendar year, which will open for subscription during January 9-11, with a price band of Rs 315-331 per share.
The Rs 1,000-crore IPO comprises only a fresh issue by the company and there is no offer-for-sale component. Hence, the company will be utilising the entire issue proceeds for itself.
The Rajkot-based metal-cutting computer numerical control (CNC) machines manufacturer will utilise Rs 475 crore of net fresh issue proceeds for repaying debts and a further Rs 360 crore for long-term working capital requirements.
IBL Finance IPO
In the small and medium enterprise (SME) segment, IBL Finance will be the first IPO in the current year, opening for subscription during the same period, i.e. January 9-11, to raise Rs 33.4 crore. It is a fixed price issue and issue price has been set at Rs 51 per share.
The 65.5-lakh equity shares IPO by the fintech-based financial services platform consists of only a fresh issue component. The primary reason for fundraising via public issue is to augment the Tier-I capital base to meet future capital requirements, arising out of the growth of the business and asset.
New Swan Multitech IPO
The third IPO opening for subscription this week will be from New Swan Multitech, the precision-engineered components manufacturer. The bidding for Rs 33.11 crore will start on January 11 and close on January 15, while the price band for the offer has been fixed at Rs 62-66 per share.
It is a book-building issue consisting of only a fresh issue by the company which will utilise IPO proceeds for the purchase of certain machinery for the existing manufacturing unit at Raian, Ludhiana, repaying debts, and working capital requirements, besides general corporate purposes.
Australian Premium Solar IPO
The monocrystalline and polycrystalline solar modules maker will also launch its Rs 28-crore public issue this week. The offer, the book-building issue, will open for subscription on January 11 and close on January 15, with a price band of Rs 51-54 per share.
It has only a fresh issue component. The company will utilise funds for its capital expenditure, working capital requirements, general corporate purpose, and public issue expenses.
Listing
Meanwhile, Kaushalya Logistics will be the only listing during this week. The firm will list its equity shares on the NSE Emerge on January 8 and the issue price is Rs 75 per share.
The Rs 36.6-crore public issue had received an overwhelming response from investors, subscribing 364.18 times from December 29 to January 3.
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