IPO Action: Investors to see 9 public issues worth Rs 4,400 crore next week, 4 firms lined up for listing

Clean Max Enviro Energy Solutions, which claims India’s largest commercial and industrial renewable energy provider, targets to raise Rs 3,100 crore via initial share sale at the upper price band of Rs 1,000-1,053 per share.

• Nine public issues worth over Rs 4,400 crore opening next week
• Four companies scheduled for opening in coming week
• Trading in Gaudium IVF & Women Health shares to commence on February 27

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The primary market schedule will be full-packed next week starting from February 23 as total nine IPOs are set to open for public subscription, and four new companies are lined up for their market debut.

Nine companies, which approached capital markets, are going to raise Rs 4,405 crore via their initial public offerings (IPO) including Rs 4,173 crore worth fund raising by mainboard public issues.

The participants will see total five IPOs opening for subscription on the first day of next week i.e. February 23 including Clean Max Enviro Energy Solutions, and Shree Ram Twistex from the mainboard segment.

Clean Max Enviro Energy Solutions, which claims India’s largest commercial and industrial renewable energy provider, targets to raise Rs 3,100 crore via initial share sale at the upper price band of Rs 1,000-1,053 per share. In fact, this is the biggest IPO in terms of size among all the nine IPOs.

The IPO is a combination of fresh issuance of shares worth Rs 1,200, and an offer-for-sale of Rs 1,900 crore worth shares by promoters and investors. Of which, it already raised Rs 921 crore via anchor book on February 20.

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Cotton yarns maker Shree Ram Twistex aims to mobilise Rs 110.24 crore via public issue of 1.06 crore equity shares. The IPO, which comprises of entirely fresh issue, has price band of Rs 95-104 per share.

Other three IPOs - Mobilise App Lab, Kiaasa Retail, and Accord Transformer & Switchgear - opening on February 23 will be from the SME segment. Kiaasa Retail, the Ghaziabad-based women's ethnic wear brand, intends to mop-up Rs 69.72 crore via IPO of 54.9 lakh shares at the upper price band of Rs 121-127 per share.

Software solutions provider Mobilise App Lab has tapped capital markets to mobilise Rs 20.1 crore with price range of Rs 75-80 per share, while the fund raising size by Accord Transformer & Switchgear, the electrical power and distribution transformers equipment maker, is Rs 25.59 crore via solely fresh issue of 55.62 lakh shares with price band of Rs 43-46 per share.

On February 24, PNGS Reva Diamond Jewellery, the diamond and precious and semi-precious stones-studded jewellery maker, and a part of P N Gadgil & Sons, will be the only initial share sale hitting Dalal Street. The mainboard IPO size is Rs 380 crore, and the price band at Rs 367-386 per share.

On the following day, i.e. February 25, there will be two public issues available for public subscription. In the mainboard segment, Gujarat-based precision engineered components and assemblies maker Omnitech Engineering launched IPO with the aim to mop up Rs 583 crore at the upper end of price band of Rs 216-227 per share, comprising fresh issue of shares worth Rs 418 crore, and an offer-for-sale of Rs 165 crore worth shares by promoter.

The second IPO on the same day will be from the SME segment which is Yaap Digital, the Gurgaon-based digital content and marketing services agency. It is raising Rs 80.11 crore via offer of 55.25 lakh shares. The price band for the entirely fresh issue is Rs 138-145 per share.

As per the primary market data available till February 22, Striders Impex will be the last IPO getting opened next week on February 26. The SME company that involves in licensing, own brand development, and distribution of toys and kids' consumer merchandise, plans to mobilise Rs 36.29 crore via IPO of 50.4 lakh shares which comprise of fresh issue of 45.31 lakh shares, and an offer-for-sale of 5.08 lakh shares by promoters. The price band for the offer is Rs 71-72 per share.

The total fund raising by above-mentioned five SME companies will be nearly Rs 232 crore.

Apart from new IPO openings, fertility services provider Gaudium IVF & Women Health from the mainboard segment, and decorative laminates and plywood maker Manilam Industries India from the SME section will close their IPOs amounting to Rs 165-crore and Rs 40 crore, respectively, next week on February 24. The former offer was subscribed 88 percent and the latter one 20 percent till their first day of bidding, i.e. February 20.

Listing Next Week

On the listing front, four companies will be available for trading on the bourses in the coming week including Gaudium IVF, the only mainboard listing. Garment manufacturing and supply chain company Fractal Industries, and soybean crude oil maker Yashhtej Industries (India) will make their debut on the BSE SME on February 24, and February 25, respectively.

Further, the trading in both Gaudium IVF & Women Health, and Manilam Industries India will commence on February 27.

Gaudium IVF IPO shares traded at more than 10 percent premium in the grey market, while other three SME companies are getting muted response, the market observers said.