IPO Action: Three new public issues to open for subscription next week with lined up of 9 listings

IPO Action Weeh Ahead

• Three new public issues to open for subscription next week
• Nine companies to make markets debut next week including - Clean Max Enviro Energy Solutions, Shree Ram Twistex, Reva Diamonds,Omnitech Engineering
• Kiaasa Retail, Mobilise App Lab, Accord Transformer to start trading on March 2

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Perhaps, the subdued market conditions may be impacted the flow of new IPO launches as investors will see only three news public issues opening for subscription next week starting from March 2. The benchmark indices fell more than 1.5 percent last week.

SEDEMAC Mechatronics, the Pune-based technology company that makes control-intensive products for the automotive and genset segments, will be the only company from the mainboard segment launching its Rs 1,087-crore initial public offering (IPO) for subscription on March 4, with price band of Rs 1,287-1,352 per share.

The IPO comprises of entirely an offer-for-sale of 80.43 lakh shares by promotors, and investors, with no fresh issue component.

Other two IPOs will be from the SME segment. Elfin Agro India that sells processed wheat flour under the brand Shiv Nandi and ELFIN's Shri Shyam BHOG is raising Rs 25 crore via public issue at a price of Rs 47 per share. The fixed price issue will open on March 5.

The second SME IPO will be Srinibas Pradhan Constructions which is set to hit Dalal Street on March 6. The infrastructure company aims to raise Rs 20 crore via public issue of 20.73 lakh shares at the upper price band of Rs 91-98 per share.

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Apart the new launches, Striders Impex, specialises in licensing, own-brand development, and distribution of toys and kids' consumer merchandise, will close its Rs 36-crore IPO on March 2, while Acetech E-Commerce's Rs 49-crore public issue will remain open till March 4. Their subscription stood at 96 percent, and 25 percent, respectively, till February 27.

Meanwhile, nine companies are scheduled for their markets debut next week including four firms - Clean Max Enviro Energy Solutions, Shree Ram Twistex, PNGS Reva Diamond Jewellery, and Omnitech Engineering - from the mainboard segment.

Clean Max Enviro Energy Solutions, and Shree Ram Twistex will list on the bourses on March 2, followed by Reva Diamonds on March 4, and Omnitech Engineering on March 5. Their IPOs subscription stood at 94 percent, 43.62 times, 1.23 times, and 1.14 times, respectively.

According to the market observers, all the above four IPO shares could not attract any premium in the grey market.

In the SME segment, Kiaasa Retail (BSE SME), Mobilise App Lab (NSE Emerge), and Accord Transformer & Switchgear shares (BSE SME) will be available for trading on March 2.

This follows Yaap Digital scheduled for listing on March 5, while Striders Impex will debut on March 6. Both will be available for trading on the NSE Emerge.