India’s primary market remains active on Tuesday, December 16, with a large AMC IPO heading into its final day of bidding and a new manufacturing-sector issue opening for subscription, supported by a sizeable anchor book.
The ICICI Prudential Asset Management Company IPO enters its final day of bidding after seeing a sharp acceleration in demand on Day 2. The Rs 10,603-crore issue was subscribed 2.11 times by Monday, with bids for 7.38 crore shares against 3.50 crore shares on offer, according to consolidated NSE and BSE data.
Institutional and non-institutional investors continued to anchor the book. The QIB segment was subscribed 2.91 times, with foreign institutional investors accounting for a large share of demand, alongside domestic financial institutions, insurers and mutual funds. The NII category saw a strong surge, reaching 3.79 times subscription, led by large NIIs, while small NIIs also remained active.
Retail participation improved steadily, with the category subscribed 83 percent by the end of Day 2, while the shareholder quota was strongly oversubscribed at 2.84 times. With bidding closing today, market attention will be on whether institutional demand further builds into the final session.
The IPO, which is a 100 percent offer-for-sale, closes today, with allotment scheduled for December 17 and listing on December 19.
The KSH International IPO opens for public subscription today and will remain open until December 18. The Rs 710-crore book-built issue comprises a fresh issue of Rs 420 crore and an offer-for-sale of Rs 290 crore, with a price band of Rs 365–384 per share.
Ahead of the launch, KSH International raised Rs 213 crore from anchor investors, allocating 55.46 lakh shares at the upper end of the price band. The anchor book included domestic mutual funds, insurance companies and overseas institutional investors, with Kotak Mahindra AMC emerging as the largest single buyer.
The company intends to use a significant portion of the fresh issue proceeds for debt repayment, capacity expansion through new machinery at its Supa and Chakan facilities, and the installation of a rooftop solar power plant, with the remainder earmarked for general corporate purposes.
Brokerage views on the issue remain mixed. SBI Securities has assigned a ‘Neutral’ rating, citing fair valuation at the upper price band, while Angel One has recommended a ‘Subscribe’ rating for medium- to long-term investors, pointing to earnings growth, improving return ratios and demand tailwinds from power, renewables and EV-linked applications.
With a marquee AMC IPO closing today and a new industrial manufacturing issue opening with strong anchor support, today’s primary market action will offer fresh signals on institutional risk appetite in the primary markets.
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