IPO rush continues into year-end: 5 public issues close today with oversubscription, bidding open for 4 others

Almost all of the IPOs that either closed today or are still open saw encouraging bidding and robust investor interest.

The Indian stock market saw continued momentum in the IPO space today as a year-end rush of public offerings drew strong investor interest. Five IPOs closed their bidding process, all securing robust oversubscription, while four others remain open for subscription, reflecting sustained appetite in the primary market as 2024 comes to a close. Almost all of the public issues saw encouraging bidding and robust investor interest.

Among the highlights, the Rs 839 crore IPO of Transrail Lighting, which closed today, recorded an impressive 81 times subscription, bolstered by strong demand from retail and non-institutional investors. The issue comprises a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of Rs 438.91 crore.

DAM Capital Advisors also concluded its Rs 840.25 crore IPO today, achieving a solid 82 times subscription. This issue, entirely an OFS, has been well-received across investor categories, supported by buoyant demand and a steady grey market premium.

Mamata Machinery’s Rs 179.39 crore IPO saw overwhelming demand, with overall subscription exceeding 195 times at the close of its final day of bidding. The offering, which consisted entirely of an OFS, attracted significant interest from retail and non-institutional investors.

Sanathan Textiles, with an issue size of Rs 550 crore, including a fresh issue of Rs 400 crore and an OFS of Rs 150 crore, closed with 35 times subscription today. Concord Enviro’s Rs 500 crore IPO, comprising a fresh issue of Rs 175 crore and an OFS of Rs 325 crore, was subscribed nearly 11 times at the end of day 3, led by retail investor interest.

Meanwhile, bidding is ongoing for four other IPOs, reflecting sustained action in the market. Ventive Hospitality’s Rs 1,600 crore IPO, entirely a fresh issue, has been subscribed 1.28 times on its second day, driven by strong participation from retail investors. Senores Pharmaceuticals, a Rs 582 crore IPO with a fresh issue of Rs 500 crore and an OFS of Rs 82 crore, has achieved 14 times subscription till the end of day 2, led by the retail category.

Carraro India’s Rs 1,250 crore IPO, entirely an OFS-based issue, has seen slower traction so far, with overall subscription at 22 percent as of its second day. On the other hand, Unimech Aerospace and Manufacturing, which opened for bidding today, has already recorded 3.81 times subscription on its first day. The Rs 500 crore IPO comprises a fresh issue of Rs 250 crore and an OFS of Rs 250 crore.

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