IPO Weekly Wrap: Mamaearth, ESAF, Cello, Blue Jet, 12 SME public issues steer the market ship

In the SME space, twelve companies garnered significant investor interest this week.

This week, the IPO Street was bustling with a flurry of companies entering the domestic equity market. In the mainboard segment, Mamaearth's parent company, Honasa Consumer, and Cello World concluded their public issues. Blue Jet Healthcare successfully listed its stock, while ESAF Small Finance Bank's public offer remained open for subscription.

Meanwhile, in the SME space, 12 companies garnered significant investor interest, with Maitreya Medicare and SAR Televenture's public offerings oversubscribed by more than 410 and 260 times, respectively, on the final day of bidding. Let's now delve into the details of these IPOs.

Mainboard IPOs 

Honasa Consumer (Mamaearth)

Honasa Consumer IPO was subscribed 7.61 times on November 2, the final day of bidding, receiving bids for 22 crore shares against the issue size of 2.89 crore shares. Retail investors bought 1.4 times, high net worth individuals (HNI) bought 4.02 times and qualified institutional buyers (QIB) picked 11.5 times the allotted quota. Varun Alagh and Ghazal Alag-owned firm raised Rs 1,701 crore via IPO. The price band for the offer, which opened on October 31, was fixed at Rs 308-324 per share.

Cello World

Cello World IPO received a solid response from investors on the final day of subscription, November 1, receiving bids for 85.83 crore shares, which is 38.9 times the IPO size of 2.2 crore shares. QIBs bought 108.57 times the allotted quota, HNIs subscribed 24.42 times and retail investors bid 3.06 times. The price band for the IPO, which opened on October 30 was fixed at Rs 617-648 per share. The Mumbai-based firm raised Rs 1,900 crore via a maiden public issue.

ESAF Small Finance Bank

ESAF Small Finance Bank IPO saw a good debut on November 3 as investors bought 10.02 crore shares against an offer size of 5.77 crore shares, resulting in a 1.74 times subscription. HNIs bought 2.44 times the allotted quota followed by retail investors, who bid 1.97 times the portion set aside for them. QIBs subscribed to 90 percent of the reserved portion. The Kerala-headquartered small finance bank aims to raise Rs 463 crore via IPO. The price band for the offer, which closes on November 7, has been fixed at Rs 57-60 per share.

Also Read: Protean eGov Technologies IPO | Investors pick Rs 143.5 crore shares in anchor book

Mainboard Listing

Blue Jet Healthcare

Blue Jet Healthcare made a strong debut on the bourses, listing at a 9.8 percent premium to the IPO price of Rs 346 on November 1. The shares opened at Rs 380 each on the NSE and Rs 359 each on the BSE. The company had raised Rs 840.27 crore from the public issue, which opened for subscription on October 25 and closed on October 27. The price band was fixed at Rs 329-346 per share. The IPO was oversubscribed at 7.94 times, with 13.5 crore equity shares bid for in comparison to the 1.7 crore shares offered. HNIs subscribed 13.59 times their quota, while QIBs subscribed 13.72 times their portion. The retail segment was subscribed 2.22 times.

SME IPOs

SAR Televenture

SAR Televenture’s Rs 24.75 crore issue was subscribed 267 times on the final day of bidding. The price band for the issue, which opened for subscription on November 1 and closed on November 3, was fixed at Rs 52-55 per share.

Baba Food  Processing

Baba Food Processing’s Rs 33 crore public offer opened for subscription on November 3 and will close on November 7. The issue was subscribed 2.82 times on Day 1. The price band for the issue has been fixed at Rs 72-76 per share.

Micropro Software Solutions

Micropro Software Solutions’s Rs 30.7 crore IPO, which opened for subscription on November 3 and will close on November 7, was subscribed 1.88 times. The price for the issue has been fixed at Rs 81 per share.

Maitreya Medicare

Maitreya Medicare IPO was subscribed 410.09 times on the final day of bidding, November 1. The price band of the Rs 14.89-crore public issue, which opened for subscription on October 27, was fixed at Rs 78-82 per share.

Transteel Seating Technologies

Transteel Seating Technologies IPO was subscribed 31.57 times. The Rs 49.98-crore IPO opened for subscription on October 30 and closed on November 1. The price band for the issue was fixed at Rs 67-70 per share.

Vrundavan Plantation

Vrundavan Plantation's Rs 15.29 crore IPO, which opened on October 30 and closed on November 1, was subscribed 18.57 times. The issue price was fixed at Rs 108 per share.

Mish Designs

Mish Designs' Rs 9.76-crore IPO was subscribed 135 times on the final day of bidding. The price for the issue, which opened for subscription on October 31 and closed on November 2, was fixed at Rs 122 per share.

KK Shah Hospitals

KK Shah Hospitals’ IPO opened for subscription on October 27 and closed on October 31. The price for the issue was fixed at Rs 45 per share. The Rs 8.78-crore IPO was subscribed 13.5 times.

Also Read: Business in the Week Ahead (November 6-10, 2023)

SME Listings

Shanthala FMCG Products

Shanthala FMCG Products made a decent market debut, listing at an 18.6 percent premium over the IPO price on November 3. The stock opened at Rs 108 against the issue price of Rs 91 on the NSE SME platform. The Rs 16.07 crore offer, which opened for subscription on October 27 and closed October 31, was subscribed 3.91 times.

Paragon Fine and Speciality Chemical

Paragon Fine and Speciality Chemical made a stellar debut, listing at a 125 percent premium over the IPO price on November 3. The stock opened at Rs 225 against the issue price of Rs 100 on the NSE SME platform. The IPO, which was open for subscription from October 26-30, was subscribed 205 times. The price band for the Rs 51.66 crore offer was fixed at Rs 95-100 a share.

On Door Concepts

On Door Concepts stock made a tepid debut, listing at a 2.88 percent premium over the issue price, on November 1. The stock opened at Rs 214 against the IPO price of Rs 208 on the NSE SME platform. The Rs 31.18-crore IPO opened for subscription on October 23 and closed on October 27 with 5.25 times subscription.

Rajgor Castor Derivatives

Rajgor Castor Derivatives stock was listed at an 18 percent premium to the IPO price on October 31. The stock opened at Rs 59 against the issue price of Rs 50 on the NSE SME platform. The public issue was booked 97.73 times. The price band for the issue, which opened for subscription on October 17 and closed on October 20, was fixed at Rs 47-50 per share.