IPO Weekly Wrap: Tata Tech, IREDA, Gandhar, Flair, SME stocks make bumper debuts; Fedbank disappoints

Tata Technologies made an impressive debut on the bourses, listing at a 140 percent premium to the IPO price

The listings of five mainboard and two small and medium enterprises (SME) IPOs kept investors busy this week. Tata Technologies is listed at a 140 percent premium over the issue price. Gandhar Oil Refinery, Indian Renewable Energy (IREDA) and Flair Writing Industries also made bumper debuts while Fedbank Financial Services disappointed investors.

In the SME segment, Arrowhead Seperation Engineering, Rockingdeals Circular Economy, Marinetrans India, Graphisads, Net Avenue Technologies, Deepak Chemtex, AMIC Forging and Swashthik Plascon kept investors engaged.

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Mainboard IPOs

India Renewable Energy Development Agency (IREDA)

India Renewable Energy Development Agency (IREDA) made an impressive market debut on November 29, listing at a 56.25 percent premium to the issue price of Rs 32. The stock opened at Rs 50 on both NSE and BSE.

The state-run company raised Rs 2,150.21 crore through the initial public offering that consisted of a fresh issue of 40.31 crore shares worth Rs 1,290.13 crore and an offer-for-sale (OFS) of 26.87 crore shares worth Rs 860.08 crore.

Also Read: Bumper listing gains for IREDA IPO investors. Hold, book profit or buy more?

Tata Technologies

Tata Technologies made an impressive debut on the bourses, listing at a 140 percent premium to the IPO price. On November 30, the stock opened at Rs 1,200 and closed at Rs 1,327.7 on the NSE and on BSE, the stock started trading at Rs 1,199.95 and settled at Rs 1314.25, against the issue price of Rs 500.

The IPO had garnered heavy interest from all categories of investors, with over 73.38 lakh total applications. The public offer was subscribed 69.43 times, with the quota reserved for qualified institutional buyers (QIBs) getting booked a record 203.41 times.

The issue was entirely an offer-for-sale (OFS) of 6.08 crore shares by the promoter Tata Motors, and investors Alpha TC Holdings and Tata Capital Growth Fund 1. The price band of the Rs 3,042.52 crore issue was fixed at Rs 475-500 per share.

Gandhar Oil Refinery

Gandhar Oil Refinery stock listed at a 75 percent premium over the IPO price, surpassing analysts' expectations of a 45-50 percent premium. The white oil manufacturer’s stock opened at Rs 295.40 on the BSE and at Rs 298 on the NSE, against an issue price of Rs 169 per share. The stock closed at Rs 301.5 on November 30. The Rs 500.69 crore IPO comprised a fresh issue of shares worth Rs 302 crore and an offer-for-sale of 1.17 crore shares worth Rs 198.69 crore by promoter and investors. The price band for the offer was set at Rs 160-169 per share.

Also Read: Tata Tech surges 3-fold from IPO price after bumper listing: Should you buy, sell, or hold?

Fedbank Financial Services

Fedbank Financial Services had a weak first day on the bourses, listing at Rs 137.75 on BSE, a 1.6 percent discount to the IPO price of Rs 140 on November 30. The stock did recover to gain 5.7 percent to hit an intraday high of Rs 148 but pared gains to end the day at Rs 140.

Fedbank raised Rs 1,092.26 crore via IPO, which comprised a fresh issuance of 4.29 crore shares worth Rs 600.77 crore and an offer for sale (OFS) of 3.51 crore shares worth Rs 492.26 crore at the upper end of the Rs 133-140 price band.

Flair Writing Industries

Flair Writing Industries shares opened with 64.8 percent gains at Rs 501 on the NSE on December 1, which was double the analysts’ expectations as well as the grey market premium. The stock immediately saw some 50 rupees correction and was stuck at Rs 450.90 for the rest of the trading session, i.e. 10 percent down from the opening price.

The company raised Rs 593 crore via public issue comprising a fresh issuance of shares worth Rs 292 crore and an offer-for-sale of Rs 301 crore by the Rathod family. The price band for the offer was Rs 288-304 per share.

Also Read: Gandhar Oil Refinery stock makes bumper debut: Should you buy more, hold or book profit?

SME IPOs

Rockingdeals Circular Economy

Rockingdeals Circular Economy stock opened 125 percent higher on debut on November 30 after the SME IPO was subscribed over 213 times last week. The stock opened at Rs 300 on the NSE SME platform against the issue price of Rs 140 a share.

The Rs 21-crore IPO was an entirely fresh issue of 15 lakh shares. The company plans to use the net proceeds for working capital needs and brand positioning, marketing, and advertising.

Arrowhead Seperation Engineering

Arrowhead Seperation Engineering stock listed at a 7.3 percent premium over the IPO price on November 28. The stock opened at Rs 250 against the issue price of Rs 233 on BSE SME. Through the public offer, the company raised Rs 13 crore. The offer was entirely a fresh issue of 5.58 lakh shares.

Marinetrans India

Marintrans India IPO, which opened on November 30 and will close on December 5, has been subscribed 3.5 times. The retail portion was booked 5.9 times on the second day of bidding and NIIs picked 1.15 times the allotted quota. The price of Rs 10.92 crore issue has been fixed at Rs 26 per share.

Also Read: Fedbank Financial Services lists at discount. Should buy, sell or hold?

Graphisads Limited

Graphisads' public offer was subscribed 1.06 times on the second day of bidding, December 1. The retail portion was booked 1.21 times and NIIs picked 0.91 times. Through the IPO, the company aims to raise Rs 53.41 crore. The price is fixed at Rs 111 per share. The offer opened on November 30 and will close on December 5.

Net Avenue Technologies

Net Avenue’s public issue was booked 54 times on the second day of bidding, December 1. The offer opened on November 30 and will close on December 4. The retail portion was booked 89 times, NIIs picked 46 times and QIBs 0.4 times. The price band of Rs 10.25 crore issue is fixed at Rs 16-18 per share.

Deepak Chemtex

Deepak Chemtex's public offer was subscribed over 403 times on the final day of bidding, December 1. Retail investors booked 475 times, QIBs picked 96.8 times and NIIs bought 642 times the allotted quota. The Rs 23.04-crore offer opened for subscription on November 29 and closed on December 1. The price band for the issue was fixed at Rs 76-80 per share.

Also Read: Flair Writing lists at 66% premium: Should you buy, hold, or book profit?

AMIC Forging

AMIC Forging IPO was subscribed 289 times on the last day of bidding, December 1. Retail investors picked 273 times, NIIs bought 589 times and QIBs booked 91.43 times the portion set aside for them. The price band of the Rs 34.8-crore IPO, which opened on November 29 was fixed at Rs 121-126 per share.

Swashthik Plascon

Swashthik Plascon IPO was subscribed 15 times on the final day of bidding, November 29. Retail investors picked 13.5 times and NIIs bought 35.7 times of the portion set aside for them. The price of Rs 40.76 crore issue was fixed at Rs 80-86 per share.