The IPO street remained super busy this week, with five IPOs opening in the mainboard segment and one opening, one listing and two closures in the small and medium enterprises (SME) space. Tata Technologies led with a remarkable 69.43 times subscription. Gandhar Oil Refinery, Indian Renewable Energy (IREDA), Fedbank Financial Services, and Flair Writing Industries also received decent responses from investors. In the SME segment, Sunrest Lifescience, Arrowhead Seperation Engineering, Rockingdeals Circular Economy and Swashthik Plascon kept investors engaged.
Mainboard IPOs
Tata Technologies
The Tata Technologies IPO turned out to be a strong success for the Tata Group, as the Rs 3,042.51-crore offer saw 69.43 times subscription with bids coming in for 312.65 crore equity shares (which was valued at Rs 1.56 lakh crore at the upper price band) against an issue size of 4.5 crore.
On the last day of bidding, QIBs and HNIs or NIIs (non-institutional investors) bought 203.41 times and 62.11 times their allotted portions.
Even retail investors, Tata Technologies' employees and Tata Motors' shareholders also looked aggressive in the offer, subscribing 16.50 times, 3.7 times and 29.2 times the portion set aside for them.
The price band of the public issue, which opened on November 22 and closed on November 24, was fixed at Rs 475-500 per share. At the upper price band, the company’s valuation stands at Rs 20,283 crore. The issue comprised only an offer-for-sale (OFS) by the promoter and investors.
Indian Renewable Energy (IREDA)
The offer was subscribed 38.8 times during November 21-23, with investors across categories buying a total of 1,827.25 crore equity shares (which were valued at Rs 58,472.07 crore at the upper price band), against IPO size of 47.09 crore shares.
Qualified institutional buyers (QIB) subscribed 104.57 times the allotted quota, followed by high net-worth individuals (HNIs) who bid 24.16 times and retail investors 7.73 times. Apart from them, employees picked shares 9.8 times the quota.
The Rs 2,150-crore public issue was a mix of a fresh issue of Rs 1,290 crore worth of shares by the company and an offer-for-sale of Rs 860 crore by the government. The price band for the offer was set at Rs 30-32 per share.
Gandhar Oil Refinery
Gandhar Oil Refinery IPO was subscribed 64.07 times on November 24, the final day of bidding, with bids coming in for 136.1 crore shares against 2.12 crore shares on the block. QIBs took the lead, booking 129 times their quota of shares. The portion set aside for retail investors was booked 28.95 times and that of HNIs 62.2 times.
The white oil manufacturer raised Rs 500.69 crore via the public offer, which was a fresh issue of 1.78 crore shares worth Rs 302 crore and an offer-for-sale of 1.17 crore shares worth Rs 198.69 crore. The price band was set at Rs 160-169 a share.
Also Read: IPO Frenzy: Rs 2.5 lakh crore garnered by 5 public issues this week
Fedbank Financial Services
Fedbank Financial Services IPO was subscribed 2.2 times on November 24, the final day of subscription. Investors had bid for 12.3 crore shares against an issue size of 5.6 crore.
Retail investors bought 1.82 times their allotted quota of shares, NIIs picked up 1.45 times, while QIBs subscribed 3.51 times the shares set aside for them.
Fedbank raised Rs 1,092.26 crore through the 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
The Rs 593-crore public issue of Flair Writing Industries was booked 46.68 times on November 24, the final day of bidding, with bids for 67.28 crore shares against an issue size of 1.44 crore.
Retail investors bought 13.01 times, NIIs picked up 33.37 times and QIBs bought 115.6 times their allotted quotas.
The Flair Writing IPO comprised a fresh issue of 96.05 lakh shares worth Rs 292 crore and an offer-for-sale of 99.01 lakh shares worth Rs 301 crore. The price band for the issue was fixed at Rs 288-304 per share.
SME IPOs
Sunrest Lifescience
Sunrest Lifescience stock made a muted debut, listing at the IPO price on November 20. The stock opened at Rs 84 against the issue price of Rs 84 on the NSE SME platform. The issue received a decent response from investors and was subscribed 48 times. Retail investors remained at the forefront, buying 65 times while NIIs booked 29 times their allotted quota.
The price for the issue, which opened on November 7 and closed on November 9, was fixed at Rs 84 per share. The company raised Rs 10.85 crore via the IPO.
Also Read: Final bidding day: Tata Tech, Flair, Fedbank & Gandhar issue oversubscribed
Arrowhead Seperation Engineering
Arrowhead Seperation Engineering IPO was subscribed 94.79 times on November 20, the last day of bidding. The retail portion was booked 142.3 times while NIIs picked 46 times the allotted quota. The price for the issue, which opened on November 16, was fixed at Rs 233 per share. Through the public offer, the company raised Rs 13 crore.
Rockingdeals Circular Economy
Rockingdeals Circular Economy IPO issue was subscribed 213.64 times on the final day of bidding, November 24. The retail investors' portion was subscribed 201.42 times and NII quota was subscribed 458.60 times, QIB portion was booked 47.38 times. The price band of the Rs 21 crore issue was fixed at Rs 136-140 per share.
Swashthik Plascon
Swashthik Plascon IPO was subscribed 47 percent on the first day of bidding, November 24. Retail investors picked 74 percent and NIIs bought 47 percent of the portion set aside for them. The price of Rs 40.76 crore issue, which will close on November 29, has been fixed at Rs 80-86 per share.
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