JSW Group company JSW Infrastructure and jewellery retailer Vaibhav Jewellers will be making their debuts on the bourses on October 3, much before their scheduled listing dates.
Both companies were supposed to list their shares on October 6, as per the IPO schedule. The Securities and Exchange Board of India (Sebi) has changed the listing timeline to T+3 for IPOs (issue closing date + three working days), in June this year, from T+6 timeline earlier.
With this, the market regulator has asked companies launching IPOs with effect from September 1 this year to use the new timeline voluntarily but made it mandatory for companies opening IPOs with effect from December 1, 2023.
Hence, Vaibhav Jewellers will list in the T+3 timeline, while JSW Infrastructure will make its debut in the T+2 timeline, becoming the second company after RR Kabel to use this timeline. Banks in several states were shut on September 28, and in a few other states, they remained closed on September 29.
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Both companies have fixed the date of allotment of IPO shares as September 28.
JSW Infrastructure, the port-related infrastructure company, closed its Rs 2,800-crore public issue on September 27 with a massive 37.37 times subscription driven by healthy response across categories of investors. Qualified institutional buyers (QIB) have bid 57.09 times the allotted quota, and high networth individuals 15.99 times, while retail investors have bought 10.32 times the reserved portion.
The offer, which had a price band of Rs 113-119 per share, was comprised only of a fresh issue portion.
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India's second-largest commercial port operator will make use of fresh issue proceeds to reduce debt by Rs 880 crore, while Rs 1,029.04 crore will be utilised towards expansion or upgradation works at Jaigarh Port, and Rs 151.05 crore for Mangalore Container Terminal. The remaining amount will go for general corporate purposes.
The final issue price has been fixed at Rs 119 per share.
Meanwhile, Manoj Vaibhav Gems N Jewellers, which is known as a brand Vaibhav Jewellers, closed its initial public offering on September 26. The offer had received a tepid response from investors, with 2.25 times subscription.
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High net-worth individuals have bought 5.18 times the allotted quota, retail investors 1.66 times the portion set aside for them, and QIB 1.06 times.
The Andhra Pradesh-based jewellery retailer has raised Rs 270.20 crore via an initial public offering comprising a fresh issue of Rs 210 crore worth shares, and an offer-for-sale (OFS) of Rs 60.20 crore by promoter Grandhi Bharata Mallika Ratna Kumari (HUF).
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The hyperlocal jewellery retail chain with a presence in the micro markets of Andhra Pradesh and Telangana with 13 showrooms will spend net fresh issue proceeds for setting up eight showrooms and the rest for general corporate purposes.
The company has set the final issue price at the upper end of its price band Rs 204-215 per share.
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Since the start of September, five companies launched their IPOs in the mainboard segment - namely Ratnaveer Precision Engineering, Samhi Hotels, Zaggle Prepaid Ocean Services, Signature Global, and Sai Silks Kalamandir - listed shares in T+3 timeline, while RR Kabel became the first to make it successful debut in T+2 timeline, which means completed entire process of allotment finalisation, share transfer and refunds in T+1.
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