Primary market action this week: 2 IPOs to hit the Street for Rs 2,500 crore cumulative fund raising

The primary market will continue to remain in action this week as two more companies will launch their initial public offerings (IPO) for fund raising of around Rs 2,500 crore.

With the addition of these two, the list of IPOs being launched in the current year will increase to 26 from 24 in the first half of CY21 (current year).

Corporates garnered nearly Rs 39,000 crore through public issues in the first half of CY21 and with these two IPOs, the fund-raising amount will go over the Rs 41,400 crore-mark.

GR Infraprojects

GR Infraprojects, an integrated road engineering, procurement, and construction (EPC) company, will open its public issue for subscription on July 7. The price band for offer has been fixed at Rs 828-837 per equity share.

It will be a complete offer for sale of up to 1,15,08,704 equity shares by existing selling shareholders, including promoter Lokesh Builders, and investor, India Business Excellence Fund.

The offer will close on July 9.

Investors can put in bids of a minimum of 17 equity shares and in multiples of 17 equity shares thereafter.

The minimum investment retail investors can make would be Rs 14,229 while the maximum would be placed at Rs 1,99,206, at upper price band.

The company's principal business of civil construction comprises EPC and BOT (build-operate-transfer) projects in the road sector. Since 2006, the company has executed over 100 road construction projects.

It has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels, and rail over-bridges. It has also recently diversified into projects in the railway sector.

Clean Science and Technology

Specialty chemical company, Clean Science and Technology, is the second IPO to open for bidding during the same period, July 7 to July 9. The price band for public issue has been fixed at Rs 880-900 per share.

It will also be a complete offer for sale of Rs 1,546.62 crore by existing selling shareholders, which include promoters Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari.

Investors can bid for a minimum of 16 equity shares and in multiples of 16 equity shares thereafter.

The minimum investment amount for retail investors will be Rs 14,400 with the maximum placed at Rs 1,87,200 as they are allowed to invest up to Rs 2 lakh worth of shares, at upper price band.

Clean Science is among the few companies, globally, that is focused entirely on developing newer technologies, using in-house catalytic processes, which are eco-friendly and cost competitive.

This has enabled the company to emerge as the largest manufacturer, globally, of certain specialty chemicals in terms of installed manufacturing capacities, as of March 31, 2021.

Listing of India Pesticides

Agrochemicals company India Pesticides shares listed at Rs 360 - a 21.62 percent premium - on July 5. The stock opened at Rs 360 on the BSE, against issue price of Rs 296.  It subscribed 29.04 times. The final issue price has been fixed at Rs 296 for its Rs 800-crore IPO.

Its shares were traded at a premium of Rs 55-60 in the grey market, i.e. a price of Rs 351-356 against the issue price of Rs 296, IPO Watch and IPO Central data showed.

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