Primary market booms with 10 public issues lined up to raise over Rs 2,400 cr

Ten public issues to hit Dalal Street next week to raise Rs 2,400 crore.

The primary market is stepping on the gas with 10 companies ready to throng the Street this week with their initial public issues to raise at least Rs 2,400 crore along with six offers still open for bids and five stocks lined up for listing.

Mainboard Segment

Telangana-based ethnic apparel retailer Sai Silks Kalamandir and Signature Global (India), a Delhi NCR-based real estate developer, will be the first IPOs in the mainboard segment, opening on September 20 and closing on September 22.

Sai Silks aims to Rs 1,201 crore from the issue at the upper end of price band of Rs 210-222 per share. The issue comprises fresh shares worth Rs 600 crore and an offer-for-sale (OFS) of 2.7 crore equity shares by the promoter group.

International Finance Corporation-backed affordable housing company Signature Global has set the price band at Rs 366-385 per share for its Rs 730-crore maiden public issue that consists of fresh-issue shares worth Rs 603 crore and an OFS of Rs 127 crore from the IFC.

Manoj Vaibhav Gems 'N' Jewellers, which operates under Vaibhav Jewellers brand, will float its offer between September 22 and September 26 with a price band of Rs 204-215 per share. The Andhra Pradesh-based jewellery retailer intends to mop up Rs 270.20 crore from the IPO, which will  comprise a fresh issue of Rs 210 crore, and an OFS of 28 lakh shares worth Rs 60.2 crore by promoter Grandhi Bharata Mallika Ratna Kumari (HUF).

Privately held Samhi Hotels, which is backed by marquee investors Equity International, ACIC Mauritius and Goldman Sachs, will close its Rs 1,370.1-crore maiden public issue on September 18, while the Rs 563.38-crore IPO by Zaggle Prepaid Ocean Services, the business spend management platform provider, will close for bids on September 18.

Samhi Hotels and Zaggle IPOs, which opened on September 14, remained undersubscribed even on the second day of bidding, with 12 percent and 43 percent bookings.

The public offer of leading corporate travel company Yatra Online saw muted response from investors on September 15, the first day of bidding, subscribing 11 percent. The Rs 775-crore offer will close on September 20.

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SME Segment

Gujarat-based spices maker Madhusudan Masala, environmental consulting services provider Techknowgreen Solutions, and plastic engineering components manufacturer Master Components will be the first IPOs, in the SME segment, to hit Dalal Street next week on September 18. The issues will close on September 21.

Madhusudan Masala aims to raise Rs 23.80 crore from the offer at the upper end of a price band of Rs 66-70 per share, while Techknowgreen Solutions and Master Components are planning to mop up Rs 16.72 crore and Rs 15.43 crore at a price of Rs 86 per share and Rs 140 per share. Both are fixed price issues.

Three companies - Rajasthan-based waste tyres recycling company Hi-Green Carbon, stainless-steel-based products maker Mangalam Alloys, and Marco Cables & Conductors, a cable wires and conductor manufacturer - will be launch their initial public offerings during September 21-25.

Hi-Green Carbon intends to raise Rs 52.8 crore through its book built public issue at the upper end of the price band of Rs 71-75 per share, while Mangalam Alloys, and Marco Cables & Conductors both fixed-price issues, planning to raise Rs 54.91 crore and Rs 18.73 crore at a price of Rs 80 per share and Rs 36 per share.

Solapur-based Organic Recycling Systems, the engineering company offering waste management solutions, will also be launching its Rs 50-crore public issue on September 21. The issue price has been fixed at Rs 200 per share for the fixed price issue which will close on September 26.

Apart from this, scientific and engineering instruments maker Holmarc Opto-Mechatronics, Tano Capital-backed electronic gadgets maker Cellecor Gadgets, and software development services provider Kody Technolab is set to close the bidding for their IPOs on September 20. On the first day of bidding, September 15, they saw a subscription of 1.32 times, 1.81 times, and 1.2 times respectively.

Listing

In the mainboard segment, Mumbai-based healthcare service provider Jupiter Life Line Hospitals will be listing shares on the BSE & NSE on September 18, while Sewerage solutions & water supply systems provider EMS will debut on September 21, as per IPO schedule.

Jupiter shares traded at a premium of 34 percent over the final issue price of Rs 735, and EMS shares were available at a 47 percent premium over IPO price of Rs 211 per share, in the grey market, analysts said on anonymity. The grey market is an unofficial platform wherein the IPO shares can be bought and sold till th listing.

In the SME segment, industrial safety gloves and garments manufacturer Jiwanram Sheoduttrai Industries will make its debut on the NSE Emerge on September 18, while Mumbai-based healthcare service provider Unihealth Consultancy, and valves and actuators supplier Meson Valves India will list shares on the NSE Emerge and BSE SME, respectively, on September 21.