4 IPOs to hit Dalal Street on March 31 as FY23 draws to a close

Overall public equity fundraising in India also decreased by 56% to ₹76,076 crore in 2022-23 from ₹1,73,728 crore in 2021-22.

The coming Friday, after a day of holiday, is going to be busy for the primary market in the SME segment as we will have four IPOs being launched for bidding on March 31. The market will remain shut on March 30 for Ram Navami.

More than Rs 100 crore worth of funds is going to be raised by these four companies. Of these, MOS Utility and Infinium Pharmachem will be launched from the NSE Emerge platform and other two, Exhicon Events Media Solutions and Sancode Technologies, will open on the BSE SME segment.

MOS Utility, the digital products and services provider, is the largest amongst them, mobilising nearly Rs 50 crore via SME IPO. The 65.74 lakh shares IPO comprises fresh issue of 57.74 lakh shares and an offer for sale of 8 lakh shares.

The company has fixed price band for the IPO at Rs 72-76 per share, with a lot size of 1,600 shares

The fresh issue money will be utilised largely for working capital requirements, besides general corporate purposes.

MOS is a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena through an integrated business model via online portal.

Sancode Technologies will be the second IPO getting opened for bidding on March 31.

The Rs 5.15-crore IPO has only fresh issue component and it is a fixed price issue. The offer price is at Rs 47 per share and the lot size is 3,000 equity shares.

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Sancode, which will also utilise money for its working capital requirements, is a software and product development company offering an API enabled platform and solutions.

Sancode Technologies and MOS Utility will close their public issues on April 6.

Infinium Pharmachem will be the third one getting launched on March 31. It is the second largest public issue with over Rs 25 crore size amongst them.

It is also a fixed price issue and the offer price has been set at Rs 135 per share with lot size of 1,000 equity shares.

Infinium Pharmachem undertakes contract research and manufacturing services (CRAMS) to provide customized and fully confidential solutions to its clients. It is dealing specifically and mainly in manufacturing and supplying of iodine derivatives, pharma intermediates and active pharmaceutical ingredients (APIs).

Also read: SPC Life Science files draft papers with SEBI to raise funds via IPO

The offer has only fresh issue component, so the company will use entire funds, barring issue expenses, for marketing and branding, repaying debts, and incremental working capital requirements.

Last one will be Exhicon Events Media Solutions IPO. It is a book-built issue with lot size of 2,000 equity shares.

The offer will fetch the company over Rs 21 crore which is completely via fresh issue of 33 lakh shares. The price band has been set at Rs 61-64 per share.

The issue proceeds will be utilised for working capital gap and general corporate expenses, and acquisition of exhibition material, besides IPO expenses.

Also read: Netweb Tech files draft IPO papers to list Rs 275-crore fresh issue

Exhicon provides a full range of products and services for the exhibitions, conferences and events industry. It provides turnkey events and trade fairs constructs for small to large graphs B2B and B2C fairs and events.

The public issues by Infinium Pharmachem and Exhicon Events Media Solutions will be closed on April 5.

Overall, we have seen a rush of public issues in the SME segment in the first quarter of current calendar year, but the mainboard IPO segment seems less enthusiastic may be due to correction and consolidation in secondary markets.

Besides above four, a total of 35 companies launched their public issues in the SME segment in 2023 against only 4 IPOs - Divgi TorqTransfer System, Global Surfaces, Udayshivakumar Infra, and Advalon Technologies - on the mainboard.