The IPO market continued its strong activity with eight mainboard IPOs opening for subscription this week and three mainboard listings. Motisons Jewellers, Happy Forgings and Azad Engineering drew strong interest from the primary market players. DOMS Industries and India Shelter Finance saw strong listing gains, while Inox India saw a below-expected listing due to weak market sentiments on its listing day.
Mainboard IPOs
Suraj Estate Developers
Suraj Estate Developers IPO was subscribed 15.65 times on its final day of bidding on December 20. Investors bid for 12.88 crore shares against the offer size of 82.35 lakh.
Qualified Institutional Buyers (QIBs) led the pack with 24.31 times subscription from their reserved portion. Retail investors bought 9.3 times and high net-worth individuals picked up 18.9 times their allotted quota. The real estate developer company raised Rs 400 crore from the IPO. The fresh issue had 1.11 crore shares and the price band was fixed at Rs 340-360 per share with lot size of 41 shares.
Motisons Jewellers
Motisons Jewellers IPO saw strong demand as it was subscribed 159.61 times on December 20, the final day of bidding. There were bids for 333.12 crore shares against an issue size of 2.08 crore shares
Retail investors bought 122.28 times whereas HNIs subscribed 233.91 times the allotted quota. QIBs booked 157.4 times the reserved portion. The company raised Rs 151.09 crore from the IPO, a fresh issue of 2.74 crore shares. The price band was Rs 52-55 with a lot size of 250 equity shares.
Muthoot Microfin
Muthoot Microfin’s Rs 960 crore IPO was subscribed 11.52 times on the final day of bidding on December 20 with bids for 28.09 crore shares against an issue size of 2.43 crore shares.
QIBs bid the most as they picked 17.47 times the reserved portion. HNIs followed suit with 13.2 times bid for their allocated quota while retail investors bought 7.61 times. The IPO is a fresh issue of 2.61 crore shares worth Rs 760 crore and an offer for sale of 0.69 shares worth Rs 200 crore. The price band for the issue was Rs 277-291 per share with a lot size of a minimum of 51 equity shares.
Happy Forgings
Happy Forgings’ IPO is another mainboard IPO which drew strong interest from investors. The public offer was subscribed 82.07 times on the final day of bidding on December 21 with bids for 68.62 crore shares against an issue size of 83.65 lakh shares.
QIBs were the most active as they picked 220.48 times their reserved portion. Retail investors bought 15.09 times while high net-worth individuals bid 62.17 times the allotted quota. The Rs 1,009 crore public offer comprised fresh issues of 47 lakh shares worth Rs 400 crore and an offer for sale of 71.59 lakh shares worth Rs 608.59 crore. The price band for the issue was Rs 808-850 per share.
Also read: IPO rally stays the course with Rs 60,000-cr share sales lined up for new year
RBZ Jewellers
RBZ Jewellers' Rs 100 crore public offer was subscribed 16.86 times on the final day of bidding on December 21 with bids for 13.31 crore shares against an issue size of 79 lakh shares.
Retail investors bid the most as they bought 24.74 times. HNIs subscribed 9.27 times their allotted quota while qualified institutional buyers picked 13.43 times their reserved portion. The IPO had a fresh issue of shares. The price band for the issue was Rs 95-100 per share with a lot size of a minimum of 150 equity shares.
Credo Brands (Mufti Menswear)
Credo Brands IPO, the parent company of Mufti Menswear was subscribed 51.85 times on the final day of bidding on December 21 with bids for 71.27 crore shares against an issue size of 1.37 crore shares.
QIB portion saw the most action as they picked up 104.95 times their reserved portion. Retail investors bought 19.94 times while HNIs subscribed 55.52 times the allotted quota. The Rs 549.78 crore public offer had only an offer for-sale component. The price band for the issue was fixed at Rs 266-280 per share with a lot size of a minimum of 53 shares.
Azad Engineering
Azad Engineering IPO was subscribed 80.6 times with investors bidding for 81.58 crore equity shares against an offer size of 1.01 crore shares, on December 22, the final day of bidding.
QIBs bought 179.66 times their allotted quota, buying the most while HNIs picked up shares 87.55 times and retail investors bought 23.71 times their reserved portion. The IPO involves a fresh issue of Rs 240 crore shares and offer-for-sale (OFS) of shares worth Rs 500 crore. The price band for the IPO was Rs 499-524 per share.
Innova Captab
Innova Captab’s IPO was subscribed 3.54 times on the second day of bidding on December 22. Investors bought 3.21 crore equity shares against an offer size of 90.78 lakh.
Retail investors bought the most with 5.02 times subscription from their quota. HNIs subscribed 3.28 times while QIB picked up 1.09 times. The IPO consists of a fresh issue of shares worth Rs 320 crore and an offer-for-sale (OFS) of Rs 250 crore. The price band for the offer was at Rs 426-448 per share. The offer for the pharmaceutical firm will close on December 26.
Mainboard Listings
India Shelter Finance
India Shelter Finance made a strong debut on the stock exchanges on December 20, as it opened at a 25.7 percent premium to its listing price. The stock started trading at Rs 620 on the National Stock Exchange (NSE) and Rs 612.70 on the BSE against the issue price of Rs 493.
The IPO was subscribed 36.71 times with retail investors buying 9.95 times, non-institutional investors (NII) picked up 28.51 times and qualified institutional buyers (QIB) bought 89.7 times their allotted quota of shares. The company raised Rs 1200 crore through the IPO. The price band for the issue was Rs 469-493 per share and was open from December 13 to December 15.
Doms Industries
Doms Industries also saw its strong demand translating to strong listing gains as it was listed at a premium of 77.2 percent over the IPO price on December 20. The shares opened at Rs 1,400 on the NSE and the BSE against an issue price of Rs 790. The IPO was subscribed 93.52 times with QIBs booking 115.97 times their allotted quota while retail investors bought 69.65 times and HNIs picked up 66.51 times their reserved portion. The IPO was open between December 13 to 15 and the company raised Rs 1,200 crore from the public issue. The issue was priced at Rs 750-790 per share.
Inox India
Inox India’s shares were listed at a 43 percent premium on December 21. However, this is lower compared to the 75 premium the analysts were expecting due to subdued market conditions on December 21. The stock opened at Rs Rs 949.65 while the IPO price was Rs 660. The IPO was open from December 14-18 and was subscribed 61.28 times.
QIBs were the most active buyers as they picked up 147.80 times the allotted quota, while high net worth individuals (HNIs) and retail investors subscribed 53.20 times and 15.3 times the portions set aside for them. The IPO was priced at Rs 627-660. The company raised Rs 1,459.32 crore through its public issue which was only an offer-for-sale by the existing shareholders.
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