Primary market to cool off with just 1 IPO and 3 listings next week

Primary market next week

The primary market is likely to cool off this Diwali week. While the main board segment has no issues lined up for the week beginning November 12, the SME segment has only one IPO set to hit the Street. Three new stocks are set listing on the bourses.

Protean eGov Technologies

Mumbai-based citizen-centric and population-scale e-governance solutions company Protean eGov Technologies is set to debut on the bourses on November 13 (T+3 timeline), after its public issue ended with healthy subscription numbers last week.

The Rs 490-crore IPO had seen 23.86 times subscription during November 6-8, backed by strong response from all kinds of investors. Qualified institutional buyers led the charge among them, buying 46.94 times their allotted quota, high net-worth individuals picked up 31.62 times and retail investors bought 8.93 times their reserved portion.

Grey market investors gave 10 percent premium to its share price over the IPO price of Rs 792 per share, analysts on anonymity said. The grey market is an unofficial platform where the IPO shares can be bought and sold till the listing.

The Protean public issue comprised only an offer-for-sale by several investors, including HDFC Bank, Union Bank, NSE Investments, Axis Bank, and 360 One Special Opportunities Fund.

ASK Automotive

Gurugram-based auto component manufacturer ASK Automotive is likely to list its equity shares on the BSE and the NSE on November 15, sources told Moneycontrol. The listing was supposed to take place on November 20, as per the IPO schedule published in the prospectus.

The Rs 834-crore public issue has seen overwhelming response from investors, subscribing 51.14 times during November 7-9. All investors provided great support to the issue, with qualified institutional buyers buying 142.41 times the reserved portion, high net-worth individuals 35.47 times, and retail investors 5.7 times their allotted quota.

ASK Automotive, the leading player with more than 50 percent market share in break shoe and advanced braking systems segment, attracted 18 percent premium over the issue price of Rs 282 per share, in the grey market, analysts on anonymity said.

The issue consisted of only an offer-for-sale by the Rathee family.

Baba Food Processing India

Agro-food manufacturing company Baba Food Processing India will debut on the NSE Emerge on November 16, as per the IPO schedule.

The Rs 33-crore book built public issue was subscribed 66 times during November 3-7, backed by qualified institutional investors, high networth individuals as well as retail investors.

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The offer was completely a fresh issue by the company, and the price band was Rs 72-76 per share.

Arrowhead Seperation Engineering

Maharashtra-based dryers manufacturing company Arrowhead Seperation Engineering will open its Rs 13-crore maiden public issue for subscription on the BSE SME on November 16 at Rs 233 per share.

The fixed price issue, which will close on November 20, comprises only a fresh issue by the company. The firm will utilise the net fresh issue proceeds mainly for repaying debts and working capital requirements, besides general corporate purposes.

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