Going public and freshly listed: Here's a list of new entrants to Indian capital market this week Shares of logistics and supply chain startup Delhivery have slid below the IPO price in the grey market ahead of listing on May 24. Here's a list of initial public offerings (IPOs) scheduled to be listing this week.
May 20, 2022 / 01:39 PM IST
Delhivery IPO | Shares of logistics and supply chain startup Delhivery have slid below the IPO price in the grey market ahead of listing on May 24. The stock was already seeing muted volumes in the grey market after the IPO saw a dull response from retail and high net worth investors. The stock hit peak premium of Rs 7-8 on May 1. The premium fell to Rs 3-4 on May 18. On May 19, it turned minus Rs 3-6, a dealer said. The tepid response in the grey market was also due to continued losses reported by the firm with weak cash flows. Its IPO price band was set at Rs 462-487 a share. The IPO got lukewarm response from retail and high net worth investors with their categories subscribed just 0.57 and 0.3 percent respectively. The institutional buyers booked 2.66 percent of their quota.
Prudent IPO | Prudent Corporate Advisory Services Ltd (Prudent), an independent retail wealth management services group in India, made its debut on the bourses at a premium on May 20, the listing day. The stock opened at Rs 660, at a premium of 4.7 percent to its issue price of Rs 630 on the BSE, while the listing price on the NSE was Rs 650. The issue did not receive a robust response from investors and was subscribed 1.22 times its size of Rs 538.61 crore. Its QIB portion was subscribed 1.26 times, while the portion reserved for non-institutional investors got a subscription of 0.99 times. Retail investors did not evince much interest and subscribed 1.29x the portion reserved for them. The employees of the company lapped up 1.23 times of their allotted portion.
LIC IPO | India’s largest life cover provider Life Insurance Corporation of India (LIC) made a lacklustre debut on the bourses on May 17, with declining nearly 9.4 percent after its initial public offering was subscribed nearly three times last week. The stock opened at Rs 867.20, against an issue price of Rs 949 on the BSE and touched a high and a low of Rs 886.80 and Rs 860.10, respectively. At 10.05am, the scrip was trading at Rs 883.40 on BSE, down 7 percent from its issue price of Rs 949 a share. India's benchmark Sensex rose 0.62 percent to 53,224 points. After the debut in the market, LIC has become the fifth most-valued Indian listed firm with a market capital of Rs 5.71 trillion. LIC had offered a discount of Rs 60 to its eligible policyholders while a discount of Rs 45 was offered to retail investors and employees which means the issue price is set at Rs 889 per share for its policyholders and Rs 904 per share for retail investors and employees. The Rs 21,000-crore public issue was oversubscribed 2.95 times with bids worth Rs 45,000 crore received across investor categories.
Paradeep Phosphates IPO | The initial public offering of Paradeep Phosphates, India’s second largest manufacturer of non-urea fertilisers and di-ammonium phosphates (DAP) in the private sector, was subscribed 1.75 times on day three or the final day with investors bidding for 47.02 crore shares against the IPO size of 26.86 crore units. The company aims to mop up Rs 1,501 crore in total from a fresh issue of shares worth Rs 1,004 crore and an offer for sale of Rs 497.73 crore. The OFS comprises 6.02 million shares by Zuari Maroc Phosphates Pvt Ltd (ZMPPL), a joint venture of Zuari Agro Chemicals and OCP Group SA, and up to 112.49 million shares by the government. ZMPPL has 80.45 percent stake, while the government holds around 19.55 percent in the company. The price band for the offer has been fixed at Rs 39-42 per share and the issue closes on May 19.
Ethos IPO | The initial public offering of Ethos, one of the largest premium and luxury watch retailers in India, was subscribed 48 percent by the morning of the third and final day of the bidding on May 20. Investors had bid for 19.03 lakh shares against an issue size of 39.79 lakh units. Retail investors had subscribed 70 percent of the portion set aside for them. Non-institutional investors had bid for 31 percent of the shares allotted to them, while qualified institutional buyers subscribed 23 percent of their quota of shares. The company is looking to raise Rs 472 crore through the fresh issue of shares aggregating to Rs 375 crore and an offer for sale of 1,108,037 shares worth Rs 97.29 crore by shareholders and promoters. The price band for the offer has been fixed at Rs 836-878 a share.
eMudhra IPO | India's largest licensed certified authority (CA) in the digital signature certificates space, eMudhra Limited, opened its public issue for subscription on May 20 and there was 19 percent booking in the first hours. Subscription to the eMudhra IPO will close on May 24. Investors have bid for 21.62 lakh shares against an IPO size of 1.13 crore units. Retail investors booked 38 percent or 21.8 lakh shares of the portion set aside for them. Non-institutional investors booked 1 percent or 14,326 shares allotted to them, while qualified institutional buyers were yet to subscribe to the issue. The company intends to garner about Rs 413 crore through fresh issue of equity shares aggregating up to Rs 161 crore and an offer for sale of 9,835,394 equity shares aggregating up to Rs 252 crore by the shareholders and promoters.