Primary market from 19 to 25 August has been quite fascinating, with three mainboard IPOs opened for raising a total of Rs 750 crore, said Mahavir Lunawat, Managing Director of Pantomath Capital Advisors.
Mainboard IPO Aeroflex Industries received an enthusiastic response from the investors with subscription figures on the final close day reaching approximately 100 times of the base offer, said Lunawat. “Robust response for the fundamental companies in the primary market shows that retail and HNI’s investors have shown maturity for investing in the fundamentally strong companies in order to ride the Indian growth momentum,” Lunawat added.
IPO amounting close to Rs 6000 crore is expected to open in the next weeks to keep the investors busy in action, Lunawat further stated.
Main Board IPOs
Rishabh Instrument
The initial public offer (IPO) of energy efficiency solutions company Rishabh Instruments will open for public subscription on August 30. The issue closes on September 1.
The IPO comprises fresh issuance of equity shares worth Rs 75 crore and an Offer for Sale (OFS) of up to 9.43 million equity shares.Under the OFS, Asha Narendra Goliya will offload about 15,00,000 equity shares, while Rishabh Narendra Goliya will tender 4,00,000 equity shares and 517,500 equity shares will be offloaded by Narendra Rishabh Goliya (HUF). Meanwhile, SACEF Holdings II will tender about 70,10,678 equity shares.
The company has fixed a price band of Rs 418-441 per share and investors can bid for a minimum of 34 shares in one lot and in multiples thereafter.
The proceeds from the fresh issuance worth Rs 59.50 crores will be used towards financing the cost towards the expansion of the Nashik manufacturing facility and general corporate purposes.
Vishnu Prakash R Punglia
Vishnu Prakash R Punglia IPO opened for subscription on 24th August, and it will close Tomorrow 28th August. Until Friday, the overall issue subscription stood at 10.63 times.
The company has fixed a price band of Rs 94-99 per share and investors can bid for a minimum of 150 shares in one lot and in multiples thereafter.
Vishnu Prakash R Punglia is a construction company, primarily engaged in infrastructure projects for the central and state governments. The company is focused on water supply projects and is benefiting from various government initiatives.
SME IPOs
CPS Shapers
Textile firm CPS Shapers will be opening its initial public offering for subscription on August 29. It is a fixed price issue, with an offer price of Rs 185 per share. The offer will close on August 31.
The company is planning to raise Rs 11.1 crore via a public offer, which is entirely a fresh issue.
The net fresh issue proceeds will be utilised for the purchase of plant and machinery, commercial vehicles, and solar power systems. The funds will also be used for the upgradation of existing IT software, repaying debts, working capital requirements, and general corporate purposes.
CPS Shapers will debut on the NSE SME Emerge on September 8.
Mono Pharmacare
The initial public offering (IPO) of Mono Pharmacare will open for public subscription on August 28. The issue closes on August 30.
The company is engaged in the business of marketing and distributing pharmaceutical products. It works with various contract manufacturers who make pharmaceutical products based on compositions given by the company and subsequently, it sells those products under the brand “DLS Export”.
The IPO is entirely a fresh equity issue of up to 53 lakh equity shares aggregating to nearly Rs 15 crore. The company will offer its shares at a price band of Rs 26-28 apiece, and investors can bid for 4,000 shares in 1 lot.
The net proceeds from the public offer will be used to meet working capital requirements and other general corporate purposes.
For the period starting October 17, 2022 and ending March 2023, the company has recorded revenues of Rs 33.08 crore and net profit of Rs 94 lakh.
Basilic Fly Studio
Chennai-based Basilic Fly Studio, a visual effects studio, will launch its maiden public issue on September 1. The issue closes on September 5.
The public issue of 68.4 lakh equity shares, comprises a fresh issue of 62.4 lakh shares by the company and an offer-for-sale of 6 lakh shares by the promoters.
The Chennai-headquartered visual effects studio will utilise net fresh issue proceeds for the setup of studio or facility at Hyderabad and Salem, and add infrastructure to further strengthen the existing facilities or offices at Chennai and Pune.
Sahaj Fashions
Sahaj Fashions IPO opened for subscription on 25th August, and it will close Tomorrow 29th August. Until Friday, the overall issue subscription stood at 1.08 times. Investors bought 50.28 lakh shares against the offer size of 46.52 lakh.
The textile company is looking to raise Rs 13.96 through the IPO, which comprises a fresh issue of 44.76 lakh shares (worth Rs 13.43 crore) and an offer-for-sale of 1.76 lakh shares by Ankur Shah, the non-promoter. The share price is fixed at Rs 30.
The Rajasthan-based fabric manufacturer will use the fresh issue proceeds to meet the working capital requirement of Rs 6.68 crore, repaying debts of Rs 4.2 crore and the remaining for general corporate purposes.
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