India's primary market is set for another busy week, with 12 companies scheduled to launch their initial public offerings between September 7 and September 11, collectively seeking to raise Rs 7,179.84 crore.
The packed IPO calendar comes ahead of two potentially much larger public offerings from the National Stock Exchange and Jio Platforms, which could significantly reshape India's primary market later this year.
Of the Rs 7,179.84 crore targeted through the 12 upcoming IPOs, companies plan to raise Rs 2,814.10 crore through fresh issues, while Rs 4,365.74 crore will come through offers for sale.
Pranav Constructions will open its IPO between September 7 and September 9 with an issue size of Rs 351.03 crore. The IPO includes a fresh issue worth Rs 315.60 crore and an offer for sale of Rs 35.43 crore. The price band has been fixed at Rs 118-124 per share, with a lot size of 120 shares. At the upper end of the price band, the minimum retail investment stands at Rs 14,880. Shares are expected to be allotted on September 10 and listed on September 15.
Glass Wall Systems will open its Rs 427.89 crore IPO from September 8 to September 10. The issue includes a Rs 60 crore fresh issue and a Rs 367.89 crore offer for sale. The price band is Rs 172-182 per share, while investors will need Rs 14,924 to apply for one lot of 82 shares at the upper price band. The allotment is scheduled for September 11, with listing expected on September 16.
Prasol Chemicals is looking to raise Rs 500 crore through its IPO, which will also remain open from September 8 to September 10. The company plans to raise Rs 80 crore through fresh shares and Rs 420 crore through an offer for sale. The price band has been set at Rs 643-676 per share, with a lot size of 22 shares. The minimum retail investment at the upper price band is Rs 14,872.
Kanohar Electricals will launch one of the week's biggest IPOs, targeting Rs 1,055.74 crore. The issue will open between September 8 and September 10 and includes a Rs 300 crore fresh issue along with a Rs 755.74 crore offer for sale. The price band has been fixed at Rs 601-632 per share. A retail investor will need Rs 14,536 for one lot of 23 shares at the upper price band.
Karamtara Engineering will open its Rs 875 crore IPO between September 9 and September 11. The company plans to raise Rs 675 crore through fresh shares and Rs 200 crore through an offer for sale. The price band is Rs 241-254 per share, with a lot size of 59 shares. The minimum investment for retail investors is Rs 14,986 at the upper end of the price band.
LCC Projects will also enter the primary market during the September 9-11 period with an IPO worth Rs 427.14 crore. The issue includes a fresh issue of Rs 258 crore and an offer for sale worth Rs 169.14 crore. Shares are priced between Rs 139 and Rs 146, with a lot size of 102 shares. One retail lot will cost Rs 14,892 at the upper price band.
Steamhouse is planning a Rs 414 crore IPO between September 9 and September 11. The company aims to raise Rs 353 crore through fresh shares and Rs 61 crore through an offer for sale. Its price band and lot size were yet to be announced.
Manipal Payment & Identity Solutions will seek to raise Rs 805 crore through its IPO, opening from September 9 to September 11. The issue consists of a Rs 320 crore fresh issue and a Rs 485 crore offer for sale. The price band is Rs 322-339 per share, while the lot size is 44 shares. The minimum retail investment at the upper price band stands at Rs 14,916.
Asset Reconstruction is set to raise Rs 732.97 crore through an IPO that is entirely an offer for sale, with no fresh issue component. The subscription window will run from September 9 to September 11. Shares are priced between Rs 132 and Rs 139, with a lot size of 107 shares. The minimum investment for retail investors is Rs 14,873.
Rentomojo will launch the largest IPO among the 12 companies, seeking to raise Rs 1,255.57 crore. The issue will open between September 9 and September 11 and includes a fresh issue of Rs 150 crore and an offer for sale worth Rs 1,105.57 crore. The price band has been fixed at Rs 384-404 per share, with a lot size of 37 shares. Retail investors will need Rs 14,948 for one lot at the upper price band.
Veegaland Developers will open its Rs 210 crore IPO on September 10 and close on September 15. The entire issue consists of a fresh issue, with no offer for sale component. The price band is Rs 130-140 per share, while the lot size is 107 shares. The minimum retail investment is Rs 14,980 at the upper price band.
Manika Plastech will launch the smallest IPO of the week, aiming to raise Rs 125.50 crore. The subscription window will run from September 11 to September 16. The issue includes a Rs 92.50 crore fresh issue and a Rs 33 crore offer for sale. Shares are priced between Rs 40 and Rs 43, with a lot size of 348 shares. At the upper price band, investors will need Rs 14,964 for one lot.
While the 12 IPOs are collectively seeking nearly Rs 7,200 crore, India's primary market could see even bigger fundraising activity in the coming months.
The proposed NSE IPO is estimated at around Rs 30,000 crore and could enter the market later in September. Meanwhile, Jio Platforms has received regulatory approval for an IPO that could raise around Rs 37,700 crore.
If launched at the expected size, the Jio Platforms IPO could surpass Hyundai Motor India's Rs 27,859-crore public issue and become India's largest IPO.
With 12 companies competing for investor capital in a single week and mega public issues from NSE and Jio Platforms potentially following, India's primary market is entering one of its busiest phases of the year.
