India’s primary market is heading into a busy week, with 12 companies set to open their initial public offerings (IPOs) between September 7 and September 11, collectively looking to raise Rs 7,179.84 crore.
The fundraising rush comes just ahead of two much larger public issues that could dominate the market later this year, the National Stock Exchange (NSE) and Jio Platforms. NSE’s proposed issue is estimated at around Rs 30,000 crore, while Jio’s IPO could raise about Rs 37,700 crore, potentially making it India’s largest-ever IPO.
For the 12 IPOs opening this week, around Rs 2,814.10 crore will come through fresh issues, while Rs 4,365.74 crore will be raised through offers for sale (OFS).
Here is the complete IPO calendar for the week.
Subscription window: September 7–9, Issue size: Rs 351.03 crore, Fresh issue: Rs 315.60 crore, OFS: Rs 35.43 crore.
Price band: Rs 118-124, Lot size: 120 shares, Retail investment: Rs 14,880, Allotment: September 10, Listing: September 15.
Pranav Constructions will be the first of the 12 IPOs to open this week.
The issue comprises a fresh issue of 2.55 crore shares worth Rs 315.60 crore and an OFS of 28.57 lakh shares worth Rs 35.43 crore.
At the upper end of the price band, retail investors will need Rs 14,880 for one lot of 120 shares.
Subscription window: September 8-10, Issue size: Rs 427.89 crore, Fresh issue: Rs 60 crore, OFS: Rs 367.89 crore
Price band: Rs 172-182, Lot size: 82 shares, Retail investment: Rs 14,924, Allotment: September 11, Listing: September 16.
Glass Wall Systems will raise Rs 427.89 crore, of which Rs 60 crore will come through a fresh issue and Rs 367.89 crore through an OFS.
The fresh issue consists of 32.97 lakh shares, while the OFS comprises 2.02 crore shares.
Subscription: September 8-10, Issue size: Rs 500 crore, Fresh issue: Rs 80 crore, OFS: Rs 420 crore
Price band: Rs 643-676, Lot size: 22 shares, Retail investment: Rs 14,872, Allotment: September 11, Listing: September 16.
Prasol Chemicals is looking to raise Rs 500 crore. The issue comprises a fresh issue of 11.83 lakh shares worth Rs 80 crore and an OFS of 62.13 lakh shares worth Rs 420 crore.
At the upper end of the price band, one retail lot will cost Rs 14,872.
Subscription: September 8-10, Issue size: Rs 1,055.74 crore, Fresh issue: Rs 300 crore, OFS: Rs 755.74 crore
Price band: Rs 601–632, Lot size: 23 shares, Retail investment: Rs 14,536, Allotment: September 11, Listing: September 16.
Kanohar Electricals has the second-largest issue among the 12 IPOs, at Rs 1,055.74 crore.
The company will raise Rs 300 crore through a fresh issue of 47.47 lakh shares, while the OFS will comprise 1.20 crore shares worth Rs 755.74 crore.
The minimum retail investment at the upper price band is Rs 14,536.
Subscription: September 9-11, Issue size: Rs 875 crore, Fresh issue: Rs 675 crore, OFS: Rs 200 crore
Price band: Rs 241-254, Lot size: 59 shares, Retail investment: Rs 14,986, Allotment: September 15, Listing: September 17.
Karamtara Engineering will raise Rs 875 crore, including Rs 675 crore through a fresh issue and Rs 200 crore through an OFS.
The fresh issue consists of 2.66 crore shares, while the OFS comprises 78.74 lakh shares.
A retail investor applying for one lot will need Rs 14,986 at the upper end of the price band.
Subscription: September 9-11, Issue size: Rs 427.14 crore, Fresh issue: Rs 258 crore, OFS: Rs 169.14 crore
Price band: Rs 139–146, Lot size: 102 shares, Retail investment: Rs 14,892, Allotment: September 15, Listing: September 17.
LCC Projects will raise Rs 427.14 crore through a combination of fresh issue and OFS.
The fresh issue comprises 1.77 crore shares worth Rs 258 crore, while the OFS consists of 1.16 crore shares worth Rs 169.14 crore.
Subscription: September 9-11, Issue size: Rs 414 crore, Fresh issue: Rs 353 crore, OFS: Rs 61 crore
Price band: Yet to be announced, Allotment: September 15, Listing: September 17
Steamhouse’s IPO will raise Rs 414 crore, including Rs 353 crore through a fresh issue and Rs 61 crore through an OFS.
The company had not yet announced its price band in the information provided.
Details such as lot size and minimum retail investment will therefore depend on the price band and final issue structure.
Subscription: September 9–11, Issue size: Rs 805 crore, Fresh issue: Rs 320 crore, OFS: Rs 485 crore
Price band: Rs 322-339, Lot size: 44 shares, Retail investment: Rs 14,916, Allotment: September 15, Listing: September 17.
Manipal Payment & Identity Solutions will raise Rs 805 crore through a fresh issue of 94.40 lakh shares worth Rs 320 crore and an OFS of 1.43 crore shares worth Rs 485 crore.
At the upper end of the price band, one retail lot will require Rs 14,916.
Subscription: September 9-11, Issue size: Rs 732.97 crore, Fresh issue: None, OFS: Rs 732.97 crore
Price band: Rs 132-139, Lot size: 107 shares, Retail investment: Rs 14,873, Allotment: September 15, Listing: September 17.
The Asset Reconstruction IPO is entirely an offer for sale, making it the only issue among these 12 with no fresh issue.
It comprises 5.27 crore shares worth Rs 732.97 crore.
Retail investors will need Rs 14,873 for one lot at the upper end of the price band.
Subscription: September 9–11, Issue size: Rs 1,255.57 crore, Fresh issue: Rs 150 crore, OFS: Rs 1,105.57 crore
Price band: Rs 384-404, Lot size: 37 shares, Retail investment: Rs 14,948, Allotment: September 15, Listing: September 17.
Rentomojo has the largest IPO among the 12 issues, at Rs 1,255.57 crore.
The issue includes a fresh issue of 37.15 lakh shares worth Rs 150 crore and an OFS of 2.74 crore shares worth Rs 1,105.57 crore.
The minimum retail investment at the upper end of the band is Rs 14,948.
Subscription: September 10-15, Issue size: Rs 210 crore, Fresh issue: Rs 210 crore, OFS: None
Price band: Rs 130–140, Lot size: 107 shares, Retail investment: Rs 14,980, Allotment: September 16, Listing: September 18.
Veegaland Developers will raise the entire Rs 210 crore through a fresh issue of 1.50 crore shares.
There is no OFS component.
The IPO opens on September 10 but will remain open until September 15, making it the only issue among this week’s 12 to close after the September 11 batch.
Subscription: September 11–16, Issue size: Rs 125.50 crore, Fresh issue: Rs 92.50 crore, OFS: Rs 33 crore
Price band: Rs 40-43, Lot size: 348 shares, Retail investment: Rs 14,964, Allotment: September 17, Listing: September 21.
Manika Plastech has the smallest issue among the 12 IPOs, at Rs 125.50 crore.
The issue consists of a fresh issue of 2.15 crore shares worth Rs 92.50 crore and an OFS of 76.74 lakh shares worth Rs 33 crore.
At the upper end of the price band, one retail lot will cost Rs 14,964.
The Rs 7,179.84-crore fundraising planned through these 12 issues could look relatively small once India’s two much-anticipated mega IPOs arrive.
The NSE IPO is expected to be around Rs 30,000 crore and could hit the market in September. Reuters reported that NSE is targeting the week beginning September 21 for its IPO, following regulatory approval.
Jio Platforms, meanwhile, has received Sebi’s approval for an IPO that could raise around Rs 37,700 crore. If the issue comes at that size, it would surpass Hyundai Motor India’s Rs 27,859-crore IPO and become India’s largest public issue.
Jio had filed its draft IPO papers in June, proposing a fresh issue of up to 27 crore shares.
That means the primary market is entering a particularly busy phase: 12 IPOs alone are looking to raise nearly Rs 7,200 crore this week, followed by the prospect of two mega offerings from NSE and Jio.
For investors, that also means a crowded primary market, with several companies competing for capital in quick succession.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)