Seven IPOs totalling over Rs 1,600 crore to hit Dalal Street next week

The fact that these companies hail from a varied spectrum of industries indicate the upbeat mood in the market for investment and growth.

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The primary market seems to be gathering steam, with three main board initial public offerings (IPOs) and four from the small and medium enterprises (SME) segment set to hit Dalal Street in the coming week, starting on July 26.

The seven issues are expected to raise a total of over Rs 1,600 crore. The SME issues are slated to mop up Rs 110 crore.

Drone manufacturing company ideaForge Technology will be the first IPO of the week, opening on June 26. It is seeking to raise Rs 567 crore at the upper end of the price band of Rs 638–672 per share.

The public issue comprises a fresh issue of shares worth Rs 240 crore and an offer-for-sale (OFS) of 48.69 lakh shares by the promoters and investors. For employees of the company, 13,112 equity shares are reserved, which would be allotted at a discount of Rs 32 per share to the final issue price.
On June 23, a day before the issue opened, the unmanned aircraft systems manufacturer already raised Rs 255 crore via anchor book.

The net proceeds from the fresh issue will be utilised for repaying debts, meeting working capital requirements, investing in product development, and for general corporate purposes.

Investors can bid for a minimum of 22 equity shares and in multiples of 22 shares thereafter. The offer will close on June 29. The shares will be listed on the bourses on July 7.

Click Here To Read All IPO Related News

Cyient DLM, the subsidiary of IT services firm Cyient, will be the second public issue. Bidding for the same will start on June 27 and close on June 30. The anchor book of the IPO will open for a day on June 26.

The 2.23-crore IPO consists of only a fresh issue of shares. At the upper end of price band of Rs 250-265 per share, the issue will raise Rs 592 crore.

Shares with a value of up to Rs 15 crore have been reserved for employees. They will be allotted the reserved shares at a discount of Rs 15 per share over the final issue price.

The funds will be utilised to pay back certain borrowings, meet incremental working capital requirements, and fund capital expenditures planned by the company. The IPO proceeds will also be used for acquisitions in order to achieve inorganic growth.

Also read: HMA Agro Industries | Check the share allotment & listing dates, grey market premium here

Bids can be made by investors for a minimum of 56 equity shares and in multiples of 56 shares thereafter.

Incorporated in 1993, the electronic manufacturing services and solutions provider is owned by Cyient with a 92.84 percent shareholding. It will debut on the BSE and NSE on July 10.

Construction and development company PKH Ventures has also decided to launch its maiden public issue next week. The opening date will be June 30 and the closing on July 4.

The total fund-raising is slated to be around Rs 380 crore, though the price band has yet to be announced. The 2.56-crore public issue of shares comprises a fresh issue of 1.82 crore shares and an OFS of 73.73 lakh shares by promoter Pravin Kumar Agarwal. PKH Ventures is 100 percent owned by the promoters.

The IPO proceeds will be used for the development of hydro power project by the company’s subsidiary, Halaipani Hydro Project, and for meeting long-term working capital requirements of Garuda Construction.

The proceeds of the issue will also be used for acquisitions, other strategic initiatives, and expenditures for general corporate purposes.

The listing of the shares will take place on July 12.

Small and Medium Enterprises (SMEs)

Conveyor belt manufacturer Pentagon Rubber will be the first IPO in the SME segment next week, opening on June 26 and closing on June 30.

The company is planning to raise Rs 16.17 crore via an issue of 23.1 lakh equity shares at the upper end of the price band. The offer is a 100 percent issue of fresh shares.

The price band for the offer is set at Rs 65–70 per share.

The IPO funds will mainly be used for working capital, besides general corporate purposes.

The second public issue by PET stretch blow moulding machine manufacturer and exporter Global Pet Industries will open for subscription on June 29, with a fixed issue price of Rs 49 per share. It will close on July 3.

The public issue of 27 lakh equity shares is entirely a fresh issue of shares. Hence, the total fund-raising would be Rs 13.23 crore.

The money will be used primarily for the construction of a factory building.
Two more IPOs, Tridhya Tech and Synoptics Technologies, will be launched on June 30, the last day of the coming week. Both will close on July 5.

Software development services and solutions provider Tridhya Tech is planning to mop up Rs 26.41 crore via an issue of 62.88 lakh shares at the upper end of the price band of Rs 35–42 per share.

This, too, is a fresh issue of shares. The main objective of the share sale is to repay unsecured and secured loans, besides paying for general corporate purposes.

Synoptics Technologies, the IT services and solutions company, intends to raise Rs 54.03 crore via its maiden public issue of 22.8 lakh shares at a price of Rs 237 per share. The IPO comprises a fresh issuance of shares worth Rs 35.08 crore and an OFS of Rs 18.96 crore by the promoters.

This is a fixed-price issue.

The IT infrastructure solutions provider will utilise the fresh issue proceeds for repaying certain borrowings, meeting working capital requirements, and investing in strategic acquisitions or joint ventures, besides general corporate purposes.

All four SME companies will list on the NSE Emerge platform. Pentagon Rubber will list on July 10, Global Pet Industries on July 11, and Tridhya Tech and Synoptics Technologies on July 13.

In the current calendar year so far, excluding the above IPOs, more than Rs 10,000 crore worth of mainboard IPOs by eight companies, and a whopping 65 companies in the SME segment have mopped up over Rs 1,600 crore.