Indian primary market activity remains unabated as four major initial public offerings have opened on September 23. These mainboard issues combined will raise nearly Rs 2,172 crore.
The four IPOs include Elevate Campuses’ Rs 2,100 crore issue, ArMee Infotech’s Rs 300 crore offer, Swastika Infra’s Rs 160.88 crore IPO and Adroit Industries’ Rs 150.71 crore issue.
The issues opened today will be bid for three days and close on September 25.
Elevate Campuses to raise Rs 2,100 crore via fresh issue.
The education infrastructure firm plans to raise Rs 2,100 crore from the Indian primary markets, for which it will issue 5.80 crore fresh equity shares. Its issue price band has been fixed at Rs 343 to Rs 362, and investors can bid in lots of 41 shares and thereafter.
The Mumbai-based company will use the majority chunk of fresh proceeds worth Rs 1,100 crore towards funding the proposed acquisition of K-12 entities and campuses from its subsidiaries and promoters. Then, Rs 750 crore will be diverted towards paying off the borrowings availed by the company, and the remaining equity will be utilised for general corporate purposes.
JM Financial is the book running lead manager for the issue, and KFin Technologies is the registrar to the offer.
ArMee Infotech IPO of Rs 300 crore
The IT infrastructure firm will issue 80 lakh fresh equity shares amounting to Rs 300 crore in a bid to expand its business development. Of the total float, Rs 155 crore will be deployed for procuring new government/PSU projects.
The company will utilise around Rs 60 crore for funding its working capital requirements, and Rs 6.50 crore for the prepayment/re-payment of its debt. Its issue price band is set at Rs 350 to Rs 375.
In order to participate, retail investors need to bid for a minimum of one lot comprising 40 shares equating to an investment of Rs 15,000. Khandwala Securities is the lead manager for the IPO, and Cameo Corporate Services is its registrar.
Swastika Infra to raise Rs 161 crore via IPO
The Jaipur-based infrastructure builder’s issue of Rs 160.88 crore comprises fresh equity worth Rs 128.50 crore, as it will issue 69.46 lakh shares. Investors will offload 17.50 lakh shares through the offer for sale route amounting to Rs 128.50 crore.
Equity of Rs 90 crore will be deployed towards funding Swastika Infra’s working capital requirements. Its issue price band has been set at Rs 175 to Rs 185, and in order to participate, investors need to bid for a minimum of 81 shares comprising one lot, reflecting a transaction of Rs 14,985.
The lead manager for the IPO is Srujan Alpha Capital Advisors LLP and MUFG Intime India is the registrar.
Adroit Industries IPO to open on September 23
Adroit Industries IPO is a book build of Rs 150.71 crore. Of this, Rs 132.62 crore will be raised through the issuance of 98.97 lakh equity shares, and its OFS component includes 13.50 lakh shares amounting to Rs 18.09 crore.
The company will deploy Rs 43.96 crore for investment in its subsidiaries and equipment, while Rs 19.91 crore will be utilised for funding its expenditure requirements. Its share price band is fixed at Rs 126 to Rs 134 per share.
The IPO’s lead manager is Choice Capital Advisors, and Bigshare Services is its registrar.
Subscription timeline
All these mainboard IPOs open for public subscription on September 23 and close their bidding window on September 25. Their share allotment process is likely to be completed by September 28, while bidders are expected to receive their due shares and refunds by September 29.
Elevate Campuses, ArMee Infotech, Swastika Infra, and Adroit Industries are expected to debut on the NSE and BSE on September 30.