India’s primary market is buzzing with action, and four mainboard initial public offerings have opened for public bidding today, September 25. These issues aim to raise nearly Rs 1,776 crore through fresh issuances and offer-for-sale components.
These include Orient Cables Rs 552 crore issue, Runwal Enterprises Rs 500 crore fresh offer, Snapdeal’s Rs 420 crore IPO, and German Green Steel’s issue of Rs 304 crore. The IPO’s will close their bidding window on September 29.
In case you wish to bid for any of these issues, Here’s all you need to know.
Orient Cables IPO of Rs 552 crore
The cable and wires manufacturer aims to draw Rs 552 crore from domestic markets. Its issue comprises a fresh component of 1.18 crore shares aggregating to Rs 320 crore, while the remaining Rs 232 crore will be raised through the OFS route, as investors will offload 85.29 lakh shares.
Its issue price band is fixed at Rs 258 to Rs 272 per share, and its grey market premium was last reported at Rs 113 or 41%, reflecting a listing price of Rs 385. However, readers must note that GMP does not guarantee profits and is not a regulated method to determine the listing price.
Investors need to bid for a minimum of one lot comprising 55 shares, equating to an investment of Rs 14,960 in order to apply for the IPO.
IIFL Capital and JM Financial are the merchant bankers for the issue, while KFin Technologies is the registrar.
Runwal Enterprises to raise Rs 500 crore via fresh issue
The real estate developer’s issue is entirely a fresh offer of Rs 499.83 crore, as the company will issue 1.64 crore new equity shares. Its share price band is fixed at Rs 290 to Rs 305, and bidders need to lock in a minimum of Rs 14,965, equating to one lot to apply for the Runwal Enterprises issue.
As per the latest update, its GMP stood at Rs 23, suggesting a listing price of Rs 328 and a profit of Rs 1,127 per lot. The issue is being managed by ICICI Securities, and MUFG Intime India is the registrar of the offer.
AceVector book build issue of Rs 420 crore
Snapdeal parent company AceVector has opened its IPO of Rs 420 crore, as the online marketplace aims to raise Rs 287 crore via the issuance of 8.97 crore fresh equity shares. Investors will offload 4.16 crore shares amounting to Rs 133 crore through the OFS route.
The majority of fresh proceeds will be diverted towards funding the company’s marketing and promotion-related expenses. Its issue price band is fixed at Rs 30 to Rs 32, and trackers reported that its stock is trading at a premium of Rs 3 in the unlisted markets.
Retail investors need to bid for a minimum of one lot comprising 468 shares, equating to an investment of Rs 14,976 in order to apply for the IPO. The issue is being managed by IIFL Capital Services, and MUFG Intime India is its registrar.
German Green Steel & Power IPO to raise Rs 304 crore
The Iron and steel manufacturer’s issue of Rs 303.90 crore comprises a fresh portion of Rs 290 crore, which will be raised through the issuance of 2.09 crore equity shares. The balance amount of Rs 13.90 crore will be raised via the offer for sale of 10 lakh shares.
Its issue price band is fixed at Rs 132 to Rs 139, and trackers reported its latest GMP at Rs 31, suggesting a listing price of Rs 170, based on the upper end of the price band. Investors need to bid in lots of 107 shares and thereafter apply for the German Green Steel & Power IPO.
Systematix Corporate Services is the book-running lead manager for the issue, and Bigshare Services is the registrar to the offer.
Subscription timeline
These mainboard IPO’s will close for bidding on September 29, and their share allocation is expected to be completed by September 30. Bidders shall be credited with their shares and refunds by October 1, and the companies are expected to list on the NSE and BSE on October 5.