Trending IPO In September: September has been an exciting month for investors, marked by a surge in initial public offerings (IPOs) that have captured significant attention. Among the standout listings are the Bajaj Housing Finance IPO, Arkade Developers IPO, Northern Arc IPO, and PN Gadgil Jewellers IPO. Each of these IPOs has demonstrated remarkable demand, reflecting growing confidence in the Indian market. In addition to these prominent IPOs, the Indian stock market continues to buzz with activity. Today’s trending topics include the share price of Vodafone Idea, which remains a focal point for many investors, as well as the ongoing Manba Finance and Kalana Ispat IPOs, both of which are drawing considerable interest. This article will delve into the top trending IPOs of September, exploring their performance and investor response, while also highlighting the latest developments in the Indian stock market that are keeping traders and investors engaged.
Top Trending IPO in September
Bajaj Housing Finance IPO:
The Bajaj Housing Finance IPO has skyrocketed in popularity, dominating Google search trends this month. Interest in the Rs 6,560-crore initial public offering surged by 300% within just three hours showcasing significant public curiosity. The IPO, when closed, received an unprecedented response, generating 88.94 lakh applications totaling Rs 3.24 lakh crore—setting a record for the highest amount ever for an IPO at the upper end of its price band. The net public offer stood at Rs 4,802 crore, including an anchor investor quota of Rs 1,758 crore. Remarkably, the issue was oversubscribed by an astounding 63.61 times, indicating strong demand from investors.
Arkade Developers IPO:
The unlisted shares of Arkade Developers are currently enjoying a strong premium in the grey market, indicating positive sentiment ahead of their listing. The shares are trading at a premium of ₹63, which represents a 49.22% increase from the IPO issue price of ₹128. However, the grey market premium (GMP) has seen a notable decline of ₹23, dropping from ₹86 on September 16, when the issue first opened for public subscription. Arkade Developers is set to list its shares on the BSE and NSE on September 24, 2024. If the grey market premium remains stable, the shares could debut at Rs 191, offering investors a potential listing gain of nearly 50%. The IPO from Arkade Developers experienced remarkable demand, achieving a subscription rate of 106.83 times by the final day. Investors submitted bids for 254 crore shares, far exceeding the 2.37 crore shares available for purchase.
Northern Arc IPO:
Shares of Northern Arc Capital were allocated to successful bidders on September 20, following their Rs 777 crore IPO, which attracted considerable interest. The IPO saw bids for 238 crore shares compared to the 2.14 crore shares available, resulting in an impressive subscription rate of 110.71 times. Prior to the public offering, the non-banking financial institution secured Rs 229 crore from anchor investors.
PN Gadgil Jewellers IPO:
The PN Gadgil Jewellers IPO generated significant interest among investors. It opened for subscription on September 10 and closed on September 12, with allotments finalized on September 13. The shares debuted on the National Stock Exchange on September 17 at Rs 830, reflecting a 73% premium over the issue price. In the grey market, the company’s stocks were trading at a 63% premium, indicating strong demand before the official listing. The IPO raised Rs 1,100 crore through a mix of new shares and an offer for sale. The price band for the IPO was set between ₹456 and ₹480 per equity share, with retail investors required to purchase a minimum of 31 shares, totaling Rs 14,880 for one lot.
What is trending in Market today?
Vodafone Idea Share Price:
Vodafone Idea share price has surged in top query list of Google Trends. The telecom operator, facing financial challenges, has secured a $3.6 billion (Rs 30,000 crore) agreement with Nokia, Ericsson, and Samsung to provide network equipment over the next three years. This partnership represents the initial phase of the company’s transformative three-year capital expenditure strategy, which is projected to cost $6.6 billion (Rs 55,000 crore).
Manba Finance IPO:
The Manba Finance IPO is set to open for bidding on Monday, September 23, and will remain available until Wednesday, September 25. The company is offering shares in the price range of Rs 114 to Rs 120 each, with a minimum application requirement of 125 equity shares, and further multiples thereafter. This Rs 150.84 crore IPO consists entirely of a fresh issuance of 1,25,70,000 equity shares. The proceeds from the offering will be used to strengthen the company’s capital base to support its future growth needs. Manba Finance has already raised ₹45.25 crore from eight institutional investors by allocating 37.71 lakh equity shares at ₹120 each. Notable participants in its anchor book include Chartered Finance & Leasing, Finavenue Capital Trust, Antara India Evergreen Fund, Belgrave Investment Fund, Meru Investment Fund, NAV Capital VCC, Rajasthan Global Securities, and Vikas India EIF I Fund.
Kalana Ispat IPO:
Kalana Ispat opened its SME IPO for subscription on September 19 and is set to close on Monday, September 23. The company aims to raise Rs 32.59 crore by selling its shares at Rs 66 each on the NSE SME platform. So far, the IPO has seen strong interest, with subscriptions reaching 15.91 times by 10:40 am on the third day. Investors submitted bids for 7.5 crore shares, while only 46.90 lakh shares were available. On the first day, it was subscribed 0.79 times. The retail investor segment was particularly active, with a subscription rate of 24.13 times, while non-institutional investors subscribed 7.68 times. Currently, the grey market premium (GMP) is ₹20 per share, suggesting the shares could list at Rs 86, a 30.30% increase from the issue price of ₹66. However, the GMP has decreased from ₹35 in the previous session on September 20.