With no mainboard IPOs hitting Dalal Street this week, all eyes are now on the SME segment. The spotlight is on three new public issues – Sacheerome, Jainik Power and Cables, and Monolithisch India that are opening for subscription and creating a fair amount of noise in the grey market.
From flavours and fragrances to power cables and industrial solutions, let’s take a look at what each of these issues has to offer and a recap of Ganga Bath Fittings, which just closed its IPO and awaits listing.
IPOs this week
Sacheerome IPO
As SME IPO, Sacheerome, a company known for creating flavour and fragrance compounds for various industries. Its Rs 61.62 crore public issue is a complete fresh offer, with over 60 lakh new shares being floated. The IPO will open on June 9 and close on June 11, with shares likely to list on June 16 on the NSE SME platform.
The company has set a price band of Rs 96 to Rs 102 per share. GYR Capital Advisors is leading the issue and Link Intime handling registry duties. The market-making role is being handled by Giriraj Stock Broking.
Ahead of the opening of the issue, in the grey market, the issue is trading at a premium of Rs 30. This puts its estimated listing price at around Rs 132, marking a potential 29% upside from the upper end of the price band.
Jainik Power and Cables
Opening a day after Sacheerome, Jainik Power and Cables brings a fresh issue of Rs 51.30 crore to the table. This IPO, also entirely a new issue of about 46.63 lakh shares, will be open from June 10 to June 12, with a tentative listing date of June 17.
With a price band of Rs 100 to Rs 110 per share, the IPO has not yet caught fire in the grey market. Its GMP is reportedly flat. This suggests the stock may list close to its issue price. Fast Track Finsec is the lead manager, with Skyline Financial Services as the registrar and Rikhav Securities as the market maker.
Monolithisch India IPO
Monolithisch India, the third IPO opening this week, is also the biggest of the lot. With a fresh issue size of Rs 82.02 crore and nearly 57 lakh shares on offer, the company’s IPO opens on June 12 and closes on June 16. The expected listing date is June 19, and the stock will debut on the NSE SME platform.
The price band is set at Rs 135 to Rs 143 per share, and the issue has seen some traction in the grey market, where it is trading at a premium of Rs 14. This hints at a possible listing price of Rs 157, a near 10% jump over the upper price.
Ongoing IPO – Allotment and listing
Ganga Bath Fittings IPO
Among the recently closed issues, Ganga Bath Fittings drew moderate investor interest. The Rs 32.65 crore IPO was subscribed 1.64 times overall, with retail investors leading the charge at 2.55 times, while QIBs subscribed 2.22 times. However, the high-net-worth segment (NIIs) stayed cautious, with only 0.73 times subscription.
The issue was open from June 4 to June 6, and the allotment is expected to be finalised by June 9, with a tentative listing on June 11. The price band for the issue was set at Rs 46 to Rs 49. Jawa Capital Services is managing the IPO and KFin Technologies as the registrar.