As November nears its end, the market has seen the launch of several highly anticipated IPOs. Over 12 companies went public, including well-known names such as Lenskart and Pine Labs. From fintech players like Groww to edtech platforms like PhysicsWallah, the IPO race band in the first three weeks of the month garnered nearly Rs 31,000 crore.
Some of these offerings exceeded market expectations, while others performed in line with investor sentiment. Here are the top five IPOs that dominated Google Trends in November so far.
1. Lenskart
The eyewear giant’s Rs 7,278 crore public offering received an overall subscription of 28 times. Of the total float, Rs 2,150 crore was raised via fresh issue, while the remaining Rs 5,128 crore was raised by the promoter group by offloading 12.76 crore shares.
Lenskart’s IPO received bids for approximately 218.88 crore shares against an offer size of around 9.98 crore shares.The Qualified Institutional Buyer segment drove up the total bid and was subscribed 40.35 times, while the Non-Institutional Investor category was subscribed 18.23 times and the portion for retail individual investors garnered 7.54 times subscription. The stock listed on the exchanges on November 10 at a slight discount. The Lenskart share price has gained nearly 2% so far since listing.
2. Groww
Billionbrains Garage Ventures, also known as Groww, opened bids for its IPO of Rs 6,632.30 crore on November 4. The issue gained an overall subscription of 17.6 times, of which the QIB category was subscribed 22.02 times, while the NII segment was subscribed 14.2 times. The portion for retail investors attracted 9.43 times subscription.
The fintech received bids for approximately 641.87 crore shares against an offer size of around 36.48 crore shares.The company’s IPO comprised a fresh issue of 10.6 crore shares worth Rs 1,060 crore, and an OFS of 55.72 crore shares aggregating Rs 5,572.3 crore. Groww’s shares listed on the exchanges on November 12, at a 12% premium. The shares are up nearly 44% so far from its listing price after a rollercoaster ride.
3. Pine Labs
Another major fintech player, Pine Labs, raised Rs 3,900.17 crore through its public offering. The company received bids for approximately 24.09 crore shares against an offer size of around 9.79 crore shares. The issue received an overall subscription of 2.46 times.
The company issued 9.41 crore fresh shares worth Rs 2,080 crore, while 8.23 crore shares aggregating Rs 1,820 crore were sold via the OFS route. The company’s shares got listed on NSE and BSE on November 14 at nearly a 10% premium to the issue price. The Pine Labs share price is down almost 4% so far since listing.
4. PhysicsWallah
The edtech firm raised Rs 3,480 crore via its IPO, of which the majority of the capital was raised through a fresh issue of 28.45 crore shares worth Rs 3,100.08 crore, while 3.49 crore shares worth Rs 379.92 crore were offloaded through the OFS route.
On the last day of bidding, the company received a subscription of 1.81 times, receiving bids for approximately 33.62 crore shares against an offer size of around 18.62 crore shares.. The company’s shares listed on the exchanges were Rs 145 on November 18 at 33% premium to the issue price.The share price of PhysicsWallah has seen a topsy turvy run since listing. It is down almost 15% from its listing price.
5. Tenneco Clean Air
Tenneco’s IPO was entirely an OFS worth Rs 3,600 crore, as investors offloaded 9.07 crore shares. The IPO received an overall subscription of 58.83 times, with the QIB segment leading the pack at 166.42 times, while the NII category was subscribed 40.74 times.The company received bids for approximately 98.89 crore shares against an offer size of around 1.06 crore shares.
Tenneco’s shares got listed on the exchanges on November 19. The listing price was at a 27% premium to the issue price. In the markets, as of now, the Tenneco share price is hovering around the listing levels.
