Three IPOs in pipeline in August, to raise Rs 1,200 cr

By: | Published: August 4, 2015 12:11 AM

Hyderabad-based Power Mech Projects will be the first to launch its offer on Aug 7, to sell 42.69 lakh shares at Rs 615-640

Finding strength in the secondary markets, three more companies are expected to hit markets this month with an aim to raise Rs 1,200 crore from public investors.

On Monday, Power Mech Projects announced it will launch its initial offering to the public from August 7 to 11. The Hyderabad-based integrated power infrastructure services company intends to raise Rs 262-272 crore. The company will sell 42.69 lakh shares at a price band of Rs 615-640 per share.

Two other companies – Navkar Corp and Prabhat Dairy – are also likely to hit the market later this month, according to people with direct knowledge of the matter. Public announcements will follow soon, they said.

Logistics company, Navkar Corp aims to raise Rs 600 crore which comprises fresh issue of roughly Rs 500-510 crore and offer for sale of R90-100 crore to existing investors.

Gr3

Maharashtra-based Prabhat Dairy is looking to raise up to Rs 300 crore through which the company plans to establish new production lines for its milk-based products like mozzarella cheese, cheddar cheese, processed cheese and paneer.

Nine companies have tapped capital markets on the main board and 25 companies on the SME platform. Together, 34 public issues have fetched a little over R4,500 crore from public investors. Among these are Inox Winds, Syngene International, VRL Logistics, Manpasand Beverages, and Adlabs Entertainment.

The primary markets picked-up pace a couple of months ago with large firms like InterGlobe Aviation, Coffee Day Enterprises, Teamlease and Infibeam filing their draft papers with the capital markets regulator. More than two dozen companies are in the pipeline – either with valid regulatory approval or awaiting one – with a potential to raise more than Rs 18,000 crore, data shows.

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