Primary market stays upbeat with 4 IPOs lined up to raise Rs 1,350 crore next week

Four public issues and four listings are scheduled for the week commencing September 4, indicating that the primary market's momentum shows no signs of abating.

All of the activity in the IPO market appears to be driven primarily by an optimistic market climate.

In the upcoming week, four companies expect to raise more than Rs 1,350 crore from the public, with Ratnaveer Precision Engineering being the first to go public on September 4 with a Rs 165 crore offering. The price range for the offering, which will conclude on September 6, has been set between Rs 93 and Rs 98.

The manufacturer of stainless steel-based products intends to raise Rs 135.24 crore through fresh issues and Rs 29.79 crore through an offer for sale (OFS). The company serves industries such as automotive, power plants, oil and gas, pharmaceuticals, construction, and electrical appliances.

The healthcare services provider Jupiter Life Line Hospitals will accept bids for its initial public offering between September 6 and 8 at a price range of Rs 695 to 735 per share.

The initial public offering (IPO) consists of a fresh issuance of shares worth Rs 542 crores and an offer-for-sale (OFS) of 44.5 lakh shares worth Rs 327.08 crores at the upper price band by promoters and other shareholders. Jupitar is the largest of the four IPOs, with a projected mop-up of Rs 869.08 crore.

EMS, a provider of sewage treatment solutions, is expected to commence its Rs 320 crore initial public offering on September 8, with a likely price range of Rs 200 to Rs 211 per share. The offer consists of a fresh issue of approximately Rs 145-146 crore and an offer-for-sale of 82.94 lakh shares at the upper price band by promoter Ramveer Singh. According to sources, bidding will conclude on September 12.

SME segment

The Small and Medium-Sized Enterprise (SME) market will be launching its fourth public issuance next week. On September 6 and 8, Kahan Packaging, a provider of bulk packaging solutions based in Mumbai, will begin accepting offers. At a price of Rs 80 per share, it hopes to raise Rs 5.76 crore through the IPO.

Packaging solutions for businesses producing goods for the cement, chemical, fertiliser, and food industries are provided by the organization.

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Ongoing IPOs

Rishabh Instruments, a manufacturer of test and measuring instruments, will finalize the basis of allotment of IPO shares on September 6. The company's public issuance raised Rs 491 crore. Eligible investors will have the shares deposited into their demat accounts by September 8.

To date, the initial public offering (IPO) for specialty chemicals and API trader Saroja Pharma Industries India has been subscribed 2.01 times for a total of Rs 9.11 cr. Two other SMEs, Basilic Fly Studio, a visual effects (VFX) studio in Chennai, and Pramara Promotions, a provider of promotional products and gift items, will also close their IPOs on September 5.

On the first day of bidding, September 1, Basilic Fly Studio's IPO was subscribed 26.08 times for a total of Rs 66.35 crore, while 44 percent of Pramara Promotions' IPO offering of Rs 15.27 crore had been booked.

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Listings

Vishnu Prakash R Punglia, an infrastructure firm based in Rajasthan, closed its public offering last week with 87.82 times subscription and will make its market debut on September 5.

Next week will see the last three listings, all from the SME sector, with Sahaj Fashions listing on September 6, Mono Pharmacare on September 7, and CPS Shapers on September 8.

Sahaj Fashions, a manufacturer of garment fabrics, saw its initial public offering (IPO) subscribed 7.4 times, while those of Mono Pharmacare, a distributor of pharmaceutical products, and CPS Shapers, a manufacturer of men's and women's shapewear, were subscribed 12.77 times and 236.67 times, respectively.