7 Upcoming IPOs worth Rs 1,600 Cr, Dalal Street Next Week
In the upcoming week commencing on July 26, Dalal Street is gearing up for an active primary market as it prepares to welcome three main board initial public offerings (IPOs) along with four offerings from the small and medium enterprises (SME) segment.
These seven IPOs are expected to generate a cumulative amount of over Rs 1,600 crore, with the SME offerings contributing approximately Rs 110 crore to the total.
Kicking off the week on June 26 is ideaForge Technology, a prominent drone manufacturing company, which is launching its IPO. The company aims to raise Rs 567 crore at the upper end of the price band set between Rs 638 and Rs 672 per share.
The public issue comprises a fresh issuance of shares worth Rs 240 crore, as well as an offer-for-sale (OFS) of 48.69 lakh shares by the promoters and investors. Additionally, 13,112 equity shares have been reserved for the company’s employees, who will receive them at a discounted price of Rs 32 per share compared to the final issue price.
Prior to the IPO’s opening, ideaForge Technology has already raised Rs 255 crore through an anchor book on June 23.
The funds raised from the fresh issue will be allocated towards debt repayment, fulfilling working capital requirements, investing in product development, and general corporate purposes. Interested investors can bid for a minimum of 22 equity shares, with subsequent bids being made in multiples of 22 shares. The IPO subscription period will conclude on June 29, and the shares will be listed on the stock exchanges on July 7.
Following ideaForge Technology, Cyient DLM, a subsidiary of IT services firm Cyient, will launch its public issue on June 27, with bidding open until June 30. The IPO’s anchor book will be available for a day on June 26.
Cyient DLM’s IPO comprises a fresh issuance of shares, with a total value of Rs 592 crore at the upper end of the price band of Rs 250-265 per share. Employees have been allotted shares worth up to Rs 15 crore, obtainable at a discounted price of Rs 15 per share compared to the final issue price.
The funds raised will be utilized for repaying existing borrowings, meeting incremental working capital requirements, funding planned capital expenditures, and facilitating acquisitions to achieve inorganic growth. Investors can place bids for a minimum of 56 equity shares, with subsequent bids being made in multiples of 56 shares. The IPO’s listing on the BSE and NSE is scheduled for July 10.
Another significant IPO coming up next week is from PKH Ventures, a construction and development company. The public issue will open on June 30 and close on July 4, aiming to raise around Rs 380 crore, although the price band has yet to be announced.
The IPO consists of a total of 2.56 crore shares, including a fresh issue of 1.82 crore shares and an offer-for-sale (OFS) of 73.73 lakh shares by promoter Pravin Kumar Agarwal. PKH Ventures is wholly owned by its promoters.
The proceeds from the IPO will be allocated towards the development of the company’s subsidiary, Halaipani Hydro Project, a hydro power project, as well as meeting long-term working capital requirements of Garuda Construction. Additionally, the funds will support acquisitions, strategic initiatives, and general corporate purposes. The shares will be listed on July 12.
In the SME segment, Pentagon Rubber, a conveyor belt manufacturer, will be the first IPO of the week, commencing on June 26 and concluding on June 30. The company aims to raise Rs 16.17 crore through the issuance of 23.1 lakh equity shares at a price range of Rs 65-70 per share. The entire offering comprises fresh shares.
The funds raised through the IPO will primarily be utilized for working capital requirements and general corporate purposes.
Global Pet Industries, a manufacturer and exporter of PET stretch blow moulding machines, will initiate its IPO subscription on June 29 at a fixed price of Rs 49 per share. The public issue consists of 27 lakh equity shares, exclusively as fresh shares, with a total fundraising of Rs 13.23 crore. The primary objective is to support the construction of a factory building.
On the last day of the week, June 30, two more SME IPOs will be launched. Tridhya Tech and Synoptics Technologies, both in the IT services and solutions sector, will open for subscription and close on July 5.
Tridhya Tech intends to raise Rs 26.41 crore by issuing 62.88 lakh shares at a price range of Rs 35-42 per share. The offering comprises fresh shares, with the main purpose being the repayment of loans and supporting general corporate expenses.
Synoptics Technologies plans to generate Rs 54.03 crore through its maiden IPO, offering 22.8 lakh shares at a fixed price of Rs 237 per share. The IPO includes a fresh issuance of shares worth Rs 35.08 crore and an offer-for-sale (OFS) of Rs 18.96 crore by the promoters. The funds raised from this IPO will be utilized for debt repayment, meeting working capital requirements, investing in strategic acquisitions or joint ventures, and general corporate purposes.
All four SME companies will be listed on the NSE Emerge platform, with Pentagon Rubber’s listing scheduled for July 10, Global Pet Industries’ listing on July 11, and Tridhya Tech and Synoptics Technologies’ listing on July 13.
Excluding the aforementioned IPOs, the current year has witnessed the successful launch of mainboard IPOs by eight companies, generating over Rs 10,000 crore, along with an impressive 65 companies from the SME segment, which have collectively raised over Rs 1,600 crore.
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