The momentum of India’s IPO market continues with new public offerings on the calendar for the upcoming month. This persistent activity in the primary market to a combination of factors, which includes bullish investor sentiment, a sturdy economic backdrop, and forecasts of declining inflation and potential rate reductions in 2024. Keep reading to explore the specifics of these six forthcoming IPOs.
R K SWAMY Limited IPO :
R K SWAMY’s IPO is scheduled from March 4 to March 6, 2024, offering shares at a price range of INR 270 to 288 per share, with a lot size of 50 shares. The total issue size amounts to INR 423 crore. Following the IPO, the company’s shares will be listed on both the BSE and NSE.
RK Swamy’s IPO allocates 75% of shares to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors. The IPO consists of a fresh issue of ₹173 crore and an offer-for-sale of up to 8,700,000 equity shares by promoters and other investors.
V R Infraspace Limited IPO :
V R Infraspace’s IPO is priced at ₹85 per share, with a face value of ₹10 each. Subscription will begin on March 4 and end on March 6. The lot size is set at 1,600 shares, allowing investors to bid for a minimum of this amount. The issue price is 8.50 times the face value. V R Infraspace’s IPO, valued at ₹20.40 crore, includes a fresh issue of 2,400,000 equity shares at ₹10 face value, with no offer-for-sale component. The proceeds will fund working capital, subsidiary M/s Narnarayan Enterprise, issue expenses, and general corporate purposes.
Gopal Snacks Limited IPO :
The Gopal Snacks IPO offers shares at a price band of ₹381 to ₹401 per share with a face value of Re 1. Subscription runs from March 6 to March 11, while anchor investor allocation occurs on March 5. The IPO allots up to 50% of shares to qualified institutional buyers, with at least 15% for non-institutional investors and 35% for retail investors. Employees can access shares worth up to ₹3.5 crore with a discount of ₹38 per share. The price/earnings ratio ranges from 42.24 to 44.46 based on fiscal 2023 earnings per share, compared to an industry average of 121.27.
Sona Machinery Limited IPO :
Sona Machinery IPO scheduled to open on March 5 and conclude on March 7, 2024, the IPO entails issuing up to 3,624,000 equity shares at ₹10 per share, listed on the NSE Emerge. With a floor price of ₹136 and a cap price of ₹143, the issue reserves a minimum of 5.08% for market makers and caps QIB participation at 50%. The non-institutional segment will constitute at least 15%, while retail buyers will access a minimum of 35% of shares. Bids start from 1,000 shares. Sona Machinery plans to allocate 55-58% of net proceeds to a new manufacturing unit in Ghaziabad, 4% for debt repayment, and the remainder for issue-related expenses and general corporate purposes.
JG Chemicals Limited IPO :
The JG Chemicals IPO, valued at ₹251.19 crore, offers shares at a price range of ₹210 to ₹221 per share with a face value of ₹10. Subscriptions run from March 5 to March 7, with anchor investor allocation on March 4. The IPO reserves 50% of shares for QIBs, 15% for NIIs, and 35% for retail investors. The company plans to utilise proceeds, including a fresh issue of ₹165 crore and an offer-for-sale of ₹86.19 crore, for investments in its subsidiary BDJ Oxides, debt repayment, establishing a research and development center, and meeting extended working capital requirements.
Pune E-Stock Broking Limited IPO :
Pune E-Stock Broking’s IPO, valued at ₹38.23 crore, offers shares at ₹78 to ₹83 per share with a face value of ₹10. Subscriptions run from March 7 to March 12, with a lot size of 1,600 shares. Investors can bid for a minimum of 1,600 shares. The IPO comprises a fresh issue of 4,606,400 equity shares, with no offer-for-sale component. Proceeds will fund general corporate purposes and working capital needs. The IPO reserves 50% of shares for QIBs, 15% for NIIs, and 35% for retail investors, with market maker reservation set at 15% of the issue.
