₹10,100 Crore Worth Of IPOs Open Next Week, SBI Funds Management Leads With ₹9,812.91 Crore Public Issue
· Free Press Journal
Mumbai: India's primary market is set for another busy week, with three initial public offerings (IPOs) worth more than Rs 10,100 crore opening for subscription from July 14 to July 16. The biggest offering will come from SBI Funds Management, while Alpine Texworld and Millworks Technologies will also launch their public issues.
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At the same time, the IPOs of Laser Power & Infra, Devson Catalyst, and Happy Steels will close on July 13, with all three companies scheduled to list on the stock exchanges on July 16.
West Asia Calm Revives IPO Market, Three Mainboard Issues Open Next Week Amid Strong Listing PipelineSBI Funds Management IPO
The largest IPO of the week is SBI Funds Management, promoted by State Bank of India and Amundi.
The company plans to raise Rs 9,812.91 crore through an Offer for Sale (OFS) at a price band of Rs 545-Rs 574 per share. The IPO comprises 17.09 crore equity shares.
As the issue is entirely an OFS, the proceeds will go to the existing shareholders. State Bank of India will sell 9.95 crore shares, while Amundi will sell 7.14 crore shares. The company itself will not receive any funds from the issue.
Following a pre-IPO placement with 30 investors, the issue size was reduced from Rs 11,692.9 crore to Rs 9,812.91 crore. The company's valuation stands at around Rs 1.17 lakh crore.
₹13,000 Crore SBI MF IPO Planned, Asset Management Giant Targets ₹1.3 Lakh Crore ValuationAlpine Texworld IPO
Gujarat-based textile company Alpine Texworld is launching a ₹126.25 crore IPO.
The company will issue 1.2 crore fresh equity shares at a price band of Rs 100-Rs 105 per share, valuing the company at Rs 401.5 crore.
The proceeds will be used to set up a new weaving unit, increase grey fabric production capacity, repay borrowings and meet general corporate requirements.
Millworks Technologies IPO
Bengaluru-based Millworks Technologies, an SME company engaged in precision engineering, plans to raise Rs 160.3 crore.
The IPO consists of 48.44 lakh fresh equity shares priced between Rs 315 and Rs 331 per share.
The company will use the funds to purchase plant and machinery, meet working capital needs and support general corporate purposes.
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So far this year, 30 mainboard IPOs have collectively raised Rs 24,404 crore.
After the listing of SBI Funds Management and Alpine Texworld, the number of mainboard IPOs will rise to 32, while total funds raised will increase to Rs 34,343 crore.
In the SME segment, 90 companies have raised Rs 3,861 crore so far. With Millworks Technologies, the total SME fund mobilisation is expected to reach Rs 4,022 crore.
Three IPOs To Close And List
The Rs 742 crore IPO of Laser Power & Infra will close on July 13. The SME issues of Devson Catalyst and Happy Steels will also close on the same day.
According to market data, Devson Catalyst was subscribed 27.35 times after the first two days, while Happy Steels received 2.95 times subscription.
All three companies are scheduled to list on the stock exchanges on July 16. In the grey market, Laser Power & Infra was trading at a premium of around 17 per cent, Devson Catalyst at about 38 per cent, and Happy Steels at nearly 21 percent.