Spell with just one IPO and three listings. The main board segment takes a breather, while the SME segment gears up for some action.
An “IPO listing” refers to the process by which a company’s shares become publicly traded on a stock exchange for the first time.
Once a company has conducted its IPO and its shares are available for public trading, the stock is said to be “listed” on a stock exchange. A stock exchange is a platform where buyers and sellers can trade shares of publicly listed companies.
Protean eGov Technologies IPO- 13th November 2023
Protean eGov Technologies, a Mumbai-based e-governance solutions provider, is poised to make its market debut on November 13. The IPO, valued at Rs 490 crore, witnessed robust demand, with a subscription rate of 23.86 times. Noteworthy was the enthusiastic participation from various investor categories, particularly QIBs, with a staggering 46.94 times subscription.
· IPO Price: The initial price for Protean eGov Technologies’ IPO was fixed at Rs 792 per share.
· Subscription: The IPO garnered significant interest, being oversubscribed nearly 5 times.
· Lot Size: Investors participated in lots of 18 equity shares each and their multiples.
· Business Focus: Formerly known as NSDL e-Governance Infrastructure, Protean eGov Technologies specialises in developing citizen-centric and large-scale e-governance solutions.
· Recommendations: Analysts suggested a ‘Subscribe with risk’ approach for long-term investors, citing the company’s leadership in e-governance solutions and ambitious expansion plans.
· Allotment: The equity share allotment details were slated to be finalised on November 9, with robust participation from institutional and HNI investors.
In specific figures, the Rs 490-crore IPO witnessed a substantial subscription rate of 23.86 times during November 6-8. Qualified institutional buyers took the lead with an impressive 46.94 times subscription, followed by high net-worth individuals at 31.62 times, and retail investors at 8.93 times their reserved portion.
Grey market investors showed confidence by offering a 10 percent premium to the IPO price of Rs 792 per share. It’s noteworthy that the Protean IPO was exclusively an offer-for-sale by various investors, including HDFC Bank, Union Bank, NSE Investments, Axis Bank, and 360 One Special Opportunities Fund.
ASK Automotive IPO- 15th November, 2023
On November 15, Gurugram-based ASK Automotive, a key player in auto components, is set to list its equity shares. The Rs 834-crore public issue garnered widespread support, boasting a subscription rate of 51.14 times. ASK Automotive, holding over 50% market share in the braking systems segment, is expected to debut with an 18% premium over the issue price.
· The ASK Automotive IPO is a book-built issue with a total value of Rs 834.00 crores. The entire issue comprises an offer for sale of 2.96 crore shares.
· The bidding for the ASK Automotive IPO commenced on November 7, 2023, and concluded on November 9, 2023.
· The IPO price band for ASK Automotive is set between ₹268 to ₹282 per share. The minimum lot size for an application is 53 shares. For retail investors, the minimum investment required is ₹14,946.
· For sNII (Non-Institutional Investors), the minimum lot size investment is 14 lots (742 shares), totalling ₹209,244. For bNII (Qualified Institutional Buyers), it is 67 lots (3,551 shares), amounting to ₹1,001,382.
. Jm Financial Limited, Axis Capital Limited, ICICI Securities Limited, and Iifl Securities Ltd are the book-running lead managers overseeing the ASK Automotive IPO. Additionally, Link Intime India Private Ltd is appointed as the registrar for the issue.
Prepare for a dynamic week in the stock market as Protean eGov Technologies’ IPO and ASK Automotive’s IPO gear up for their upcoming listings. Protean’s robust subscription numbers and ASK Automotive’s substantial market support suggest exciting opportunities. Stay tuned for potential market shifts and premium debuts as these listings take centre stage in the coming week.
Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.