As the primary market gears up for an action-packed week commencing November 28, investors are eagerly awaiting the debut of seven companies, with five of them set to launch their initial public offerings (IPOs). The buzz surrounds Tata Technologies, IREDA, Gandhar Oil Refinery India, Fedbank Financial Services, and Flair Writing Industries, all of which concluded their IPO subscriptions last week, successfully paving the way for their listing on both the BSE and NSE in the coming week.
In a significant shift, the Securities and Exchange Board of India (SEBI) mandated a voluntary listing in a T+3 timeline, reducing the waiting period from six to three working days after the issue closes. Starting from December 1, 2023, this timeline will become mandatory for all companies initiating IPOs.
IREDA IPO Takes the Lead
The Indian Renewable Energy Development Agency (IREDA) is poised to take the lead, with its listing scheduled for November 29. The final issue price has been set at Rs 32 per share, and investors can now check their share allotment status on either the BSE website or the IPO registrar portal.
Tata Technologies IPO Resounding Success
Tata Technologies, the first IPO from the Tata Group in over 19 years, garnered overwhelming investor response. With an issue price of Rs 500 per share, the IPO was oversubscribed 69.4 times. Institutional buyers and high-net-worth individuals exhibited significant interest, subscribing 203.41 times and 62.11 times, respectively. The equity shares are expected to be credited to demat accounts by November 28, a day before the listing.
Gandhar Oil Refinery India IPO
Gandhar Oil Refinery India, a leading manufacturer of white oils for consumer and healthcare products, is gearing up for its IPO. The offering comprises a fresh issue of Rs 302 crore and an offer for sale of Rs 198.69 crore, with shares priced in the range of Rs 160-169 and a lot size of 88 shares. The IPO, which opened on November 22 and closed on November 24, is expected to be listed tentatively on December 5.
Fedbank Financial Services IPO
Fedbank Financial Services, a retail-focused NBFC affiliated with The Federal Bank Limited, is set to launch its IPO. The offering consists of a fresh issue of Rs 600.77 crore and an offer for sale of Rs 492.26 crore, priced between Rs 133-140 per share, with a lot size of 107 shares. The IPO, open from November 22 to November 24, targets a tentative listing date of December 5.
Flair Writing Industries Limited IPO
Flair Writing Industries Limited, a major player in the Indian writing instruments industry, is set to launch its IPO. The offering includes a fresh issue of Rs 292 crore and an offer for sale of Rs 301 crore, with shares priced between Rs 288-304 and a lot size of 49 shares. The IPO, open from November 22 to November 24, aims for a tentative listing date of December 5.
Listing Dates for the Fabulous Five
Tata Technologies, Gandhar Oil Refinery India, Fedbank Financial Services, and Flair Writing Industries, are scheduled to list their shares on both the BSE and NSE on November 30.
Having closed their public issues on November 24, the basis of allotment of IPO shares is expected to be finalized by November 28, followed by the transfer of equity shares to successful investors’ demat accounts by November 29.
Mixed Responses in the Grey Market
In the grey market, an unofficial platform for trading IPO shares until the official listing, Tata Technologies commands the highest premium, at 80 percent over the issue price of Rs 500 per share. IREDA IPO shares trade with a 30 percent premium, Flair Writing Industries at over 25 percent, and Gandhar Oil Refinery at more than 40 percent. However, Fedbank Financial Services experiences muted action, with a subscription of just 2.2 times.
It’s a dynamic week ahead for the primary market, with investors closely watching these five IPOs as they mark their debut on the stock exchanges. Stay tuned for more updates on these exciting market developments.
To invest in these upcoming IPOs, you must search for a zero-brokerage online trading platform that helps you save a little extra on brokerage as when you invest in the stock market.
Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.