This week’s market sees significant activity with the mainline IPOs. Leading the pack is Bharti Hexacom’s IPO, valued at Rs 4,275 crore, marking a significant move in the telecom sector. Joining the mix is the listing of SRM Contractors IPO. Additionally, there are two more companies, Vasuki Global Industries and Ecos India Mobility & Hospitality. These have recently filed IPO papers with SEBI, reflecting a diverse range of industries poised for growth.
Let us check their key details.
IPO News This Week| Key Highlights
- Bharti Hexacom’s IPO, valued at Rs 4,275 crore, leads this week’s IPO activity.
- SRM Contractors’ IPO, with an issue size of Rs 130 crore, lists on April 3rd.
- Vasuki Global Industries files IPO draft papers with SEBI. It plans to issue 1.4 crore equity shares.
- Following the league, Ecos India Mobility & Hospitality, which specializes in chauffeured car rentals and employee transportation services, also files IPO draft papers.
Bharti Hexacom IPO
The major IPO opening for subscription is that of Bharti Hexacom.
The company is a fixed-line telephone and broadband services provider. Their IPO, valued at Rs 4,275 crore, will commence on April 3, 2024.
The price band for this IPO is set at Rs 542-570 per share, consisting solely of an offer-for-sale of 7.5 crore equity shares by public shareholder Telecommunications Consultants India.
The offer will close on April 5, 2024. Bharti Airtel owns 70 percent shares in Bharti Hexacom,. However, Telecommunications Consultants India holds the remaining 30 per cent stake.
- Bharti Hexacom IPO Opening Date: April 3rd
- Offer Size: Rs 4,275 crore
- Price Band: Rs 542-570 per share
- Offer Type: Offer-for-sale by Telecommunications Consultants India
- Closing Date: April 5th
Other Upcoming IPOs in the Stock Market
There are two more companies that have recently filed IPO draft papers with SEBI.
Vasuki Global Industries Files IPO Papers with SEBI
Vasuki Global is a Gujarat-based firm. It serves coal procurement and logistics services for various industries, including metals, minerals, cement, steel, and construction. Vasuki Global IPO includes only a fresh issue of 1.4 crore equity shares.
The goal is to use the proceeds towards procuring goods transportation vehicles.
Additionaly, it aims to use Rs 66.3 crore for establishing a cement manufacturing facility. The company plans to do it through its subsidiary, Vasuki Cement.
As of March 2023, it served 766 customers.
Despite recording an 8 percent decline in standalone profit and a 19.4 percent decrease in revenue in FY23 compared to the previous year, the company remains optimistic about its future prospects.
The Mehta family, the promoters, holds 86.67 percent shareholding, while the public holds the remaining 13.33 percent.
Ecos India Mobility & Hospitality IPO
Ecos India Mobility & Hospitality, based in New Delhi, has submitted its IPO draft paper with SEBI.
The IPO comprises only an offer-for-sale (OFS) of 1.8 crore equity shares, constituting 30 percent of the total paid-up equity capital.
Promoters Rajesh Loomba and Aditya Loomba will sell 99 lakh and 81 lakh equity shares, respectively, through the OFS.
This Mobility and hospitality company specializes in chauffeured car rentals (CCR) and employee transportation services (ETS). It operates in 109 cities in India and has a fleet of over 9,000 vehicles.
In FY23, Ecos India Mobility & Hospitality reported impressive financial performance, with a 341.6 percent year-on-year increase in consolidated net profit.
Despite the pandemic, Ecos India Mobility & Hospitality has demonstrated resilience and strong growth potential.
Equirus Capital and IIFL Securities are the merchant bankers for the issue. Link Intime India will serve as the registrar for the IPO process.
IPO Listing This Week
As for listings, a total of 10 companies will debut on the bourses, with nine coming from the SME segment. The only company from the mainboard segment to list shares is SRM Contractors.
SRM Contractors IPO
The company that handles construction projects is gearing up for its listing. The bidding for the SRM IPO commenced on March 26, 2024, and concluded on March 28, 2024.
Their initial public offering (IPO) of Rs 130 crore was heavily oversubscribed, indicating strong investor interest. In the grey market, there’s a buzz with SRM Contractors’ IPO shares fetching a premium of over 50 percent.
- Listing Date: April 3rd
- Issue Size: Rs 130 crore
- Subscription: 86.57 times oversubscribed during March 26-28
Conclusion
Bharti Hexacom leads the charge in the IPO market. It is accompanied by SRM Contractors, Vasuki Global Industries, and Ecos India Mobility & Hospitality. Together, they depict a vibrant picture of opportunity and growth. Whether it’s telecom, construction, logistics, or mobility, upcoming IPOs present multiple opportunities.
However, it is imperative to explore potential routes for diversification.
Source- moneycontrol.com, moneycontrol.com, moneycontrol.com
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