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Companies such as SBFC Finance, Concord Biotech, Jupiter LifeLine Hospitals, TVS Supply Chain Solutions, Balaji Speciality Chemicals, Yatra Online, Innova Captab, Aeroflex Industries, Rishabh Instruments, and Vishnu Prakash R Punglia are likely to launch their maiden public issue this month.
The ₹1,551 crore public issue of Ahmedabad-based pharmaceutical firm Concord Biotech will open today for public subscription, while the ₹1,025 crore Mumbai-based non-banking finance company SBFC Finance public issue opened on Wednesday.
The mood in the primary market is better now with a strong secondary market, according to bankers.
“Demand for IPOs has revived in the last two-three months with a strong secondary market amid a cooldown in uncertainty in interest rates and inflation,” said Ajay Saraf, head of investment banking, ICICI Securities. “But only selective companies with unique businesses sold at decent valuations will get good demand.”
Last month, four companies raised 2,213 crore. The 500 crore public issue of Utkarsh Small Finance was subscribed 111 times, while 631 crore Netweb Technologies was subscribed 91 times. Even the public issue of Senco Gold which raised 405 crore, was subscribed 77 times. However, the 380 crore IPO of PKI Ventures was called off due to poor demand.
Mumbai-based Jupiter LifeLine Hospitals, a multi-speciality healthcare provider with 1,194 hospital beds as of December 31, 2022, plans to launch its 1,200 crore IPO this month. The IPO comprises shares worth 615 crore alongside an offer-for-sale of up to 4.45 million equity shares by the promoter group and other shareholders.TVS Supply Chain Solutions, part of TVS Mobility Group, will likely launch its public issue next week. Their IPO comprises a fresh issue of equity shares aggregating up to 750 crore and an OFS of over 20 million equity shares by promoters and existing shareholders.
Innova Captab, an integrated pharmaceutical company involved in research and development, manufacturing, and drug distribution, is expected to launch its IPO this month. The IPO involves a fresh equity issue worth 400 crore and an OFS of up to 9.6 million shares by the promoters and existing shareholders.
Solapur-based Balaji Speciality Chemicals IPO comprises a fresh issue of shares worth 250 crore and an offer-for-sale (OFS) of up to 26 million shares by the promoter and selling shareholders.
Aeroflex Industries, a Mumbai-based producer of metallic flexible flow solution products planning a 350 crore IPO with 160 crore fresh issue shares and an OFS of up to 17.5 million equity shares by promoters and the promoter group.
Jodhpur-based Vishnu Prakash R Punglia, an integrated engineering, procurement, and construction (EPC) company planning to raise around 300 crore from fresh issue.
So far, in 2023, 13 companies have raised 10,283 crore from the primary market compared to 59,302 crore raised by the 40 companies in 2022.
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