NSE IPO Opens September 17 As 11 Issues Hit Primary Market This Week
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NSE’s ₹22,561.57-crore IPO headlines a busy week for India’s primary market, with 11 issues opening across mainboard and SME segments.
India’s primary market is set for a busy stretch, with 11 IPOs lined up for subscription during the holiday-shortened week. The National Stock Exchange of India’s much-awaited public offer will be the biggest attraction, alongside mainboard issues from SS Retail, Jindal Supreme, Hero Motors and Sonaselection India.
The activity is not limited to the mainboard. Six SME IPOs — Vama Wovenfab, Shakti Polytarp, Quanto Agroworld, SpectraA Technology Solutions, Kheria Autocomp and Axiom Gas Engineering — are also scheduled around the same period.
The week will also see a long list of new stock market listings, making it an important period for investors tracking India's primary market.
NSE IPO opens on September 17
The NSE IPO will open for subscription on September 17 and close on September 21. The price band has been fixed at ₹1,700-₹1,785 per share.
At ₹22,561.57 crore, the offer will rank among the biggest IPOs in India's history. The issue is entirely an offer for sale, with existing shareholders selling their stakes rather than NSE raising fresh capital.
The selling shareholders include State Bank of India, Canada Pension Plan Investment Board, Aranda Investments (Mauritius), MS Strategic (Mauritius), SBI Capital Markets, The New India Assurance, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation and United India Insurance Company.
The IPO will be India's second-largest after Hyundai Motor India's ₹27,870-crore issue. Retail investors can bid for a minimum of eight shares and in multiples thereafter.
Four more mainboard IPOs
The NSE issue is not the only large public offering competing for attention.
SS Retail will open its ₹500-crore IPO between September 16 and September 18. The company has set a price band of ₹403-₹424 per share, with a lot size of 35 shares. The issue consists of a ₹360-crore fresh issue and a ₹140-crore offer for sale. Funds raised through the fresh issue will be used for store fit-outs, working capital and general corporate purposes.
Jindal Supreme (India) will also enter the market on September 16. Its ₹124.88-crore IPO will remain open until September 18, with the price band set at ₹88-₹93 per share. The issue includes a fresh issue of ₹99.89 crore and an offer for sale of ₹24.99 crore. The company plans to use the fresh proceeds primarily to reduce debt.
Hero Motors will have the same September 16-18 subscription window. The auto components maker has fixed a price band of ₹79-₹84 per share for its ₹1,000-crore IPO. The issue comprises a ₹600-crore fresh issue and a ₹400-crore offer for sale. Part of the fresh proceeds will go towards debt repayment and capacity expansion at its Gautam Buddha Nagar facility.
Sonaselection India will open its IPO on September 17 and close the issue on September 21. The textile company has fixed the price band at ₹94-₹99 per share for its ₹141.57-crore issue. Unlike the other mainboard offerings, the entire issue consists of fresh shares, with proceeds earmarked for plant and machinery, debt repayment and general corporate purposes.
SME IPOs also add to the rush
The SME segment will see six issues during the week, with Vama Wovenfab, Shakti Polytarp, Quanto Agroworld, SpectraA Technology Solutions, Kheria Autocomp and Axiom Gas Engineering among the companies tapping the market.
With both mainboard and SME offerings arriving in quick succession, the primary market is likely to remain a key area of focus through the week.
IPO listings to watch
The activity will continue beyond new subscriptions, with several companies scheduled to make their stock market debut.
Pranav Constructions, Kanohar Electricals, Prasol Chemicals, Glass Wall Systems (India), Rentomojo, Asset Reconstruction Co. (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering are among the companies lined up for listing.
Apana Logistics, Infrax Renewable, Vinod Texworld and Amtech Esters are also scheduled to list during the week.
With the NSE IPO adding a marquee issue to an already crowded calendar, the week is set to bring a mix of large mainboard offerings, SME issues and fresh listings to the primary market.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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