Sixteen IPOs To Raise Over ₹7,300 Crore This Week As Primary Market Activity Surges

Investors are set for a busy week in the primary market, with 16 companies scheduled to launch initial public offerings (IPOs) from 7 September to 11 September, looking to raise more than ₹7,300 crore despite weak equity market conditions, West Asia tensions and high oil prices.

The IPO pipeline includes 12 mainboard issues worth around ₹7,200 crore and the rest from the small and mid-sized (SME) segment. With the September offerings included, fundraising through IPOs in the current calendar year has reached nearly ₹87,900 crore.

IPOs Opening Today

Real estate developer Pranav Constructions will be the first mainboard IPO to open this week. Pranav Constructions’ IPO opens today, i.e., on 7 September. The Mumbai-based company plans to raise ₹351 crore through the issue, with the price band set at ₹118-124 per share.

SME logistics services provider Apana Logistics will also open its IPO today. The company plans to raise ₹34 crore at a fixed price of ₹60 per share. Both IPOs will close on 9 September.

Three Mainboard IPOs On 8 September

Three mainboard companies, Kanohar Electricals, Prasol Chemicals and Glass Wall Systems (India), will open their IPOs on 8 September and close them on 10 September.

Kanohar Electricals, a transformer manufacturer, is seeking ₹1,055.7 crore at the upper end of its ₹601-632 price band.

Speciality chemicals company Prasol Chemicals has set its price band at ₹643-676 for its ₹500-crore IPO. Glass Wall Systems (India), which provides façade solutions and fenestration products, will raise ₹428 crore at ₹172-182 per share.

IPOs On 9 September

The busiest day will be 9 September, when nine IPOs will open. Six will come from the mainboard and three from the SME segment. The nine issues together will raise ₹4,611 crore, or around 64% of the week's total fundraising.

Rentomojo will be the largest among them, seeking ₹1,256 crore at ₹384-404 per share. Manipal Payment & Identity Solutions plans to raise ₹805 crore at a ₹322-339 price band. Karamtara Engineering is targeting ₹875 crore at a ₹241-254 price band.

Asset Reconstruction Company (India) will raise ₹733 crore at a ₹132-139 price band. It will become the first asset reconstruction company to list on Dalal Street. Steamhouse India plans to raise up to ₹414 crore, while LCC Projects is targeting ₹427 crore at a ₹139-146 price band.

Among the SME issues, Vinod Texworld will raise nearly ₹43 crore at ₹94 per share. Infrax Renewable is targeting ₹40.88 crore at ₹104, while Amtech Esters will raise ₹17.88 crore at a ₹71-75 price band.

IPOs On 10 And 11 September

Veegaland Developers will open its ₹210-crore IPO on 10 September at ₹130-140 per share. Manika Plastech will be the final IPO to open this week on 11 September.

Its issue includes a fresh issue worth ₹92.5 crore and an offer for sale of 76.74 lakh shares by VRIDAA Holding Trust. The company has not yet disclosed its price band or total issue size.

Nine companies are also expected to list during the week, including Purple Style Labs, Rays of Belief and Deepa Jewellers on the mainboard. There are six SME listings across NSE Emerge and BSE SME, including Ashutosh Fibre, Shanti Inorganics, Phychem Technologies, Fly-Hi Maritime Travels, Farm Peace and Qualiance International.

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