India's primary market enters September with the public issue of six new companies and 10 listings. The companies set to launch their maiden share sales includes Gala Precision Engineering Ltd., which will open for subscription on Sept. 2 and is the only mainboard IPO this week.
The company raised Rs 50.3 crore from anchor investors on Friday, ahead of its initial public offering. Gala Precision Engineering plans to raise Rs 167.93 crore through IPO and consists of a fresh issue of Rs 135.34 crore and an offer-for-sale of Rs 32.59 crore.
The company has set a price band of Rs 503–529 per share with a face value of Rs 10 each for the issue. The IPO issue will close on Sept. 4.
The IPO of Baazar Style Retail Ltd. will continue for the second and third day this week. It was subscribed 72% on its first day on Friday.
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The subscriptions for Jeyyam Global FoodsLtd. in the small and medium enterprise segment will begin on Sept. 2 and Jeyyam Global Foods Ltd. on Sept. 3. The companies will look to raise Rs 81.94 crore and Rs 7.03 crore, respectively.
On Sept. 4, the Rs 125.28-crore IPO of Mach Conferences and Events Ltd. and the Rs 51.2-crore public issue of Namo eWaste Management Ltd. will open for subscription, followed by the Rs 33.26-crore issue of My Mudra Fincorp Ltd. the following day.
Retail Investors Sustain SME IPO Frenzy As Subscriptions Cross 1,800 Times
The week will also see 10 companies debuting on the exchanges with three in the mainboard space. Shares of Baazar Style Retail will list on Sept. 6.
Premier Energies Ltd., which was subscribed 74.38 times, will hit the secondary market on Sept. 3, followed by ECOS (India) Mobility & Hospitality, which was subscribed 64.26 times, on Sept. 4.
Indian Phosphate Ltd., Jay Bee Laminations Ltd., Paramatrix Technologies Ltd., Vdeal System Ltd., Boss Packaging Solutions Ltd., Travels & Rentals Ltd. and Aeron Composite Ltd. will be the other companies to debut in the SME segment during the week.
September will see Bajaj Housing Finance Ltd., a wholly owned subsidiary of Bajaj Finance Ltd., floating its IPO. The company plans to raise Rs 6,560 crore in the public issue that is set to open for subscription on Sept. 9.
The IPO comprises a fresh issue amounting to Rs 3,560 crore and an offer-for-sale aggregating to Rs 3,000 crore from its promoter company Bajaj Finance. The equity shares carry a face value of Rs 10 each.
Moreover, SEBI has granted its approval to IPOs of Patel Retail Ltd. and Garuda Construction And Engineering Ltd.
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