After a busy December, the primary market will take a breather with no issues opening next week. However, seven SME companies will see their shares listed on the exchanges.
The SME segment will see Balaji Valve Components, Sameer Agro and Infra, AIK Pipes, Akanksha Power, HRH Next Services, Manoj Ceramic and Kay Cee Energy debut on the SME platforms of both the exchanges.
All the IPOs barring Kay Cee Energy closed for subscription. The issue of Kay Cee Energy will close on January 2.
The public offer of Balaji Valve Components was booked the most at 276 times, followed by Akanksha Power at 117 times and HRH Next Services at 66 times.
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The issues of AIK Pipes And Polymers, Manoj Ceramics and Sameera Agro And Infra were subscribed 43 times, 9 times and 2.9 times respectively.
There will be no new public offers opening in the SME segment next week.
Looking back at December
The month of December saw as many as 11 companies launching their public offers in the mainboard segment and 21 more issues in the SME segment.
In the current week alone, half a dozen companies got listed on the exchanges. Muthoot Microfin, Suraj Real Estate Developers, Motisons Jewellers, Credo Brands, Happy Forgings, RBZ Jewellers and Azad Engineering together have raised Rs 3,910 crore, garnering subscriptions between 12 and 173 times.
2023 IPO activity
This year has emerged as the epitome of IPO activity, witnessing a flurry of companies making their way to Dalal Street to secure funds.
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Nearly 86% of the public issues that came to the Street this year listed with positive gains, while there is 82% strike rate among the SME issue debuts, according to a report by FYERS Research.
From the SME IPO basket, 136 out of the 166 companies were listed and closed in positive territory by the end of the listing day.
Goyal Salt topped the list with 258% gains, followed closely by Sungarner Energies with 216% and Basilic Fly Studio with 193.4%. As many as 24 companies ended the listing day with more than 99.5% gain.
In the mainboard segment, about 50 companies launched their primary issues, raising nearly Rs 45,000 crore. Three main board IPOs clocked subscription rates greater than 100 times – Plaza Wires (161 times), Utkarsh Small Finance Bank (110.8 times) and Ideaforge Technology (106.1 times).
In comparison, the SME segment saw 166 companies raising Rs 4,472 crore. There was investor frenzy in the SME segment which was visible in the subscription rates.
Outlook for 2024
While many of the IPOs are coming at a time when Indian stock markets are at all-time highs, analysts were mixed on whether the momentum will continue in the wake of general elections scheduled next year.
There are more than 65 IPO documents filed with Sebi, of which, 25 have already received regulator Sebi approval.
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