After a hectic week, the primary market is geared up for one of the most-awaited IPOs of the year as Go Digit is set to launch its maiden public offer on May 15.
Despite being the month of general elections, Dalal Street saw three companies raise over Rs 6,000 crore in the week gone by and the response was healthy for all the issues.
“What’s noteworthy is the robust domestic inflow, particularly with retail investors showing keen interest in equity markets. This surge in retail participation is empowering issuers to confidently launch IPOs in May,” said Mahavir Lunawat, MD, Pantomath Capital.
The SME segment will see four new IPOs – Quest Labs, Indian Emulsifier, Mandeep Auto, and Veritaas Advertising – opening next week.
Apart from the new issues, as many as 12 listings are scheduled for next week which includes the three mainboard companies of TBO Tek, Indegene and Aadhar Housing Finance.
Here’s what’s on the IPO table for next week
Bengaluru-based insurtech startup Go Digit General Insurance will launch its IPO on May 15 and the issue will be available for public subscription till May 17. The Fairfax-backed company fixed a price band of Rs 258-278 per share.
The IPO comprises a fresh issue of shares worth Rs 1,125 crore and an offer for sale (OFS) of 54,766,392 shares, according to the draft prospectus. At the upper price band of Rs 272, the OFS would be worth about Rs 1,489.64 crore.
Bids can be made for a maximum of 55 equity shares and in multiples thereafter.
In the IPO, promoter Go Digit Infoworks and other existing shareholders are offloading stakes while star couple Virat Kohli and Anushka Sharma will remain investors.
Go Digit, which operates in the general insurance sector and counts Canadian billionaire Prem Watsa’s Fairfax Group and A91 Partners among its backers, refiled its IPO papers with Sebi in March last year, which the regulator approved in March this year.
ICICI Securities, Morgan Stanley India, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities are the book-running lead managers for the IPO.
SME IPOs
The public offers of Veritaas Advertising, Indian Emulsifier and Mandeep Auto Industries will open for subscription on May 13 and close on May 15. The three companies are planning to raise about Rs 8.48 crore, Rs 25.25 crore and Rs 42.39 crore, respectively.
Meanwhile, the issue of Quest Laboratories is set to open on May 15. The issue, through which the company aims to mop up Rs 43 crore, will remain open till May 17.
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