Two mainboard IPOs, namely Protean eGov Technologies and ASK Automotive, and two SME issues will keep the primary market abuzz in the coming week as companies look to cash in on robust demand from investors.
Apart from new offers, markets will also see listings of Cello World and Mamaearth, whose IPOs hit the Street a few days ago.
Given the massive rush of public issues this year, India’s share (number of IPOs) in the global pie has increased sharply from just 6% in 2021 to 13% in the first half of 2023.
Analysts expect this momentum to continue in the near future with the much-anticipated Tata Technologies IPO likely to be launched in the third or fourth week of November.
“The stampede to market is expected to keep going well into 2024, with investors encouraged by strong listing gains and a robust economy. This month alone, there are 14 IPOs slated,” said Mahavir Lunawat, MD, Pantomath Capital Advisors.
Next week, Protean eGov Technologies and ASK Automotive are planning to raise a cumulative Rs 1,324 crore through their public offers. Here’s a brief look at what’s on offer.
Protean eGov Technologies
The IPO of Protean eGOV Technologies will open for subscription on November 6 and close on November 8. The company has fixed a price band of Rs 752-792 per share, and at the upper end, it plans to raise Rs 490 crore.
The issue is completely an offer for sale (OFS) of 61.9 lakh shares. Under the OFS, 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank and Deutsche Bank among others will offload their partial stakes.
About 50% of the issue size has been reserved for qualified institutional investors (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors (NIIs).
The offer also includes a reservation of 1.5 lakh equity shares for the company’s employees at a discount of Rs 75 per share to the final offer price.
Protean eGOV Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population-scale greenfield technology solutions.
ASK Automotive
Auto ancillary player ASK Automotive is set to launch its IPO on November 7. The issue will be open for bidding till November 9.
The offer is entirely an offer for sale (OFS) of up to 2.95 crore equity shares. The price band for the issue has been fixed at 268-282 apiece.
Under the OFS, promoters Kuldip Singh Rathee and Vijay Rathee will offload 2.06 crore shares and 88.7 lakh shares, respectively.
About 50% of the offer is reserved for QIBs, 35% for retail investors and 15% for NIIs.
ASK Automotive supplies safety systems and critical engineering solutions with in-house designing, developing and manufacturing capabilities. Its offerings are powertrain agnostic, catering to electric vehicles as well as internal combustion engine original equipment manufacturers.
SME IPOs
Two IPOs in the SME segment — Rox Hi-Tech and Sunrest Lifescience — will also open for subscription next week. Both issues are set to be launched on November 7 and will be available till November 9.
The offer size of Sunrest Lifescience IPO is about Rs 10.85 crore and the price band has been fixed at Rs 84 per share. Meanwhile, Rox Hi-Tech has set an issue price in the range of Rs 80-83 for its Rs 54-crore public offer.
