At least five companies are set to unveil their initial public offerings (IPO) for subscriptions in the coming week, with the primary market expected to raise more than ₹7,300 crore collectively.
Tata Technologies, Indian Renewable Energy Development Agency (IREDA), Fedbank Financial Services, Flair Writing Industries and Gandhar Oil Refineray will be opening their IPOs for subscription in the coming week.
“There have been several draft papers filings which indicate companies are gearing up to launch their IPOs in the coming quarters. Many of them, including the ones that have received Sebi clearance, are planning to launch before the general elections and hence you are seeing a flurry of IPOs getting launched,” V Prashant Rao, Director & Head-ECM, Investment Banking at Anand Rathi Advisors, told news agency PTI.
Here are the five IPOs to look out for in this week.
Tata Technologies IPO
This IPO is the first by a Tata Group company in 20 years. The Tata Consultancy Services (TCS) had floated its IPO in 2004. It is entirely an offer for sale of 6.08 crore equity shares. Under this OFS, Tata Motors will offload an 11.4 per cent stake, private equity firm Alpha TC Holdings will sell a 2.4 per cent stake, and Tata Capital Growth Fund I will do away with 1.2 per cent of shareholding. The IPO will open for subscriptions from November 22 to November 24, with the company setting a price band of ₹475-500 per share for its ₹3,042 crore IPO.
The Indian Renewable Energy Development Agency (IREDA) is into promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects. The company has fixed the price band of its IPO at ₹30-32 per equity share, and will open for subscription from November 21 to November 23. IREDA has a geographically diversified portfolio, with term loans outstanding across 23 states and five Union Territories as of September 30.
Fedbank Financial Services IPO
Federal Bank’s Fedbank Financial Services will open its IPO for subscription on November 22 and end on November 24. The IPO comprises fresh issue of equity shares worth ₹600 crore and an offer for sale (OFS) of 3.51 crore shares worth ₹492 crore. The price band has been fixed at ₹133-140 per share for the IPO.
Flair Writing Industries IPO
Pen Maker Flair Writing Industries Ltd’s IPO will open for subscription on November 22 and end on November 24. The company, which owns the over 45-year-old flagship brand ‘Flair’, is among the top three players in the overall writing instruments industry. It has set a price band of ₹288-304 a share for its ₹593-crore initial public offering (IPO).
Gandhar Oil Refinery IPO
Gandhar Oil Refinery, a leading manufacturer of white oils, with a growing focus on the consumer and healthcare end industries, has fixed the price band of its IPO at ₹160-169 per share. The IPO will open for subscription on November 22 and end on November 24
The IPO comprises a fresh issue of equity shares worth ₹302 crore and an Offer for Sale (OFS) of 1.17 crore by promoters and existing shareholders.