A bustling week in the Indian IPO market is set to unfold with 19 issues opening for subscription, aiming to raise a total of Rs 4,169 crore. The National Stock Exchange (NSE) will lead the 12 listings, despite its grey market premium cooling to around 3%.
The largest IPO opening this week is Elevate Campuses, which will launch its Rs 2,100 crore public issue on September 23 and close on September 25. The company has set a price band of Rs 343-362 per share, marking the largest fundraise among IPOs opening this week. Varmora Granito will open its Rs 708.02 crore IPO on September 22 and close on September 24, with a price band of Rs 140-148 per share. The issue includes a fresh issue of Rs 320 crore and an offer for sale of Rs 388.02 crore.
A-One Steels India will open its Rs 405 crore issue on September 24, closing on September 28, with a price band of Rs 385-405 per share. The issue comprises a fresh issue of Rs 355 crore and an OFS of Rs 50 crore. ArMee Infotech will open its Rs 300 crore IPO on September 23 and close on September 25, with a price band of Rs 350-375 per share. The entire issue is fresh.
Swastika Infra will also open on September 23 and close on September 25, planning to raise Rs 161 crore at a price band of Rs 175-185 per share. The issue includes a fresh issue of Rs 128.50 crore and an OFS of Rs 32.38 crore. Adroit Industries will open its Rs 150.71 crore IPO on September 23 and close on September 25, with a price band of Rs 126-134 per share. The issue includes a fresh issue of Rs 132.62 crore and an OFS of Rs 18.09 crore.
Together, these six mainboard IPOs account for about Rs 3,824.61 crore of the total fundraise planned this week. This means most of the primary-market money will chase mainboard names, even though the SME board will have more issues by count.
Background
The Indian IPO market has been vibrant, with a mix of large and small issues testing investor appetite. The NSE's listing, despite a cooled grey market premium, is a significant event given its stature as the country's largest exchange.
The week, therefore, will test investor appetite across both large and small issues. Mainboard IPOs will absorb most of the money, led by Elevate Campuses and Varmora Granito, while the listing market will be watched closely for NSE, SS Retail, SpectraA Technology Solutions and Hero Motors.
