For IPOs including namkeen brand Bikaji and Medanta hospital chain’s operator Global Health have received positive response from the market which was in the green for most of the past week. With tech startups postponing their market debuts in favour of private investments, the IPO market in India is expected to remain subdued till the end of 2022. But for the coming week, four more initial public offerings are to be launched by firms eyeing more than Rs 5000 crore from share buyers.
Attractive stocks in store
Archean Chemicals, Five Star Business Finance, Kaynes Technology India and Inox Green Energy are set to make a bid for getting listed on Indian stock indices. Two IPOs Archean and Five Star will be open for subscription simultaneously from November 9 to 11, and will finally be listed on November 21. On the other hand Kaynes will open on November 10 and will close on November 14, while the offering by Inox Green Energy will be available from November 11 to 15.
Launched in 1982, Archean Chemicals has emerged as India’s largest exporter of bromine and industrial salts, used for agriculture and manufacturing glass or plastics respectively. To fund its business expansion, Archean will issue 1.61 crore shares at a price band of Rs 387-Rs 407 for raising Rs 1,462.3 crore.
Five Star Business Finance
Five Star Business Finance is a small business loan provider which has supported more than 1.75 lakh ventures so far, in a country where more than 90 per cent firms are medium, small and micro sized. With a price band between Rs 450 and Rs 474 per share, Five Star is aiming to raise Rs 1,960 crore for financing more small-scale entrepreneurs in India.
In an IoT market slated to grow at a rate of 10 per cent between 2022 and 2027, Kaynes Tech has been active for more than a decade, as an integrated electronics maker. To raise Rs 857.58 crore from an issue of 55.84 lakh shares to make the most of India’s IoT growth, Kaynes has set a price band of Rs 559 to Rs 587 per share.
Inox Green Energy
The clean energy arm of Inox led by Vivek Jain, since his elder sibling got the entertainment business when the century-old firm was split, Inox Green energy is a major player in the wind energy sector. After selling the entire equity in its special financial arms to Adani, Inox Green Energy is aiming to raise Rs 740 crore from its IPO, but will announce the price band early next week.