Three main board IPOs and four from the small and medium enterprises (SME) segment will hit the markets next week for a total fund raising of over Rs 1,600 crore. The SME issues are expected to total up to Rs 110 crore.
In this calendar year so far over Rs 10,000 crore worth of mainboard IPOs by eight companies excluding these and 65 companies in the SME segment together have mopped over Rs 1,600 crore.
The first one to hit the market next week will be Mumbai-based Drone maker ideaForge Technology. It has fixed the price band at ₹638 to ₹672 per Equity Share for its maiden public offer. The initial public offering of the Company will open on Monday, 26 June, 2023, for subscription and closes on Thursday, 29 June, 2023. Investors can bid for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.
The public issue with a face value of Rs 10 per equity share comprises Rs 240 crore of fresh issue and an offer for sale of 4,869,712 equity shares. The offer also includes a reservation for a subscription by eligible employees.
The proceeds from its fresh issuance to the tune of Rs. 50 crore will be utilised for repayment / prepayment of certain indebtedness availed by the Company, Rs 135 towards funding working capital gap, Rs 40 crore for investment in product development and general corporate purposes.
The Company through its IPO will fetch Rs 550.69 crore - Rs 567.24 crore at the lower and upper end of the price band.
The company is a pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems ("UAS") market, with a market share of approximately 50% in fiscal 2022.
Cyient DLM, the subsidiary of IT Service firm Cyient Limited, will launch the initial public offering on June 27.
The IPO will close on June 30 and the price band will be announced at least two days prior to the issue opening date and will be decided in consultation with the book running lead managers. Axis Capital and JM Financial will be the lead book running managers of the issue.
The IPO will be a fresh issue of shares worth Rs 740 crore. But as there is no offer for sale portion the entire proceeds can be used by the company. The company has reserved close to 75 per cent of the net offer for the qualified institutional bidders, 15 per cent would be for the non-institutional bidders and the remaining 10 per cent is for the retail investors.
The company plans to use the proceeds for incremental working capital requirements, debt repayment, capital expenditure, general corporate purposes and inorganic growth through acquisitions.
Construction and development company PKH Ventures will be the third major IPO next week. The opening date will be June 30 and the closing date is July 4.
The company is looking to raise Rs 380 crore through the IPO. The company is holding a meeting on Monday to announce the price band and other details of the IPO. The IPO will consist of a fresh issue of 1.82 crore shares and an OFS of 73.73 lakh shares by promoting Pravin Kumar Agarwal.
The proceeds of the IPO will be used for the development of hydro power projects by the company's subsidiary, Halaipani Hydro Projects and to meet the working capital requirements of Garuda Construction. The proceeds will also be used for other strategic initiatives, expenditures for general corporate purposes and acquisitions.
The listing will be on July 12.
Conveyor belt manufacturer Pentagon Rubber will be the first IPO in the SME segment that will open on June 26 and close on June 30.
The company is looking to raise Rs 16.17 crore through an issue of 23.1 lakh shares at the upper end of the price band. The price band for the IPO is set at Rs 65-70 per share.
The funds will be used for working capital and general corporate purposes.
Global Pet Industries
The Global Pet Industries which is a PET stretch blow moulding machine manufacturer and exporter will be the second issue in the SME segment. The IPO will be for subscription on June 29 and close on July 3. The fixed issue price for the IPO is set at Rs 49 per share.
The public issue of 27 lakh equity shares will total to Rs 13.23 crore and the money would be used primarily for construction of a factory building.
Tridya Tech and Synoptics Technologies
Tridya Tech and Synoptics Technologies are the other two IPOs that will launch on June 30 and close on July 5.
Tridya Tech is a software development service solution provider that is planning to raise Rs 26.41 crore through an issue of 62.88 lakh shares at the price band of Rs 35 - 42 per share.
The money raised will be used to repay unsecured and secured loans in addition to paying general corporate purposes.
Synoptics Technologies is an IT service and solutions company plans to raise Rs 54.03 crore through 22.8 lakh shares at a set price of Rs 237 per share. It comprises of issuance of shares worth Rs 35.08 crore and an OFS of Rs 18.96 crore by the promoters.
The funds raised will be used to repay certain borrowings, investing in strategic acquisitions or joint operations, meeting working capital and general corporate purposes.