IPO News Highlights: Inventurus Knowledge Solutions, Yash Highvoltage IPOs close today; Mobikwik and Vishal Mega Mart shares to list on December 18

The initial public offer of diamond grading firm International Gemmological Institute (India) Ltd got subscribed 72 per cent on the second day of share sale on Monday.

The initial share sale received bids for 4,24,06,035 shares against 5,85,60,902 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) part got subscribed 2.44 times while the category for non-institutional investors received 83 per cent subscription. The portion for Qualified Institutional Buyers (QIBs) fetched 9 per cent subscription.

Blackstone-backed International Gemmological Institute (India) Ltd on Thursday mobilised Rs 1,900 crore from anchor investors.

The issue, with a price band of Rs 397-417 per share, will conclude on December 17. -- PTI

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Yash Highvoltage IPO has been subscribed 165.23 times as at 3.59 pm on December 16, 2024. 

• QIBs: 123.70 times
• NIIs: 244.24 times
• Retail: 143.20 times

Total: 165.23 times

Inventurus Knowledge Solutions IPO has been subscribed 50.76 times as at 3.51 pm on December 16. 

• QIB: 77.47 times
• NIIs: 23.15 times
• Retail: 13.63 times
• Employee portion: 4.85 times

Total: 50.76 times

International Gemmological Institute (India) IPO has been subscribed 0.57 times or 57 per cent as at 3.27 pm on December 16, 2024. 

• QIBs: 0.04 times
• NIIs: 0.61 times
• Retail: 2.08 times
• Employee portion: 5.748 times

Total: 0.57 times

Inventurus Knowledge Solutions IPO has been subscribed 44.09 times as at 3.24 pm

QIBs: 65.84 times

NIIs: 22.31 times

Retail: 12.89 times

Employee reserved: 44.69 times

Inventurus Knowledge Solutions IPO has been subscribed 39.87 times as at 3.15 pm on the last day, December 16. 

• QIBs: 58.77 times
• NIIs: 21.12 times
• Retail: 12.49 times
• Employee portion: 4.59 times

Total: 39.87 times

LG Electronics Inc. is considering increasing the valuation of its Indian unit to as much as $15 billion in a planned listing in Mumbai next year after initial feedback from analysts and investors, according people familiar with the matter. 

The South Korean company is planning to start a formal roadshow for LG Electronics India Pvt.’s IPO within the next two months and is targeting a listing in the first half of 2025, the people said, asking not to be identified because the information is private. The company had earlier eyed a valuation of around $13 billion, Bloomberg News reported in September.

Yarn manufacturer Sanathan Textiles on Monday said it fixed a price band of Rs 305-321 per share for its Rs 550-crore initial public offering (IPO).

The initial share-sale will open for public subscription on December 19 and conclude on December 23. The bidding for anchor investors will open for a day on December 18, the company announced.

The company’s IPO is a combination of a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of shares valued Rs 150 crore by promoters and promoter group entities.

The company plans to utilize the proceeds from its fresh issue worth Rs 160 crore for payment of debt, Rs 140 crore will be invested in its subsidiary, Sanathan Polycot Pvt Ltd, for the repayment or prepayment of its borrowings, and the remaining amount will be allocated for general corporate purposes.

Sanathan Textiles operates three distinct yarn business divisions - polyester yarns, cotton yarns, and yarns - for technical textiles and industrial applications. These divisions are managed under a single corporate entity.

Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Further, investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.

Dam Capital Advisors Ltd and ICICI Securities are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.

PTI

Investment bank DAM Capital Advisors on Monday fixed a price band of Rs 269-283 per share for its initial share sale, which will open for public subscription on December 19.

The initial public offering (IPO) is scheduled to close on December 23 and the bidding for anchor investors will open for a day on December 18, the company announced.

The IPO is solely an offer-for-sale (OFS) of 2.97 crore equity shares worth Rs 840.25 crore, by a promoter and investors at the upper end of the price band, with no fresh issue component.

Those selling shares in the OFS are promoter Dharmesh Anil Mehta, investors Multiples Alternate Asset Management, RBL Bank, Easyaccess Financial Services and Narotam Satyanarayan Sekhsaria.

Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.

In its draft papers, the company stated that it plans to go public in a bid to achieve the benefit of listing equity shares on the stock exchanges and allow selling shareholders to sell their shares through the OFS.

At the upper end of the price band, the company’s market capitalisation has been pegged at Rs 2,000 crore.

Half of the issue has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

DAM Capital Advisors provides a wide range of financial solutions in areas of (i) investment banking comprising equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory; and institutional equities comprising broking and research.

Headed by Mehta, DAM Capital Advisors is a fastest growing investment bank in India by revenue CAGR (compound annual growth rate) of 38.77 per cent from fiscals 2022 to 2024. It is one of the leading investment banks in India with a market share of 12.1 per cent based on the number of IPOs and qualified institutional placements undertaken by it as the book-running lead manager in fiscal 2024, according to a CRISIL report.

Nuvama Wealth Management is the sole merchant banker for the issue. The equity shares of the company are expected to be listed on December 27 on the BSE and NSE.

PTI

Transrail Lighting Ltd on Monday fixed a price band of Rs 410-432 per share for its Rs 839-crore Initial Public Offering (IPO) that opens for subscription on December 19.

The initial share-sale is scheduled to close on December 23 and the bidding for anchor investors will open for a day on December 18, the company announced.

The company’s proposed IPO is a combination of a fresh issue of shares worth Rs 400 crore and an offer for sale of 1.01 crore equity shares by a promoter Ajanma Holdings Private Ltd.

At present, Ajanma Holdings holds a 83.22 per cent stake in the Mumbai-based company.

At the upper end of the price band, the IPO size has been pegged at Rs 839 crore and a market capitalisation of nearly Rs 5,600 crore.

Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure and for general corporate purposes.

Half of the issue has been reserved for qualified institutional buyers, 35 for retail investors and the remaining 15 per cent for non-institutional investors.

Further, investors can bid for a minimum of 34 shares and in multiples thereof.

Transrail Lighting is one of the leading Indian Engineering, Procurement and Construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.

It has a footprint in more than 58 countries.

Inga Ventures, Axis Capital, HDFC Bank and IDBI Capital Markets & Securities are the book running lead managers to the issue.

PTI

Concord Enviro Systems, an environmental engineering solutions firm, on Monday said it has set a price range of Rs 665-701 per share for its initial share-sale, which will open for public subscription on December 19.

The initial share-sale is scheduled to close on December 23 and the bidding for anchor investors will open for a day on December 18, the company announced.

The proposed IPO comprises a fresh issuance of equity shares worth Rs 175 crore and an Offer For Sale (OFS) of 46.41 lakh equity shares valued at Rs 325.33 crore, at the upper end of the price band, by promoters and an investor. This aggregates the issue size to Rs 500.33 crore Those selling shares in the OFS are, promoters --Prayas Goel and Prerak Goel, promoter groups -- Namrata Goel, Nidhi Goel and Pushpa Goel-- and investor AF Holdings.

Proceeds from the fresh issue will be invested in Concord Enviro FZE (CEF) for setting up a new assembly unit for water treatment systems as well as its working capital requirement.

Additionally, funds will be invested in Rochem Separation Systems (India) Private Ltd to expand its manufacturing facilities and support activities, payment of debt, technology and growth initiatives, working capital requirements and for general corporate purposes.

At the upper end of the price band, the company’s market capitalisation has been pegged at Rs 1,450 crore.

Half of the issue has been reserved for qualified institutional buyers, 35 for retail investors and the remaining 15 per cent for non-institutional investors. Concord Enviro Systems is an integrated solutions provider for industrial waste water reuse and zero liquid discharge solutions, with an in-house position across the value chain. The company’s reach extends to diverse regions with exports to countries in North America, Latin America, Africa, the Middle East, and Southeast Asia.

Motilal Oswal Investment Advisors and Equirus Capital are the book running lead managers to the issue. The equity shares of the company are expected to be listed on December 27 on the NSE and BSE.

PTI

The IPO of International Gemmological Institute (India) has been subscribed 0.49 times as at 2.21 pm on December 16, 2024. 

• QIB: 0.01 times
• NIIs: 0.52 times
• Retail:1.88 times
• Employee portion: 5.49 times

Total: 0.49 times

Anand Rathi Share and Stock Brokers, of brokerage arm Anand Rathi Group, has filed the draft red herring prospectus (DHRP) with SEBI to raise ₹745 crore via initial public offering (IPO). 

The IPO is entirely fresh issue of equity shares of face value ₹5 each, aggregating up to ₹745 crore. The issue will be made through a book-building process, wherein not more than 50 per cent of the issue will be allocated to qualified institutional buyers (QIBs), not less than 15 per cent to non-institutional investors (NIIs) and not less than 35 per cent to retail individual investors. 

Read the businessline report here

Solar-powered agricultural water pump systems provider GK Energy Ltd has filed preliminary papers with markets regulator Sebi to garner funds through an initial public offering (IPO).

The proposed IPO of the Pune-based firm is a combination of fresh issue of shares worth Rs 500 crore and an Offer-for-Sale (OFS) of 84 lakh equity shares by selling shareholders, the draft red herring prospectus (DRHP) showed.

The company plans a pre-IPO placement of shares aggregating to Rs 100 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced.

According to the draft papers filed on Friday, proceeds from the fresh issue to the tune of Rs 422.46 crore will be used to fund its long-term working capital requirements and the remaining funds for general corporate purposes.

PTI

The initial public offering (IPO) of Yash Highvoltage is set to close tomorrow evening, with current subscription data revealing mixed investor response across different categories. As of December 16, 2024, the issue, which opened on December 12, has attracted a total subscription of 0.35 times the total shares offered.

Retail Individual Investors (RIIs) have shown the most enthusiasm, with their category oversubscribed 1.38 times, indicating strong retail investor confidence. Employees have also demonstrated significant interest, with their segment oversubscribed 4.41 times. In contrast, Qualified Institutional Buyers (QIBs) have shown minimal participation, with virtually no subscription.

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The IPO of Inventurus Knowledge Solutions has been subscribed 6.68 times as at 12.24 pm on December 16. (Closes today)

• QIBs: 4.33 times
• NIIs: 10.50 times
• Retail portion: 8.10 times, and
• Employee portion: 3.32 times

Total: 6.68 times

The initial public offering (IPO) of International Gemmological Institute (India) Limited is experiencing subdued investor interest as it approaches its final day of subscription on December 17, 2024. Consolidated bid details as of 11.40 am today reveal a total subscription of just 0.35 times the total shares offered, indicating weak market enthusiasm.

The most promising category has been Retail Individual Investors (RIIs), who have shown the highest subscription rate of 1.38 times the allocated shares. Employees have also demonstrated strong participation, bidding 4.41 times their reserved quota. However, Qualified Institutional Buyers (QIBs) have shown minimal interest, with a near-zero subscription of 0.00 times the allocated shares.

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One MobiKwik Systems Limited’s initial public offering (IPO) concluded on December 13, 2024, with robust subscription across all investor categories. The issue, priced between ₹265 to ₹279, witnessed massive oversubscription of 119.38 times the total shares on offer.

𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗧𝗼𝗱𝗮𝘆 

IKS Health 

Yash High Voltage SME 

𝗢𝗻𝗴𝗼𝗶𝗻𝗴 

IG Institute 

Hamps Bio SME 

𝗔𝗹𝗹𝗼𝘁𝗺𝗲𝗻𝘁 

Vishal Mega Mart 

Mobikwik

Sai Life Sciences 

Purple United SME

Supreme Facility 

𝗥𝗲𝗳𝘂𝗻𝗱/𝗖𝗿𝗲𝗱𝗶𝘁 

Jungle Camps 

Toss The Coin

𝗟𝗶𝘀𝘁𝗶𝗻𝗴 

Dhanlaxmi Crop SME

APAC-focused private equity firm PAG, which recently signed an agreement to acquire Manjushree Technopack from Advent International for around $1 billion, would likely take the packaging company public over the next 15-18 months, sources said.

Within that time frame it could be looking at more than doubling the valuation of the firm, sources said.

The PE firm is also roping in co-investors for the deal and sources said that these entities are known to be usually anchor or pre-IPO investors.

PAG did not reply to an email requesting comment and clarification on the information.

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Sai Life Sciences Main Board IPO GMP is approx ₹ 62

Friday’s Low around ₹ 14

Approx 4.5x jump.

Short covering or fundamentals

Shares of Dhanlaxmi Crop Science debuted on the NSE Emerge platform at ₹104.50, at a 90 per cent premium over the issue price of ₹55. 

Stock currently trades higher at ₹109.70.

Glimpse of listing ceremony 

(Source: X/@NSEIndia)

Equity markets opened with a mildly negative sentiment on Monday, reflecting a complex global economic landscape and anticipation of key central bank decisions this week. The Sensex initially opened at 82,000.31, quickly sliding to 82,088.72, down 44.40 points or 0.05 per cent, while the Nifty50 index opened at 24,753.40 and subsequently dipped to 24,744.80, losing 23.50 points or 0.09 per cent.

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Track bl’s stock market live here

Fundraising through qualified institutional placements (QIPs) reached an all-time high in 2024, surpassing the Rs 1 lakh crore-mark for the first time ever in a calendar year, fuelled by strong stock market conditions and higher valuations.

Indian companies have raised Rs 1,21,321 crore through QIPs till November, according to data compiled by Prime Database.

This represents a more than two-fold increase compared to the Rs 52,350 crore mobilised in the previous calendar year.

The sharp increase showed market resilience has been a key factor driving this growth as companies will continue to garner capital through Qualified Institutional Placements (QIPs), analysts said.

According to the data, 82 companies have tapped capital markets with QIP issues till November this year, compared with just 35 that raised Rs 38,220 crore during the same period last year.

QIP is one of the quickest products to raise funds from institutional investors. It is designed for listed firms and investment trusts, which allow them to mobilise funds quickly from institutional investors without the need to submit any pre-issue filings to market regulators.

Major contributors to the record-breaking year such as diversified conglomerate Vedanta group and food delivery major Zomato raised as much as Rs 8,500 crore each via QIPs.

They were followed by Adani Energy Solutions and Varun Beverages, which raised Rs 8,373 crore and Rs 7,500 crore, respectively.

Other significant QIP transactions during CY24 include Samvardhana Motherson International at Rs 6,438 crore and Godrej Properties at Rs 6,000 crore and KEI Industries at Rs 2,000 crore.

In addition, state-owned lender Punjab National Bank, JSW Energy, Prestige Estates Projects, were also among companies that raised capital through the QIP route to bolster their financial reserves.

As per Prime Database, financial services company JM Financial emerged as the top lead manager for the QIP transactions, as it handled 16 issues.

“In 2024, promoters have taken advantage of strong market conditions, leveraging higher valuations and upward trends in the secondary market to raise funds. Our performance reflects our superior distribution capabilities and our ability to handle complex transactions and achieve results for our clients,” JM Financial Ltd Managing Director Chirag Negandhi told PTI.

Echoing similar sentiments, Pranjal Srivastava, Partner-Investment Banking, Centrum Capital, said, “CY 2024 has been a landmark year for all forms of public market fundraise, be it IPO, QIPs, or blocks. Listed companies raised record levels of funds through QIPs to meet their funding requirements”.

Strong secondary markets, high level of domestic liquidity and overall positive sentiments provided the right backdrop for companies raising funds and ensured all QIPs were well-received in terms of subscription, Srivastava said.

This year’s resurgence highlighted the growing influence of domestic investors and retail participation in capital markets.

“The record-breaking fund mobilisation by companies through QIP is the direct consequence of a booming stock market. Experience tells us that a booming secondary market leads to a booming IPO and QIP market,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The QIP made a dramatic comeback in CY23, after fundraise through this route dipped in 2022, lowest in eight years, when Rs 11,743.29 crore was raised through 14 issues amid volatility in the stock market, high valuations among other factors.

This year, the QIP rally underlines the robust inflow from retail and domestic investors segments.

Since the Indian stock market has been resilient during the last four years and there is enough institutional demand for good issues despite high valuations, promoters are making hay while the sun shines, Vijayakumar added.

With Torrent Power, Bharat Forge, Senco Gold, and Sammaan Capital’s QIP fundraise worth more than Rs 8,000 crore in December, analysts expect India Inc to go up further by the end of the calendar year, cementing 2024 as a milestone year for QIPs in India.

PTI

GNG Electronics Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

The proposed IPO is a combination of a fresh issue of equity shares aggregating up to ₹825 core and an offer for sale (OFS) of up to 97 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Saturday.

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The Securities and Exchange Board of India (SEBI) may approve a number of new norms at its upcoming board meeting on December 18, including those for SME companies wanting to go public, angel funds and unpublished price sensitive information (UPSI).

SEBI may double or quadruple the minimum application size in SME IPOs to ₹2-4 lakh, allowing only informed investors with higher risk taking appetite to apply.

Issuers will be eligible to make an initial public offer only if the issue size is more than ₹10 crore and only if the operating profit is ₹3 crore for at least two out of three financial years preceding the application.

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The IPO of Rekha Jhunjhunwala and RARE Enterprises-backed Inventurus Knowledge Solutions Ltd enters the last day on a strong note. The ₹2,498-crore initial public offering (IPO), which opened on Thursday, was subscribed 2.65 times so far. The price band for the issue has been set at ₹1,265 to ₹1,329 per share. Investors can place bids with a minimum of 11 shares and in multiples of 11 shares thereafter.

The IPO was subscribed 1.36 times on Day 1, thanks to strong interest from qualified institutional investors, whose portion was subscribed 1.89 times.

The IPO is entirely an Offer-for-Sale (OFS) comprising 1.88 crore equity shares by promoters and individual shareholders, with no fresh issue component. While 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors, 65,000 shares have also been reserved for eligible employees. The NII portion was subscribed 3.13 times, while the retail and employee quotas were subscribed 4.25 times and 1.90 times, respectively.

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The IPO of International Gemmological Institute (India) enters day two with a modest response.

The ₹4,225-crore IPO opened on Friday for the public at ₹397-417 price band, and was subscribed just 17 per cent or 0.17 times. The offer from the Blackstone-backed diamond grading firm, consists of a fresh issue worth ₹1,475 crore and an Offer-for-Sale (OFS) for ₹2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone.

The company has reserved 75 per cent of the issue size for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can place bids starting with a minimum of 35 shares and in multiples of 35 thereafter

While QIBs remained muted, the retail investors’ portion was subscribed 0.70 time. NIIs, too, remained lukewarm, with the quota allotted to them subscribed 0.14 times. However, the employees’ quota was more promising with 2.35 times subscription.

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