IPO Financial News

Also Read: Happy Forgings share price lists with 17.8% premium at ₹1001.25 apiece on BSE The ₹46.67 crore worth Supreme Power Equipment IPO is entirely a fresh issue of 71.8 lakh shares sold at a price band of ₹61 to ₹65 per equity share. The investors can check Supreme Power Equipment IPO allotment status on the IPO registrar’s website and also on the NSE website. Purva Sharegistry India Pvt Ltd is the Supreme Power IPO registrar.

Shanti Spintex debuted at a premium of 8.6% on the BSE SME platform after a successful IPO. The stock then rallied further to hit the upper circuit of 5% at Rs 79.8 on Wednesday. The company offered its shares at Rs 66-70 for its Rs 31.25-crore IPO, which opened on December 19 and closed on December 21. The IPO, which was completely a fresh equity issue of shares, saw a subscription of 27.38 times at close.

RBZ Jewellers share price opened on NSE and BSE at ₹100 and went on to touch 5 per cent upper circuit of ₹105 within few minutes of their listing. However, on BSE, the newly listed jewellery stock first touched 5% lower circuit of ₹95 before rising to its intraday high of ₹104.99 apiece levels. According to stock market experts, RBZ Jewellers IPO was offered at higher valuations and hence it is expected to witness selling pressure on rise.

Also Read: 2023 in review: IPOs this year have broken records; 2024 will likely see even more IPOs, says Venkatraghavan of Equirus According to data from Trendlyne, 234 companies have raised funds from Indian markets so far in 2023, with a significant portion of 176 companies falling within the SME category. In comparison, CY22 witnessed 103 SMEs entering the market; the number was 52 in 2021, 31 in 2020, and 31 in 2019. Out of the 176 SME stocks listed this year, 62, or 35%, are trading with gains ranging between 100% and 1000%.

Ashish Garg, MD, Happy Forgings, says “exports have risen from around Rs 50 crore in FY21 to almost Rs 300 crore this financial year. It has grown almost 6x and it was 3.7% last year in H1 we have clocked almost 21% as direct exports. So, we will be closing at about 20% direct exports this year. And going forward, we are looking between 27% and 28% going forward in the next financial year.” Happy Forgings has seen substantial growth over the last few years. Could you help us understand in terms of what worked well for the company and what is the sustainable growth trend that you are expecting? Ashish Garg: The company is able to perform at a CAGR growth of almost 25% in terms of EBITDA. So, it is not just the three years performance, if you look at the performance for the last 10 years, it has been very stable and in terms of numbers, we are improving our EBITDA margins and EBITDA per tonne on quarter on quarter basis because of the machining content in the business. Today almost 85% of the revenues are coming from complete machine products, not only the forged products which is the highest amongst our listed peers and also the value addition in the industrial business and the exports picking up is helping us.

Happy Forgings share price opened on BSE at ₹1,001.25 apiece levels whereas it listed on NSE at ₹1,000 per share levels. However, the newly listed stock witnessed profit booking trigger immediately after share listing and touched intraday low of ₹961 per share on NSE.

BSE and NSE after flat listing. The mainboard issue listed on NSE at ₹282.35 apiece levels and went on to touch intraday low of ₹261.60 per share within few minutes of share listing. However, stock price of the parent company of Mufti brand witnessed buying interest at lower levels and gave sharp upside move and touched intraday high of ₹321.90 apiece levels.

Happy Forgings, which makes complex machinery components, debuted on stock exchanges on Wednesday at a lower-than-expected listing gain of 18% at Rs 1,000 apiece compared to its IPO issue price of Rs 850. Following the listing, the stock was trading just about 1% higher at Rs 1,010 on the BSE in the morning session when some buying action was seen on the counter. “Happy Forgings presents a mixed bag for investors. The lower-than-expected listing raises concerns, but the decent gain and strong fundamentals offer a counterpoint.

Sanjiv Bhasin, Director, IIFL Securities, says: “I cannot advocate buying into defence companies at the current prices. So do not chase them, there is less room for comfort on the valuations. I can see a plethora of other stocks, the intermediaries or insurance plays. I would go with a Max Finance or an HDFC Life, they have corrected recently. And like I said intermediaries, that is insurance, broking, AMC, custodian and exchanges, these are going to be there for the next 20 years or more.” Three listings are going to happen today. Are any of those companies on your radar or is there anything from primary markets which is on your radar? Sanjiv Bhasin: I recommended Electro Force last week when the issue opened. It has a profitability of Rs 15 crore on a turnover of Rs 80 crore and it will do Rs 150 crore in this year with a profitability of Rs 35 crore. It is a B2B business and its clientele include Siemens, Schneider. It deals with prototyping, precision metal stamping, tool designing, the entire works of insert moulding and anything to do with that.

Azad Engineering IPO: Allotment status of the initial public offering (IPO) of Azad Engineering Limited has been declared and allottees are eagerly waiting for declaration of Azad Engineering IPO listing date, which is most likely on 28th December 2023. As per the market experts, the public issue received strong response by investors and hence allottees may expect strong listing gain on their investment. In fact, grey market is also signaling strong debut of Azad Engineering shares on Dalal Street.

Credo Brands listed on the exchanges with a premium of 0.8% on Wednesday. The stock was listed at Rs 282.3 on NSE compared with an issue price of Rs 280. Meanwhile, the stock was listed with a premium of 0.7%, at Rs 282 on BSE.

Devang Mehta, Director-Equity Advisory, Centrum Wealth Management, says “we like a host of capital goods stocks, be it Siemens, be it in the bearing space or motion management, something like a Timken India. I am not suggesting any buys, but these are some companies which we track very closely that bring a lot of order activity, right from railways to ports to a lot of such companies doing greenfield and brownfield projects. This looks like an extremely interesting space, be it automation, be it capital goods ancillaries, power ancillaries. This pace, for the next two, three years becomes more structural rather than a short-term cyclical.” The J. Kumar Infrastructure management is quite bullish about the kind of order inflows they are seeing and very confident about beating their guidance as well. Do you have any view on J. Kumar or any other infrastructure name? Devang Mehta: I think, yes, clearly this is one space infrastructure, be it capital goods, be it infrastructure, roadways, ports, railways.

RBZ Jewellers listed unchanged on the exchanges on Wednesday. The stock debuted at Rs 100 on the bourses as against the IPO price of Rs 100. Ahead of the listing, the company's shares traded flat in the grey market. The public offer of RBZ Jewellers was subscribed 16.72 times at close.

₹100 per share, the same as its issue price. The ₹100 crore IPO was open for subscription between December 19-21 for a price band of ₹95-100 per share. Ahead of the launch, the company has raised ₹21 crore from anchor investors.

₹1001.25 apiece on the BSE, a premium of 17.79% to the issue price of ₹850 per share. On NSE, Happy Forgings shares price began trading at ₹1,000 apiece, a premium of 17.64%. The initial public offering (IPO) of Happy Forgings was launched on December 19 and the bidding process ended on December 21.

₹76.00 apiece on BSE SME, a premium of 8.57% to the issue price of ₹70 per share. Shanti Spintex is an SME company and the shares are listed on the BSE SME platform. The initial public offering (IPO) of Shanti Spintex Ltd opened on December 19 and concluded on December 21.

BSE and NSE, with a tentative listing date fixed on December 29, 2023. The investors can check Innova Captab IPO allotment status on the websites of stock exchanges BSE and NSE and also on the portal of IPO registrar. Kfin Technologies Ltd is the Innova Captab IPO registrar.

Credo Brands IPO: Listing date for the initial putlic offering (IPO) of brand Mufti's parent company Credo Brands Limited has been fixed on 27th December 2023 i.e. today. As per the information available on BSE website, Credo Brands share will list on BSE and NES in special per open session during Wednesday deals.

RBZ Jewellers IPO: Listing date for the initial putlic offering (IPO) of RBZ Jewellers Limited has been fixed on 27th December 2023 i.e. today. As per the information available on BSE website, RBZ Jewellers share will list on BSE and NES in special per open session during Wednesday deals.

Happy Forgings IPO: Listing date for the initial public offering (IPO) of Happy Forgings Limited has been fixed on 27th December 2023 i.e. today. As per the information available on BSE website, Happy Forgings shares will list on BSE and NES in special pre open session during Wednesday deals at Indian stock market.

December has turned out to be the busiest month of 2023 for risk capital investors, who have announced more than $1.5 billion funding till Tuesday. However, most industry watchers would be cautious about terming it the end of the funding winter. This month’s funding now tops January’s $1.4-billion raise, which was the highest for the year so far, data compiled until December 26 by Tracxn showed.