Flurry of IPOs; 5 cos gear up to raise Rs 7,300 cr next week
IPO) lane will be busy in November with five companies, including Tata Technologies and Indian Renewable Energy Development Agency Ltd, tapping the primary market next week to raise over Rs 7,300 crore collectively. The other three companies whose maiden public issues are ready to open are Fedbank Financial Services, Flair Writing Industries, and Gandhar Oil Refinery India.
Together, these five companies are expected to fetch more than Rs 7,300 crore through the IPOs, data from the stock exchanges showed.
Before this, three firms — ASK Automotive, Protean eGov Technologies, and ESAF Small Finance Bank — launched their public issues earlier this month. Further, IPOs of Honasa Consumer, which owns FMCG brands Mamaearth, and household products and stationery manufacturer Cello World concluded in the first week of the month.
V Prashant Rao, Director & Head-ECM, Investment Banking at Anand Rathi Advisors, attributed several factors to the hectic IPO activity next week, including strong post-listing returns (average 30 per cent) for recent public issues and robust macros.
«There have been several draft papers filings which indicate companies are gearing up to launch their IPOs in the coming quarters. Many of them, including the ones that have received Sebi clearance, are planning to launch before the general elections and hence you are seeing a flurry of IPOs getting launched,» he said.
Overall, the Indian IPO market witnessed 31 initial share sales collecting Rs 26,300 crore in the first half of FY24.
