Indian IPO Market: Protean eGov Tech Leads Busy Week with Eight Listings and Four New Issues

The Indian primary market continues to witness a surge in Initial Public Offerings (IPOs) as several companies open their doors to eager investors. This week, Protean eGov Technologies IPO, along with several others, is available for subscription. Additionally, eight firms are set to make their debut on the mainboard and SME segments in the coming week, adding to the excitement in the primary market.

Last week, we saw the mainboard IPOs of Cello World, Honasa Consumer, and ESAF Small Finance Bank open to raise ₹4,064 crore. This robust trend in the IPO market reflects the strong appetite for investment and growing investor interest in India.

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Mahavir Lunawat, Managing Director of Pantomath Capital Advisors Pvt. Ltd, a mid-market investment bank, noted, “In terms of the number of IPOs, India’s share in the global pie has increased sharply. In 2021, India’s share in the total number of IPOs globally stood at 6 per cent. It surged to 11 per cent in 2022. In the first half of 2023, India’s share in the number of global IPOs has risen to 13 per cent.”

India’s IPO sector is thriving, positioning the country as a global leader in the number of public offerings. The trend is expected to continue well into 2024, with investors enticed by strong listing gains and a robust economy. In November alone, 14 IPOs are slated for launch, and so far in 2023, 39 IPOs have collectively raised ₹35,131.96 crore.

Next week promises more action, with a focus on Protean eGov Technologies and ASK Automotive, which are opening to raise ₹1,324 crore.

Here’s a look at the companies opening for subscription this week, as well as those getting listed on the stock exchanges:

Protean eGov Technologies IPO

  • Opening for subscription: November 6
  • Closing: November 8
  • Type: Mainboard IPO
  • Issue size: ₹490.33 crores
  • Offer: Entirely an offer for sale of 0.62 crore shares
  • Price band: ₹752 to ₹792 per share

ASK Automotive IPO

  • Opening for subscription: November 7
  • Closing: November 9
  • Type: Mainboard IPO
  • Issue size: ₹834.00 crore
  • Offer: Fresh issue of ₹834.00 crore and offer for sale of 2.96 crore shares
  • Price band: ₹268 to ₹282 per share

Sunrest Lifescience IPO

  • Opening for subscription: November 7
  • Closing: November 9
  • Type: SME IPO
  • Issue size: ₹10.85 crore
  • Offer: Entirely a fresh issue of 12.91 lakh shares
  • Price: ₹84 per share

ROX Hi-Tech IPO

  • Opening for subscription: November 7
  • Closing: November 9
  • Type: SME IPO
  • Issue size: ₹54.49 crore
  • Offer: Fresh issue of 60.18 lakh shares aggregating to ₹49.95 crore and offer for sale of 5.47 lakh shares aggregating to ₹4.54 crore
  • Price band: ₹80 to ₹83 per share

In addition to these new offerings, several companies are making their stock exchange debuts this week:

New Listings:

  • Cello World shares will be listed on BSE and NSE on November 6.
  • Honasa Consumer Limited (Mamaearth) shares will be listed on BSE and NSE on November 10. The allotment will be finalized on November 7, with refunds initiated on November 8, and shares credited to demat accounts on November 9.
  • KK Shah Hospitals shares will be listed on BSE SME on November 8, with refunds initiated on November 6, and shares credited to demat accounts on November 7.
  • Maitreya Medicare Limited shares will be listed on NSE SME on November 9. The allotment will be finalized on November 6, with refunds initiated on November 7, and shares credited to demat accounts on November 8.
  • Transteel Seating Technologies shares will be listed on NSE SME on November 9. The allotment will be finalized on November 6, with refunds initiated on November 7, and shares credited to demat accounts on November 8.
  • Vrundavan Plantation shares will be listed on BSE SME on November 9. The allotment will be finalized on November 6, with refunds initiated on November 7, and shares credited to demat accounts on November 8.
  • Mish Designs shares will be listed on BSE SME on November 10. The allotment will be finalized on November 7, with refunds initiated on November 8, and shares credited to demat accounts on November 9.
  • SAR Televenture shares will be listed on NSE SME on November 8. The allotment will be finalized on November 6, with refunds initiated on November 7, and shares credited to demat accounts on November 7.

With the growing number of IPOs and listings, the Indian primary market continues to offer a range of investment opportunities for both seasoned and new investors.

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