Primary Market Calms Post-Diwali Frenzy with Just One IPO and Three Listings This Week

The primary market is expected to cool off this week with just one initial public offering (IPO) and three listings scheduled. After the festive Diwali week, the primary market activity is slowing down, with no main board issues lined up for the week beginning November 13.

Here’s a breakdown of the upcoming IPO and listings:

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1. Protean eGov Technologies:
Mumbai-based citizen-centric and population-scale e-governance solutions company, Protean eGov Technologies, is set to debut on the bourses on November 13, following a successful public issue. The Rs 490-crore IPO witnessed robust subscription numbers during November 6-8, with an overall subscription rate of 23.86 times. Qualified institutional buyers led the subscription with a 46.94 times oversubscription, followed by high net-worth individuals at 31.62 times and retail investors at 8.93 times. The Protean public issue comprised only an offer-for-sale by several investors, including HDFC Bank, Union Bank, NSE Investments, Axis Bank, and 360 One Special Opportunities Fund.

2. ASK Automotive:
Gurugram-based auto component manufacturer ASK Automotive is expected to list its equity shares on the BSE and the NSE on November 15. The Rs 834-crore public issue garnered an overwhelming response from investors, with a subscription rate of 51.14 times during November 7-9. Qualified institutional buyers led the subscription with a remarkable 142.41 times oversubscription, followed by high net-worth individuals at 35.47 times and retail investors at 5.7 times. ASK Automotive, known for its more than 50 percent market share in the brake shoe and advanced braking systems segment, attracted an 18 percent premium over the issue price of Rs 282 per share in the grey market. The issue consisted of only an offer-for-sale by the Rathee family.

3. Baba Food Processing India:
Agro-food manufacturing company Baba Food Processing India is set to debut on the NSE Emerge on November 16. The Rs 33-crore book-built public issue witnessed strong demand, with a subscription rate of 66 times during November 3-7. The subscription was supported by qualified institutional investors, high net-worth individuals, and retail investors.

4. Arrowhead Seperation Engineering:
Maharashtra-based dryers manufacturing company Arrowhead Separation Engineering will open its maiden Rs 13-crore public issue for subscription on the BSE SME on November 16 at a price of Rs 233 per share. The fixed price issue will close on November 20 and comprises only a fresh issue by the company. The funds raised will be utilized primarily for repaying debts and fulfilling working capital requirements, in addition to general corporate purposes.

As the primary market takes a breather with limited IPOs and listings, investors and market participants will closely watch the performance of these companies in the days to come.

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