This year has not been great for initial public offerings (IPOs). However, a number of companies will hit the market this month.
Fusion Micro Finance
Final day subscription: 2.95x
The `600-crore IPO mopped up `331.2 crore from 17 anchor investors. As of 5 pm Friday, the final day of the offering, the IPO was subscribed 2.95x times. The QIB portion was subscribed 8.59 times. The retail category was subscribed 0.51x, while the NII category was subscribed 1.38x. Based on FY22 annualized earnings, the company is valued at 2.8x P/BV.
Bikaji Foods
Day 2 subscription: 1.48x
The sweets and snacks manufacturer garnered `262 crore from anchor investors, including Eastspring Investments, Morgan Stanley, government of Singapore and Nomura. The issue was subscribed 1.48 times on day two. The retail portion was subscribed 2.33x on Friday, the non-institutional segment saw a response of 1.42 times, while the employee portion was subscribed 1.41x. The qualified institutional buyer portion saw a subscription of 0.03 times. The `881-crore issue, which is priced at 98x P/E based on its FY22 earnings, closes on November 7.
Global Health (Medanta)
Day two subscription: 0.49x
The company raised `661.67 crore from 52 anchor investors at the upper end of the price band of `336 per equity share including government of Singapore, the Monetary Authority of Singapore and Norges Bank. The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an OFS of up to 5.08 crore equity shares. As part of the OFS, Anant Investments, an affiliate of private equity major Carlyle Group, and Sunil Sachdeva (jointly with Suman Sachdeva) will offload shares. At the upper end of the price band, the company is expected to fetch `2,206 crore through the IPO. As of 5 pm Friday, day two of the IPO, the issue was subscribed 0.49 times. The QIB, NII and retail portions were subscribed 0.56x, 0.96x and 0.25x, respectively.
Archean Chemical Industries
The company plans to raise `805 crore through its IPO which opens for subscription on Wednesday. It has fixed a price band of `386-407 per equity share for a face value of `2 each. The offer will open on November 9 and close on November 11. The offer consists of fresh issuance of `805 crore and an offer for sale of 1.61 crore shares by existing investors. The OFS comprises up to 20 lakh shares by promoter firm Chemikas Speciality and up to 38 lakh shares by India Resurgence Fund, Scheme I, up to 64 lakh shares by India Resurgence Fund, Scheme II and up to 38 lakh shares by Piramal Natural Resources, besides the promoters.
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Five Star Business Finance
The Chennai-headquartered NBFC’s IPO will open on November 9 and close on November 11. The price band has been set at `450-474 per equity share. The IPO is an OFS and the shareholders will offload stakes totalling `1,960 crore. The OFS comprises sale of `166.74 crore by SCI Investments V, `719.4 crore by Matrix Partners India Investment Holdings II, `12.08 crore by Matrix Partners India Investments II Extension, `361.4 crore by Norwest Venture Partners X, Mauritius, and `700.3 crore by TPG Asia VII SF.
Kaynes Technology
IoT solutions-enabled integrated electronics manufacturing company Kaynes Technology India is looking at an IPO comprising fresh issue of equity shares of `530 crore and an OFS of 5.5 million shares. The company has fixed its price band in the range of `559-587 apiece. The issue opens November 10 and closes November 14.
Keystone Realtors and others
Rustomjee arm Keystone Realtors may tap the market with a fresh issue of up to `700 crore and an offer for sale of up to `150 crore by existing shareholders and promoters. The IPO dates as well as the price band are expected next week.
