After Diwali ends, several IPOs are expected by the end of this year.
Deepawali will be celebrated across the country on Sunday i.e November 12. After the festival of lights ends, at least seven companies’ initial public offerings (IPO) are expected at the end of this year.
The much-anticipated IPOs include Fedbank Financial Services Ltd, Tata Technologies, Gandhar Oil Refinery India Ltd, , Indian Renewable Energy Development Agency Ltd (IREDA IPO), Flair Writing Industries Ltd, Allied Blenders & Distillers Ltd, and Mukka Proteins Ltd.
Here’s what we know about some of the expected IPOs hitting the primary market post-Diwali.
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Tata Technologies Limited
Tata Technologies is a part of the Tata Group and provides engineering services for firms in the auto and aerospace sectors. In its addendum filed before Securities Exchange Board of India (SEBI), the company had said it will offer 9.57 crore shares in its planed IPO with a face value of ₹2 per share, Mint reported.
Tata Technologies has roped in financial institutions like JM Financials, Citi, and BoFA Securities to facilitate the IPO process.
Gandhar Oil Refinery
The company’s IPO will open for subscription on November 21 and close on November 23. The allocation to the anchor investors will take place on November 20. Gandhar Oil Refinery’s IPO consists of fresh issue of shares of up to ₹ ₹357 crore and an offer for sale (OFS) of up 12,036,380 equity shares of face value of ₹2 each by a promoter and others.
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Fedbank Financial Services Ltd
Fedbank Financial Services Ltd’s IPO will open for subscription on November 22 and close on November 24, while the allocation to anchor investors will take place on November 21. The IPO’s price band is awaited.
The IPO comprises of fresh issue of equity shares up to the value of ₹750 crore and an offer-for-sale (OFS) of up to 70,323,408 equity shares by the promoters selling shareholders and promoter group make up the offer, having a face value of ₹10 per equity share.
Indian Renewable Energy Development Agency Ltd (IREDA)
The Indian Renewable Energy Development Agency (IREDA) filed its IPO papers on September 11, proposing to take the firm public after two failed attempts in 2017 and 2019 in the backdrop of unfavourable market conditions.
The IPO consists of a fresh issue of up to 40.31 crore equity shares and an Offer For Sale (OFS) of up to 26.88 crore equity shares by the President of India, acting through the Ministry of New and Renewable Energy, Government of India, according to the Draft Red Herring Prospectus (DRHP) filed with SEBI.
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Mukka Proteins
Manguluru-based Mukka Proteins received SEBI nod to raise funds through an IPO on November 7. The company manufactures fish meal, fish oil, and fish soluble paste. Its IPO is an entirely fresh issue of up to 8 crore equity shares, according to the draft red herring prospectus (DRHP).
The company had refiled its draft IPO papers with the regulator in June, obtained an observation letter from it on October 30. In SEBI parlance, obtaining an observation letter means the regulator’s nod to float the public issue.
The IPO size could be anywhere between ₹175 crore and ₹200 crore.
