3 new IPOs this week, 2 mainboard listings; key details

This week will see three new initial public offerings (IPOs) launching in the capital market, including two in the mainboard segment, and one in the SME segment. Apart from this, two mainboard companies -- and nine in the SME space -- will be listed on the stock exchanges.

Emcure Pharmaceuticals

Pune-based pharma company Emcure Pharmaceuticals Ltd will open for subscriptions on Wednesday i.e. July 3, 2024. Emcure has set an IPO price band at ₹960-1,008 per share. It aims to raise ₹1,952.03 crore at the upper end of the issue price. The three-day IPO will open for subscription on July 3 and close on July 5, while the anchor book will open for a day on July 2. The tentative date for listing of shares on the stock exchanges is July 10, 2024. The issue is a combination of fresh issuance of 0.79 crore equity shares worth ₹800 crore and an offer for sale (OFS) of 1.14 crore shares aggregating to ₹1,152.03 crore.

Bansal Wire Industries

Stainless steel maker Bansal Wire Industries will launch its ₹745 crore IPO on July 3. A flagship company of Ghaziabad-based Bansal Group, the company has fixed the price band at ₹243-256 per share for its IPO, which will close on July 5. The anchor book will open for a day on June 2 and the shares are expected to debut on July 10. The issue is completely a fresh issue of ₹745 crore and the market capitalisation of the steel wires manufacturer post listing is pegged at ₹3,262 crore.

Ambey Laboratories SME IPO

Ambey Laboratories IPO will open on July 4, 2024, in the small and medium enterprises space, and will close on July 8. The SME IPO is a combination of a fresh issue of 62.58 lakh shares worth ₹42.55 crore and an offer for sale of 3.12 lakh shares worth ₹2.21 crore. The allotment of the shares will be done on July 9, 2024, while listing on the NSE SME will be on July 11, 2024. The company has set a price band of ₹65 to ₹68 per share for the IPO.

Listing of 11 companies

The week will also see 11 companies, including two mainboard IPOs, make their debut on the exchanges. These include two mainboard IPOs, Vraj Iron & Steel Ltd and Allied Blenders & Distillers Ltd. Vraj Iron brought the issue at a price band of ₹195-207 per share at p/e multiple of 12x on post-issue annualised 9 months ended FY24 PAT basis. The issue has been subscribed to 119.04 times, with the non-institutional Investors subscribing 208.81 times, followed by qualified institutional buyers(QIBs) at 163.90 times, and retail individual investors(RIIs) at 54.93 times. Vraj Iron and Steel is engaged in the manufacturing of Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj.

Indian-made foreign liquor (IMFL) maker Allied Blenders and Distillers (ABD) set a price band in the range of ₹267-281 per equity share of the face value of ₹2 for the IPO. The company eyed ₹1,500 crore at the upper end of the IPO price band. The allotment of shares to eligible applicants was done on June 28, while shares of ABD are slated to be listed on domestic exchanges on July 2. The issue is a combination of a fresh issue of 3.56 crore shares worth ₹1,000 crore and an offer for sale (OFS) of 1.78 crore shares aggregating to ₹500 crore. The issue was subscribed 23.55 times, with QII at 50.37 times, NII at 32.4 times, and retail investors at 4.51 times.

Other SME listings happening between July 1 and July 5 this week are Petro Carbon and Chemicals, Diensten Tech, Sylvan Plyboard (India), Divine Power Energy, Akiko Global Services, Shivalic Power Control, Nephro Care India, Mason Infratech and Visaman Global Sales.