Get ready for a busy week in the primary market! Buckle up as the IPO rush continues with a whopping ₹1,991 crore worth of public issues hitting the street starting today, June 24. That’s not all – 11 companies are also prepping up for their listings on the stock exchanges. Let’s dive deeper and see what this week has in store.
IPO Rush: 10 Upcoming This Week
| Company Name | Offer Price | Opening Date | Closing Date | Issue Size |
| Allied Blenders and Distillers Ltd | ₹267 – ₹281 | 25-06-24 | 27-06-24 | ₹1500 Cr |
| Vraj Iron and Steel Ltd | ₹195 – ₹207 | 26-06-24 | 28-06-24 | ₹171 Cr |
| Shivalic Power Control Ltd | ₹95 – ₹100 | 24-06-24 | 26-06-24 | ₹64.32 Cr |
| Sylvan Plyboard India | ₹55 | 24-06-24 | 26-06-24 | ₹28.05 Cr |
| Mason Infratech | ₹62 to ₹64 | 24-06-24 | 26-06-24 | ₹30.46 Cr |
| Visaman Global Sales | ₹43 | 24-06-24 | 26-06-24 | ₹16.05 Cr |
| Akiko Global Services | ₹73 to ₹77 | 25-06-24 | 27-06-24 | ₹23.11 Cr |
| Divine Power Energy | ₹36 to ₹40 | 25-06-24 | 27-06-24 | ₹22.76 Cr |
| Petro Carbon and Chemicals | ₹162 to ₹171 | 25-06-24 | 27-06-24 | ₹113.16 Cr |
| Diensten Tech | ₹95 – ₹100 | 26-06-24 | 28-06-24 | ₹22.08 Cr |
Mainboard IPOs: A Closer Look at the Big Players
This week’s action features two mainboard IPOs, each aiming to grab a significant chunk of the ₹1,991 crore pie. Here’s a breakdown of the key details:
Allied Blenders and Distillers Ltd Details
| Offer Price | ₹267 – ₹281 per share |
| Face Value | ₹2 per share |
| Opening Date | 25 June 2024 |
| Closing Date | 27 June 2024 |
| Total Issue Size (in Shares) | 53,380,783 |
| Total Issue Size (in ₹) | ₹1500 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 53 Shares |
One of the mainboard IPOs to launch is Allied Blenders and Distillers, the popular Officer’s Choice whisky maker. Their ₹1,500 crore public offering will open for subscription on June 25th with a price band of ₹267-₹281 per share. The issue closes on June 27th.
Founded in 2008, Allied Blenders and Distillers is an Indian-made foreign liquor (IMFL) company that offers whisky, brandy, rum, and vodka. It also sells packaged drinking water under various brands. Officer’s Choice Whisky is a major player, one of the world’s best-selling brands (2016-2019) in annual sales volume.
In terms of financial performance, Allied Blenders and Distillers’ revenue decreased by -1.27% in the financial year ending March 31, 2023, compared to the previous year. However, their profit after tax (PAT) did see an increase of 8.47%.
IPO Objectives:
- Prepayment or scheduled repayment of outstanding borrowings.
- General corporate purposes.
Vraj Iron and Steel Ltd Details
| Offer Price | ₹195 – ₹207 per share |
| Face Value | ₹10 per share |
| Opening Date | 26 June 2024 |
| Closing Date | 28 June 2024 |
| Total Issue Size (in Shares) | 8,260,870 |
| Total Issue Size (in ₹) | ₹171 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 72 Shares |
This week’s mainboard offerings include Vraj Iron and Steel Limited, a Chhattisgarh-based manufacturer of Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj.
Established in June 2004, Vraj Iron and Steel offers a variety of products, including Sponge Irons, TMT Bars, MS Billets, and by-products like Dolochar, Pellets, and Pig Iron. These cater to a diverse range of industrial customers and end-users. It’s worth noting that the Raipur Plant has achieved Environmental Management System Certification under the ISO 14001:2015 standard.
Their revenue increased by 24.87%, and profit after tax (PAT) rose by a significant 88.12% in the financial year ending March 31, 2023, compared to the previous year.
IPO Objectives
The company plans to utilize the net proceeds from the IPO for:
- Funding capital expenditure towards the expansion project at their Bilaspur Plant.
- Repayment or prepayment of borrowings from HDFC Bank was obtained for the expansion project.
- General corporate purposes.
8 Upcoming SME IPOs
This week promises to be a whirlwind for investors looking at the SME segment. Here’s a glimpse at 8 upcoming IPOs across various industries:
Shivalic Power Control Ltd Details
| Offer Price | ₹95 – ₹100 per share |
| Face Value | ₹10 per share |
| Opening Date | 24 June 2024 |
| Closing Date | 26 June 2024 |
| Total Issue Size (in Shares) | 6,432,000 |
| Total Issue Size (in ₹) | ₹64.32 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 1200 Shares |
Looking to raise ₹64.32 crore, the electric panels maker IPO aims to address working capital needs, fund capital expenditure for machinery and warehouse expansion, and potentially fuel inorganic growth.
IPO Objectives:
- Working capital, capital expenditure
- Machinery procurement, warehouse expansion
- Inorganic growth
- General corporate purposes.
Sylvan Plyboard India Details
| Offer Price | ₹55 per share |
| Face Value | ₹10 per share |
| Opening Date | 24 June 2024 |
| Closing Date | 26 June 2024 |
| Total Issue Size (in Shares) | 5,100,000 |
| Total Issue Size (in ₹) | ₹28.05 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 2000 Shares |
The subscription for the maiden public issue of the wood products company will also occur from June 24-26. This ₹28.05 crore fixed-price IPO seeks funds to purchase additional machinery, meet working capital requirements, and cover issue expenses, ultimately propelling their growth in the wood products industry.
IPO Objectives:
- Purchase additional machinery and meet working capital needs
- Cover issue expenses
- General corporate purposes.
Mason Infratech Details
| Offer Price | 62 – ₹64 per share |
| Face Value | ₹10 per share |
| Opening Date | 24 June 2024 |
| Closing Date | 26 June 2024 |
| Total Issue Size (in Shares) | 4,760,000 |
| Total Issue Size (in ₹) | ₹30.46 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 2000 Shares |
The real estate construction company, too, will open its Rs 30.46-crore IPO on June 24 and close on June 26. The price band is Rs 62-64 per share. With an IPO size of ₹30.46 crore, Mason Infratech aims to raise capital for working capital needs and general corporate purposes, potentially fueling its real estate construction projects.
IPO Objectives:
- Meet working capital needs
- General corporate purposes
Visaman Global Sales Details
| Offer Price | ₹43 per share |
| Face Value | ₹10 per share |
| Opening Date | 24 June 2024 |
| Closing Date | 26 June 2024 |
| Total Issue Size (in Shares) | 3,732,000 |
| Total Issue Size (in ₹) | ₹16.05 Cr |
| Issue Type | Fixed Price Issue IPO |
| Lot Size | 3000 Shares |
This will be the fourth initial public offering, opening on June 24 and closing on June 26. The company supplies steel pipes, structural steel, HR coils, GC sheets, CR, and roofing PUF panels. With its ₹16.05 crore IPO, it plans to set up a new manufacturing facility to expand its steel product offerings. The funds will also address working capital needs and general corporate goals.
IPO Objectives:
- Set up a manufacturing facility.
- Meet working capital needs
- General corporate purposes
Akiko Global Services Details
| Offer Price | ₹73 – ₹77 per share |
| Face Value | ₹10 per share |
| Opening Date | 25 June 2024 |
| Closing Date | 27 June 2024 |
| Total Issue Size (in Shares) | 3,001,600 |
| Total Issue Size (in ₹) | ₹23.11 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 1600 Shares |
Akiko Global Services, the company behind Money Fair, aims to raise ₹23.11 crore. The technology platform uses algorithms to gather and analyze data to assess creditworthiness. It provides insights for easy comparison of offers and aims to increase the chances of securing customers’ loans or cards. The focus is on implementing technological solutions, developing a mobile app, and enhancing brand awareness to strengthen their financial product distribution platform.
IPO Objectives:
- Implement ERP & TeleCRM solutions
- Develop mobile app
- Meet working capital needs
- Enhance brand visibility
- General corporate purposes.
Divine Power Energy Details
| Offer Price | ₹36 – ₹40 per share |
| Face Value | ₹10 per share |
| Opening Date | 25 June 2024 |
| Closing Date | 27 June 2024 |
| Total Issue Size (in Shares) | 5,690,000 |
| Total Issue Size (in ₹) | ₹22.76 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 3000 Shares |
This fiberglass-covered wires/strips manufacturer ₹22.76 crore IPO aims to address working capital needs and support general corporate purposes, potentially propelling their growth in the fiberglass-covered wires/strips market.
IPO Objectives:
- Meet working capital needs
- General corporate purposes.
Petro Carbon and Chemicals Details
| Offer Price | ₹162 – ₹171 per share |
| Face Value | ₹10 per share |
| Opening Date | 25 June 2024 |
| Closing Date | 27 June 2024 |
| Total Issue Size (in Shares) | 6,617,600 |
| Total Issue Size (in ₹) | ₹113.16 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 800 Shares |
It will be the third SME company to open its public issue for subscription during the same period. The largest SME IPO this week (estimated at ₹113.16 crore), Petro Carbon and Chemicals is offering existing shareholders an opportunity to sell their shares through this Offer for Sale.
IPO Objectives:
- Achieve listing benefits
- Execute Offer for Sale by selling shareholders
Diensten Tech Details
| Offer Price | ₹95 – ₹100 per share |
| Face Value | ₹10 per share |
| Opening Date | 26 June 2024 |
| Closing Date | 28 June 2024 |
| Total Issue Size (in Shares) | 2,208,000 |
| Total Issue Size (in ₹) | ₹22.08 Cr |
| Issue Type | Book Built Issue IPO |
| Lot Size | 1200 Shares |
The IT support and consulting services provider ₹22.08 crore IPO aims to settle outstanding payments for a recent business acquisition, meet working capital needs, and cover general corporate expenses, potentially fueling their IT support and consulting services.
IPO Objectives:
- Settle outstanding payments for the acquired business.
- Meet working capital needs.
- General corporate purposes
- Cover issue expenses.
Companies Gearing Up for Listing
While the IPO rush grabs most of the limelight, here are 11 companies that will be listing on the stock exchanges this week:
| Company Name | Listing Date | Exchange |
| DEE Development Engineers | June 26, 2024 | BSE, NSE |
| Akme Fintrade India | June 26, 2024 | BSE, NSE |
| Stanley Lifestyles | June 28, 2024 | BSE, NSE |
| United Cotfab | June 24, 2024 | BSE, SME |
| GP Eco Solutions | June 24, 2024 | BSE, SME |
| Falcon Technoprojects India | June 26, 2024 | BSE, SME |
| Durlax Top Surface | June 26, 2024 | BSE, SME |
| GEM Enviro Management | June 26, 2024 | BSE, SME |
| Dindigul Farm Product | June 27, 2024 | BSE, SME |
| Winny Immigration and Education Services | June 27, 2024 | BSE, SME |
| Medicamen Organics | June 28, 2024 | BSE, SME |
To wrap up,
This week promises to be a whirlwind of activity in the primary and secondary markets. With a good mix of established companies and upcoming players from diverse sectors, investors will have a variety of options in the ipo rush this week to consider. Remember, thorough research is crucial before making any investment decisions. So, do your due diligence, stay updated with the latest developments, and make informed choices!
*Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as recommendation or investment advice by Research & Ranking. We will not be liable for any losses that may occur. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
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IPO | Current IPO | Upcoming IPO | Listed IPO
I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.