Upcoming IPOs: Two to open for subscription, six listings scheduled next week

The primary markets in India continue to stay active, with several Initial Public Offerings (IPOs) making their way to investors in 2024. For the upcoming week from October 7 to 11, two IPOs will open for subscription while six others are set to be listed on the exchanges. Here’s a rundown of the IPO activity to look out for in the upcoming week.

Key IPOs Opening for Subscription

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1. Garuda Construction and Engineering IPO

Garuda Construction and Engineering is the only mainboard IPO opening for subscription next week. The IPO window will be open from October 8 to October 10, with the company aiming to raise ₹264.10 crore. This includes a fresh issue of 1.83 crore shares worth ₹173.85 crore and an offer for sale of 95 lakh shares valued at ₹90.25 crore. The price band for this IPO has been set at ₹92 to ₹95 per share, with retail investors required to apply for a minimum of 157 shares, amounting to an investment of ₹14,915 at the upper price band.

The share allotment for Garuda Construction’s IPO is expected to be finalized on October 11, and the company’s shares will tentatively be listed on the BSE and NSE on October 15. The proceeds from the IPO will be used for working capital needs and general corporate purposes, with a portion of funds earmarked for potential future acquisitions.

2. Shiv Texchem Limited IPO

Shiv Texchem Limited’s IPO will also open next week, from October 8 to October 10, under the BSE SME category. The company is looking to raise ₹101.35 crore through a fresh issue of 61.06 lakh shares. The price band for this IPO is set at ₹158 to ₹166 per share. A minimum lot size of 800 shares is required for retail investors, translating into an investment of ₹1,32,800. The funds raised will be directed toward long-term working capital requirements and general corporate purposes.

Six IPOs Scheduled for Listing Next Week

Several companies that recently closed their subscription windows are set to make their market debut next week:

  • HVAX Technologies Limited will be listed on the NSE SME platform Emerge on October 7. The IPO, open from September 27 to October 1, was oversubscribed 34.25 times and raised ₹33.53 crore.
  • Saj Hotels Limited will also list its shares on the NSE SME platform on October 7. The IPO, open during the same period as HVAX, raised ₹27.63 crore with a subscription of over 5.4 times.
  • Subam Papers Limited will be listed on the BSE SME on October 8. The ₹93.70 crore IPO, open from September 27 to October 3, was heavily oversubscribed, closing at 92.9 times the offering.
  • Paramount Dye Tec Limited shares will make their debut on October 8 as well. The IPO, which saw strong demand from non-institutional investors, was open from September 30 to October 3 and was oversubscribed 50 times.
  • NeoPolitan Pizza and Foods will be listed on the BSE SME on October 9. This ₹12 crore IPO consisted of a fresh issue of 60 lakh shares priced at ₹20 each.
  • Khyati Global Ventures Limited will see its shares listed on the NSE SME platform Emerge on October 11. The IPO worth ₹18.30 crore was open from October 4 to October 8.

Key IPOs to Look Forward to in October

Several high-profile IPOs are expected later in the month. Hyundai Motor India is set to open its IPO on October 14, aiming to raise ₹25,000 crore through an Offer for Sale (OFS) of over 142 million shares. This IPO could potentially be the largest public offering in India.

In addition, Afcons Infrastructure Limited, a part of the Shapoorji Pallonji Group, is planning to raise ₹7,000 crore, with the IPO consisting of both fresh shares and an OFS by the promoter company. The dates and price band are yet to be announced.

Lastly, Swiggy has also filed its updated draft papers for an IPO with SEBI, aiming to raise over ₹11,000 crore. The dates for this much-anticipated public offering are yet to be disclosed.