IPO Rush: Only One SME Issue This Week
The initial-public-offering market has significantly slowed down over the past three months.
The upcoming week is expected to be quiet for initial public offerings, with only an SME company launching its IPO. No new companies are scheduled to be listed on the exchanges.
Tankup Engineers Ltd. will be open for subscription from Wednesday to Friday and is set to be listed on the bourses on April 30. The company's IPO is valued at Rs 19.5 crore, comprising only fresh issue of 13.95 lakh shares. It is set to be listed on the NSE SME platform.
The IPO market has significantly slowed down over the past three months. This decline is attributed to US President Donald Trump's tariffs and a broader downturn in global markets, resulting in a halt in IPO listings.
This is the third straight week without any new IPOs in the mainboard segment and just one in the SME segment. March marked the first month in nearly two years without a mainboard IPO, the previous instance being in May 2023.
Tankup Engineers IPO Details
IPO open date: April 23.
IPO close date: March 25.
Listing date: April 30.
Face value: Rs 10 per share.
Issue price band: Rs 133–140 per share.
Lot size: 1,000 shares.
Issue type: Fully fresh issue.
Listing platform: BSE SME.
About Tankup Engineers
The company is a manufacturer of self-bunded fuel tanks in India, providing a variety of capacities to cater to the diverse requirements of industries like agriculture, mining, construction and logistics.
SEBI Approves IPO Of Two Companies
Earlier this week, the Securities and Exchange Board of India cleared the IPOs of Aegis Vopak Terminals Ltd. and Seshaasai Technologies Ltd.
Aegis Vopak Terminals filed for an IPO in November, featuring a fresh issue of Rs 3,500 crore with no offer for sale. The company was formed as a joint venture between Aegis Logistics Ltd. and Vopak India BV, part of the Netherlands-based Royal Vopak.
Seshaasai Technologies submitted its draft red herring prospectus to SEBI in January to raise funds through an initial public offering. The IPO will consist of an OFS of 78.7 lakh shares and a fresh issue of shares totaling Rs 600 crore, as outlined in the DRHP.
Promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain will sell their shares, retaining the net proceeds from the offer for sale. The technology solutions provider will not receive any funds from the sale carried out by the promoters.
