IPOs This Week: Tata Technologies, IREDA, Gandhar Oil Refinery India & More
These companies are expected to fetch more than Rs 7,300 crore through the IPOs, data from the stock exchanges showed.
The initial public offering (IPO) lane will be buzzing this week with six companies, including Tata Technologies and Indian Renewable Energy Development Agency Ltd, tapping the primary market to raise over Rs 7,300 crore collectively.
The other four companies whose maiden public issues are ready to open are Fedbank Financial Services, Flair Writing Industries, Gandhar Oil Refinery India and Rocking Deals Circular Economy.
Before this, three firms -- ASK Automotive, Protean eGov Technologies, and ESAF Small Finance Bank -- launched their public issues earlier this month. Further, IPOs of Honasa Consumer, which owns FMCG brands Mamaearth, and household products and stationery manufacturer Cello World concluded in the first week of the month.
Tata Technologies IPO
Tata Technologies Ltd. has set the price band for its Rs 3,000-crore initial public offering, ascribing it a post-offering market capitalisation in excess of Rs 20,000 crore.
The November 22-24 IPO, a first from the Tata stable in nearly two decades, is a pure offer-for-sale of 60,850,278 shares at Rs 475-500 apiece, according to a company notice. Parent Tata Motors Ltd. (46,275,000), and investors Alpha TC Holdings Pte Ltd. (9,716,853) and Tata Capital Growth Fund I (4,858,425 ) are offloading stock equivalent to 11.41%, 2.40% and 1.20% stake, respectively.
A portion of the offering, about 10%, is reserved for the employees of Tata Technologies and shareholders of Tata Motors. While qualified institutional buyers can bid for 50% of the net offer, 15% of the Rs 3,000-crore IPO is reserved for non-institutional investors. The rest, about 35%, is for retail investors.
The bid lot size is set at 30 shares and multiples there of.
Gandhar Oil Refinery India IPO
The IPO of Gandhar Oil Refinery is a combination of a fresh issue of 1.79 crore shares aggregating to Rs 302 crore and an OFS of 1.18 crore shares worth Rs 198.69 crore. The price band is set at Rs 160-169 per share.
Indian Renewable Energy Development Agency Ltd. will launch its initial public offering on November 21. The state-run company plans to raise Rs 2,150 crore via a fresh issue and an offer for sale.
The IPO will comprise a fresh issue of 40.32 crore equity shares worth up to Rs 1,290 crore. The company also has an offer for sale of 26.69 crore shares, worth up to Rs 860 crore, by promoter selling shareholder.
The price band is fixed between Rs 30 and Rs 32 per share. At the upper price band, the company is valued at a Rs 8,600.85 crore market capitalization.
(With PTI inputs)
Flair Writing Industries IPO
The Rs 593 crore IPO of pen maker Flair Writing Industries comprises a fresh issue of equity shares aggregating up to Rs 292 crore and an OFS of equity shares worth up to Rs 301 crore by promoters and promoter group entities. The company announced a price band of Rs 288-304 a share for its issue.
Fedbank Financial Services IPO
Federal Bank's arm Fedbank Financial Services' Rs 1,092 crore issue consists of a fresh issue of equity shares to the tune of Rs 600 crore and an OFS of 3.51 crore shares worth Rs 492 crore. The price band has been fixed at Rs 133-140 per share for the maiden public issue of the retail-focused non-banking finance company (NBFC).
The IPO will open for bidding on November 22 and will close on November 24.
Rocking Deals Circular Economy IPO
The bidding for Rocking Deals Circular Economy IPO will commence on November 22 and conclude on November 24. The B2B re-commerce firm has disclosed a price band of Rs 136 to Rs 140 for its IPO, featuring a face value of Rs 10 per share and a market lot size of 1000 shares.