Indian bourses are revving up for the addition of three new players on Tuesday, welcoming Kalpataru Ltd., Globe Civil Projects Ltd. and Ellenbarrie Industrial Gases Ltd. to the ranks of listed companies.
Mumbai-based realty firm Kalpataru was subscribed 2.26 times, led by interest from institutional players, with the NIIs and retail investors following closely behind. The Kalpataru IPO was a book-building issue of Rs 1,590 crore, consisting of a fresh issue of 3.84 crore shares.
Shares of the company are expected to list flat at the upper end of the price band as per grey market premium data on InvestorGain, indicating no listing gains for investors. The GMP, at its highest value of Rs 11 as observed on June 20, has slipped from offering 2.66% potential gains to nil.
Globe Civil Projects, the offer which saw an oversubscription of 86 times, may offer 38.03% gains over the upper end of the price band, as per GMP data.
Shares of the company are likely to list at Rs 98 on the National Stock Exchange and BSE, indicating a modest upside over the IPO price of Rs 71 per equity share.
The Navi Mumbai-based civil engineering company saw bids from non-institutional players going up to 143.14 times, while institutional investors subscribed nearly 100 times.
The IPO of Globe Civil Projects was a book-building issue of Rs 119 crore. It comprised a fresh issue of 1.68 crore shares.
Ellenbarrie Industrial Gases, a Rs 852.5-crore offer, saw bids crossing 22 times available equity during its three-day bidding process.
Shares of the industrial gas manufacturer may list at a 14.25% premium, indicates GMP data. The expected listing price of the company stands at Rs 457 per share. At its lowest, GMP had indicated a 1.75% gain, which grew as high as 14.50% after the company's offer opened for subscription.
The mainboard issue was worth Rs 852.53 crore. The IPO comprised a fresh issue of 1 crore shares worth Rs 400 crore and an offer for sale of 1.13 crore shares worth Rs 452.5 crore.
All in all, the listing gains range from disappointingly flat to a slightly upbeat 38%, with the primary markets picking up pace after a lengthened lull.
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