IPO Rush: Dalal Street To See Tata Capital, LG Electronics, Among Six Listings; One Mainboard Issue Opens
Tata Capital, LG Electronics India, Canara Robeco Asset Management Co, and Canara HSBC Life Insurance Co mark four of the six mainboards that list on the NSE and BSE this week.
The Indian primary market is set to take a mini breather in the week ahead, with only one mainboard offering. However, activity on the listing front remains hectic, with some of the most prominent names that debuted this year listing on the bourses.
Tata Capital, LG Electronics India, Canara Robeco Asset Management Co, and Canara HSBC Life Insurance Co mark four of the six mainboards that list on the NSE and BSE this week.
Here's whats in store on the IPO front:
New IPO To Watch
Midwest Ltd. is the only mainboard offering on Dalal Street this week. The company is set to sell shares worth Rs 451 crore via an initial public offering. The IPO consists of a mix of fresh issues of shares worth Rs 250 crore and an offer-for-sale worth Rs 201 crore.
Promoter Kollareddy Rama Raghava Reddy will offload shares worth Rs 181 crore, while the promoter group Guntaka Ravindra Reddy will sell shares worth Rs 20 crore.
DAM Capital Advisors Ltd., Intensive Fiscal Services Pvt., and Motilal Oswal Investment Advisors Ltd. will be the book-running lead managers for the issue, while Kfin Technologies Ltd. will be the registrar, as per the company's red herring prospectus.
Upon successful completion of raising funds via IPO, the shares will be listed on the BSE Ltd. and the National Stock Exchange.
The company has earmarked Rs 130 crore from the proceeds of the IPO to fund its subsidiary's capital expenditure, as well as about Rs 26 crore for capital expenditure on the purchase of electric dump trucks.
The sum of Rs 56 crore will be used to repay outstanding borrowings, while Rs 3.2 crore will go towards capital expenditure for solar energy integration.
Listings Ahead
The week ahead has a line up of six major issues listing on the bourses, with the likes of Tata Capital, LG Electronics India, Canara Robeco Asset Management Co, and Canara HSBC Life Insurance Co debuting on Dalal Street.
Tata Capital is set to list on Oct. 13. The company, a diversified financial services entity and a subsidiary of Tata Sons Pvt. Ltd., was a book-built issue of Rs 15,511.87 crore.
Shares of LG Electronics India are scheduled to be listed on the BSE and NSE on Tuesday, Oct. 14. LG Electronics India operates in two key segments: home appliances and air solutions, and home entertainment. It has firmly established itself as the market leader in major home appliances and consumer electronics, excluding mobile phones.
Canara Robeco Asset Management Co., and Canara HSBC Life Insurance Co. are expected to list on the exchanges on Oct. 16 and 17, respectively.
Pharmaceutical formulation company Rubicon Research will debut on Oct. 16, and Anantam Highways Trust, an InvIT established to invest in, own and operate road assets in India, is set to list on Oct. 17.
