The primary market has been quite active this year, with a total of six mainboard IPOs (Initial Public Offering) and approximately 57 SME IPOs. The Mankind Pharma IPO, valued at over ₹4,300 crore, has been the largest IPO of the year so far. Many companies have also filed their draft prospectus, indicating a positive outlook for the IPO market in the future.
Looking ahead, there are two upcoming IPOs scheduled for the week of June 5 to June 9. The first is the IKIO Lighting IPO, which will open for subscription on June 6 and close on June 8. This IPO is valued at ₹607 crore and consists of a fresh issue of equity shares worth up to ₹350 crore, as well as an offer-for-sale (OFS) of up to 90 lakh equity shares by the promoters. The price band for this IPO is set at ₹270-285 per share. The company’s promoters, Hardeep Singh and Surmeet Kaur, will be selling their shares through the OFS. The allotment of shares will be decided on June 13, and the shares are expected to be listed on the BSE and NSE on June 16. IKIO Lighting specializes in manufacturing LED lighting solutions with a focus on sustainability and low-energy LED products.
The second IPO is the Sonalis Consumer Products IPO, which is an SME IPO scheduled to open on June 7 and close on June 9. This IPO consists of a fresh issue of 9.44 lakh shares priced at ₹30 each, with a face value of ₹10 per share. The lot size for this IPO is 4,000 shares, and the basis of share allotment will be determined on June 14. Refunds will be initiated on June 15, and the shares will be credited to eligible investors’ demat accounts on June 16. Sonalis Consumer Products is engaged in the production of nutritious bars and healthy snacks and has a distribution network covering Maharashtra, Gujarat, and Goa. The proceeds from the IPO will be utilized to finance working capital requirements and for general corporate purposes.
In addition to these upcoming IPOs, the Kore Digital IPO and Comrade Appliances IPO, which are already underway, will be closing for subscription soon.
The Kore Digital IPO, an SME IPO, opened on June 2 and will close on June 7. This IPO is valued at ₹18 crore and includes a fresh issue of 10 lakh equity shares priced at ₹180 per share. The shares will be listed on the NSE SME Emerge on June 15. The lot size for this IPO is 800 shares, and the basis of share allotment will be determined on June 12.
The Comrade Appliances IPO, also an SME IPO, opened on May 31 and will close on June 5. This IPO includes a fresh issue of 22.78 lakh shares priced in the range of ₹52 to ₹54 per share. At the upper end of the price band, the issue size amounts to ₹12.30 crore. The lot size for this IPO is 2,000 shares, and the shares will be listed on the BSE SME on June 13. Comrade Appliances manufactures consumer durable goods such as Air Coolers and Electric Geysers and operates a manufacturing facility in Palghar. The IPO has received significant subscription interest, with 9.42 times subscription in the retail category, 0.01 times in QIB, and 2.68 times in the NII category as of June 2, 2023.
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