The initial public offering (IPO) lane will continue to be busy in September — with just this week seeing offers worth close to Rs 5,000 crore open for subscription.
The companies that hit the market ranged from water and sewage infra player EMS, which saw its IPO subscribed 75x, to wire and cable manufacturer RR Kabel, Goldman Sachs-backed hotel company Samhi Hotels, fintech player Zaggle Prepaid Ocean Services, and online travel agency Yatra.
| Company | IPO Amount | Closing date and subscription |
| EMS | Rs 321 crore | Subscribed 75x |
| RR Kabel | Rs 1,964 crore | Closes on September 15 |
| SAMHI Hotels | Rs 1,370 crore | Closes on September 18 |
| Zaggle Prepaid Ocean Services | Rs 563.38 crore | Closes on September 18 |
| Yatra online | Rs 775 crore | Closes on September 20 |
(Source: Prime Database)
The Street also saw two companies, that raised Rs 655 crore cumulatively, listed on the main board this week as well. Rishabh Instruments, the manufacturer of testing and measuring instruments, raised Rs 490 crore and saw its IPO subscribed over 31x and stainless steel product manufacturer Ratnaveer Precision Engineering saw a strong subscription of 94x raising Rs 165 crore.
Both stocks are off the highs seen post-listing. While Rishab Instruments is close to its issue price of Rs 441, Ratnaveer Precision Engineering is still holding an over 15 percent premium to its issue price of Rs 98.
| Company | Trading |
| Rishabh Instruments | Trading with a 2 percent premium to issue price of Rs 441. |
| Ratnaveer Precision Engineering | Trading with an 18 percent premium to issue a price of Rs 98. |
(Source: Prime Database)
The interest in the IPO market does not seem to be dwindling this month as the market will see a diverse set of companies tap the market over the next fortnight looking to raise over Rs 5,000 crore collectively.
This ranges from real estate company Signature Global's Rs 730-crore IPO to South-based jeweller Vaibhav Gems ‘N’ Jewellers and Jewellers to textile company Sai Silk's Rs 1,200 crore IPO, and the largest of them all, JSW Infrastructure looking to raise just shy of Rs 3,000 crore.
| Company | Amount |
| Signature Global | Rs 730 crore IPO |
| Vaibhav Gems ‘N’ Jewellers | Rs 270 crore IPO |
| Sai Silk | Rs 1,201 crore IPO |
| JSW Infrastructure | Rs 2,900 crore IPO |
(Source: Prime Database)
However, it's not just September which saw so much IPO activity. Data from Prime Database indicates that 29 IPOs worth over Rs 20,954 crore have hit the market from January to September 2023.
What's in the future
The pipeline too is robust, with around 30 companies getting SEBI approval for IPOS where they will collect Rs 40,740 crore and around 38 companies with IPO size of Rs 43,659 crore still awaiting approval from SEBI and have filed offer documents.
(Edited by : Shoma Bhattacharjee)
First Published: Sept 15, 2023 8:47 PM IST
