Rs 4,169 crore IPO rush this week: 19 issues to open for subscription; NSE to lead 12 listings

India’s primary market is set for another busy week, with 19 IPOs opening for subscription and looking to raise about Rs 4,169 crore. The week will be led by mainboard issues such as Elevate Campuses, Varmora Granito, A-One Steels, ArMee Infotech, Swastika Infra and Adroit Industries, while the SME board will also see a packed line-up.

Apart from fresh openings, the market will also watch 12 listings, including NSE, whose grey market premium has cooled to around 3%.

The biggest IPO opening this week is Elevate Campuses, which will launch its Rs 2,100 crore public issue on September 23 and close on September 25. The company has fixed a price band of Rs 343-362 per share. The issue is entirely fresh, making it the largest fundraise among IPOs opening this week.

Varmora Granito will open its Rs 708.02 crore IPO on September 22 and close on September 24. The price band has been fixed at Rs 140-148 per share. The issue includes a fresh issue of Rs 320 crore and an offer for sale of Rs 388.02 crore.

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A-One Steels India will open its Rs 405 crore issue on September 24. The IPO will close on September 28. The company has fixed a price band of Rs 385-405 per share. The issue comprises a fresh issue of Rs 355 crore and an OFS of Rs 50 crore.
ArMee Infotech will open its Rs 300 crore IPO on September 23 and close on September 25. The price band has been fixed at Rs 350-375 per share. The entire issue is fresh.Swastika Infra will also open on September 23 and close on September 25. The company plans to raise Rs 161 crore at a price band of Rs 175-185 per share. The issue includes a fresh issue of Rs 128.50 crore and an OFS of Rs 32.38 crore.

Adroit Industries will open its Rs 150.71 crore IPO on September 23 and close on September 25. The price band has been fixed at Rs 126-134 per share. The issue includes a fresh issue of Rs 132.62 crore and an OFS of Rs 18.09 crore.

Together, these six mainboard IPOs account for about Rs 3,824.61 crore of the total fundraise planned this week. This means most of the primary-market money will chase mainboard names, even though the SME board will have more issues by count.

Listings to be led by NSE
The listing calendar will also stay active. NSE is among the key listings next week, but its GMP has slipped to around 3%, indicating muted listing expectations compared with the earlier hype around the country’s largest exchange.

Among other upcoming listings, SpectraA Technology Solutions is commanding a GMP of around 38%, while SS Retail is quoting at a GMP of around 34%. Hero Motors, however, is trading at a negative GMP ahead of its listing, pointing to weak grey market sentiment.

The SME segment will remain crowded. Vivekanand Cotspin, FX Multitech and Robokidz Eduventures will open on September 21. Himalaya Nutravedics and Anand Seamless will open on September 22.

Several more SME issues will open on September 23, including Coreintegra Consulting, Sai Urja Indo Ventures, Pooja Logistics, Liqvd Digital India, SK Offset and Unitec Fibres. Peshwa Wheat is also scheduled to open on September 24, while Bench Mark Infotech Services is scheduled to open on September 25.

The week, therefore, will test investor appetite across both large and small issues. Mainboard IPOs will absorb most of the money, led by Elevate Campuses and Varmora Granito, while the listing market will be watched closely for NSE, SS Retail, SpectraA Technology Solutions and Hero Motors.

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