INSUBCONTINENT EXCLUSIVE:
The stock market has seen a significant correction in the equity market since the start of October amid intensifying conflict between Israel
and Iran | (Photo: Shutterstock)3 min read Last Updated : Oct 06 2024 | 12:24 PM IST
After a wave of initial public offerings (IPOs) in
recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to
raise Rs 365 crore.
There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September.Click
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IPOs scheduled for next week, beginning October 7, are Garuda Construction and Engineering on the main
board and Shiv Texchem on the SME segment.
Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs
correction in the equity market since the start of October amid intensifying conflict between Israel and Iran.
Despite the temporary
slowdown, overall, the outlook for the IPO market is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's
approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the
Primedatabase.
This month will see Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market
to raise around Rs 25,000 crore
The company's IPO is likely to be launched on October 14, according to sources.
If the offering proceeds as planned, it will surpass Life
Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history.
Moreover, 63 companies have
already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through
the route in 2023.
The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the
willingness of funds to look at new ideas
In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts
said.
Garuda Construction and Engineering's IPO is a mix of fresh issue of 18.3 million equity shares and an offer of sale (OFS) of 9.5
million equity shares by promoter PKH Ventures
The price band has been fixed at Rs 92 to Rs 95 per share.
About Rs 100 crore from its fresh issuance proceeds will be utilised for
working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions.
Shiv
Texchem's IPO is a completely new offering of over 6.1 million shares and is a book-built issue of Rs 101.35 crore
It has set a price band of Rs 158 to Rs 166 per equity share for the IPO.
Further, the SME IPO of Khyati Global Ventures, which opened for
public subscription on October 4, will close on October 8.
Additionally, six companies from the SME segment are set to list in the coming
HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8.
NeoPolitan Pizza
and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.(Only the headline and picture of this report
may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published:
Oct 06 2024 | 12:24 PMIST
