June 25th 2023.
Next week, the markets will witness over Rs 1,600 crore worth of Initial Public Offerings (IPOs). Three main board IPOs and four IPOs from the Small and Medium Enterprises (SME) segment will be released. The first of these will be Mumbai-based Drone maker, ideaForge Technology.
The company's IPO is set to open on Monday, 26 June, 2023 with a price band of ₹638 to ₹672 per Equity Share. Investors can bid for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter. The face value of each equity share is Rs 10. The offer consists of a fresh issue of Rs 240 crore and an offer for sale of 4,869,712 equity shares.
The proceeds from the IPO will be used to repay / prepay debt, fund working capital gap, invest in product development and for general corporate purposes. The company is expected to raise between Rs 550.69 crore and Rs 567.24 crore.
The second IPO to hit the markets next week is Cyient DLM. This is the subsidiary of IT Service firm Cyient Limited. The IPO will open on June 27 and close on June 30. The price band will be announced at least two days prior to the issue opening date. The IPO will be a fresh issue of shares worth Rs 740 crore with 75% reserved for qualified institutional bidders, 15% for non-institutional bidders and the remaining 10% for retail investors. The proceeds will be used for incremental working capital requirements, debt repayment, capital expenditure, general corporate purposes and inorganic growth through acquisitions.
The third major IPO next week is PKH Ventures. This construction and development company will open for subscription on June 30 and close on July 4. The company is looking to raise Rs 380 crore through the IPO. The proceeds will be used for the development of hydro power projects by the company's subsidiary, Halaipani Hydro Projects, to meet the working capital requirements of Garuda Construction and for other strategic initiatives, expenditures for general corporate purposes and acquisitions.
In the SME segment, Pentagon Rubber will be the first to launch its IPO. This conveyor belt manufacturer will open for subscription on June 26 and close on June 30. The company is looking to raise Rs 16.17 crore through an issue of 23.1 lakh shares at the upper end of the price band. The funds will be used for working capital and general corporate purposes.
Global Pet Industries, a PET stretch blow moulding machine manufacturer and exporter is the second issue in the SME segment. The IPO will be open for subscription on June 29 and close on July 3. The fixed issue price for the IPO is set at Rs 49 per share and the public issue of 27 lakh equity shares will total to Rs 13.23 crore. The money raised will be used primarily for construction of a factory building.
Tridya Tech and Synoptics Technologies are the other two IPOs that will launch on June 30 and close on July 5. Tridya Tech is a software development service solution provider that is planning to raise Rs 26.41 crore through an issue of 62.88 lakh shares at the price band of Rs 35 - 42 per share. The money raised will be used to repay unsecured and secured loans in addition to paying general corporate purposes.
Synoptics Technologies is an IT service and solutions company plans to raise Rs 54.03 crore through 22.8 lakh shares at a set price of Rs 237 per share. It comprises of issuance of shares worth Rs 35.08 crore and an OFS of Rs 18.96 crore by the promoters. The funds raised will be used to repay certain borrowings, investing in strategic acquisitions or joint operations, meeting working capital and general corporate purposes.
Next week will be a momentous one for the Indian markets with its multiple IPOs and the total fund raising of over Rs 1,600 crore. Investors must take the opportunity to invest in these companies and benefit from the potential returns.
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