Market Action: 5 IPOs to open for subscription next week, 7 companies scheduled for listing

The primary market is going to see a lot of action in the coming week, starting from February 19 as a total of five IPOs will be opening for subscription and seven companies are scheduled for listing on the bourses.

The five companies including two from the mainboard segment are planning to raise Rs 2,000 crore to Rs 2,500 crore through public issues.

Juniper Hotels IPO

Amongst them, Juniper Hotels will be the biggest IPO, opening on February 21 and closing on February 23. The Rs 1,800-crore initial public offering comprises only a fresh issue by the company which is owned by Saraf Hotels, its affiliate Juniper Investments, and Two Seas Holdings, an affiliate of Hyatt Hotels Corporation.

The price band for the issue has been fixed at Rs 342-360 per share.

The company, which operates seven hotels and serviced apartments, with 1,836 keys as of September 2023 and most of them are under the Hyatt brand, will spend Rs 1,500 crore of the net fresh issue proceeds for repaying debts. Its total outstanding borrowings stood at Rs 2,252.75 crore as of September 2023.

GPT Healthcare IPO

Kolkata-based hospital chain GPT Healthcare is set to open its maiden public issue on February 22 and the last day for subscription will be February 26. The price band will be announced on February 19, but sources told Moneycontrol that the IPO size may be around Rs 450-550 crore.

The IPO is a mix of fresh issuance of shares worth Rs 40 crore by the company and an offer-for-sale (OFS) of 2.6 crore equity shares by private equity fund BanyanTree Growth Capital II, LLC. In fact, BanyanTree will be exiting the company through IPO.

GPT, that operates four hospitals under the ILS brand in West Bengal and Tripura with a total capacity of 561 beds, will utilise fresh issue money for repaying debts, and general corporate purposes.

Also read: Gala Precision Engineering files draft papers to float IPO

Zenith Drugs IPO

The Indore-based pharmaceutical company will be opening its Rs 40.68-crore maiden public issue during February 19 to February 22, with a price band of Rs 75-79 per share.

The book built issue comprises only a fresh issue of 51.48 lakh equity shares by the company. The funds will be used for purchase of machinery & equipments for setting up new unit, existing manufacturing block upgradation, and working capital requirements, besides general corporate purposes.

Deem Roll Tech IPO

This will be the second IPO in the SME segment opening on February 20 and the last date for subscription will be February 22. The steel and alloy rolls manufacturer intends to raise Rs 29.26 crore through its public issue of 22.68 lakh equity shares comprising only a fresh issue.

Also read: Tolins Tyres files draft papers for Rs 230-crore IPO plan

It is a fixed price issue with a price at Rs 129 per share.

The Gujarat-based company will spend fresh issue money mainly for expansion of its existing manufacturing facility at Mehsana, Gujarat, and working capital requirements.

Sadhav Shipping IPO

The Mumbai-based company that owns and operates marine assets to service ports, coastal logistics and provides other port maritime related services, will launch its Rs 38.18-crore public issue for subscription on February 23. The final day for bidding will be February 27.

Also read: Juniper Hotels IPO: 10 things to know before subscribing to Rs 1,800-crore issue

It is also a fixed price issue, with a price at Rs 95 per share.

Sadhav Shipping will spend Rs 8 crore of the net fresh issue proceeds for repaying debts, Rs 15.5 crore for capital expenditure to purchase additional boats/ vessels, and Rs 8 crore for working capital requirement. And the remaining Rs 4.5 crore for general corporate purpose.

Meanwhile, five companies namely Esconet Technologies, Interiors and More, Atmastco, Thaai Casting, and Kalahridhaan Trendz will be closing their public issues next week on February 20.

Listings

A total of seven companies are scheduled for listing in the coming week including one from the mainboard segment which is Vibhor Steel Tubes. Haryana-based steel tubes and pipes maker will debut on the bourses on February 20 after the Rs 72-crore IPO witnessing a massive 299 times subscription during February 13-15. Its IPO shares were available at around 80 percent premium over the issue price of Rs 151 per share in the grey market, an unofficial platform for trading in IPO shares till the listing, the market observers said.

And the other six companies are from the SME segment. Wise Travel India is set to list shares on the NSE Emerge on February 19, while the trading in Esconet Technologies, Interiors and More, Atmastco, Thaai Casting, and Kalahridhaan Trendz will commence on the NSE Emerge with effect from February 23.

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