Top IPOs to look out for in India right now
The stock market in India has touched new highs today and is showing a great response to initial public offerings (IPOs). While shares of DOMS Industries were listed with a 77% premium, Tata Technologies and IREDA debuted with a premium of 140% and 56.25%, respectively. Now, the IPOs of Motisons Jewellers, Credo Brands, Happy Forgings, RBZ Jewellers, Suraj Estate, and Azad Engineering have gone live.
How did Credo Brands perform?
Mufti's parent company, Credo Brands Marketing Limited, experienced a strong response to its IPO on December 20, with a 2.45 times subscription by the second day of bidding. The company received bids for 3.3 crore shares, surpassing the offer size of 1.37 crore stocks. It aims to raise Rs. 549.78 crore through this purely offer-for-sale (OFS) IPO. The IPO's price band is set at Rs. 266-280/stock, with a minimum lot size of 53 shares and multiples of 53 thereafter.
Happy Forgings's IPO is valued at Rs. 1,009 crore
The Happy Forgings IPO, valued at Rs. 1,009 crore, saw a 3.5 times subscription by today morning. With bids for 2.92 crore shares against an issue size of 83.65 lakh, retail investors purchased 4.2 times and high net-worth individuals bought 6.2 times their allotted share quotas. This IPO includes a fresh issue of 47 lakh stocks worth Rs. 400 crore and an OFS of 71.59 lakh shares at Rs. 608.59 crore, with a price range set at Rs. 808-850/stock.
RBZ Jewellers IPO subscribed 3.1 times on day-2
RBZ Jewellers' public issue has seen strong response, with a 3.1 times subscription on second day of bidding. A total of 2.4 crore shares were bid for, compared to 79 lakh shares on offer. Retail investors showed significant interest, subscribing 6.1 times, while high net-worth individuals secured 95% of their allotted quota. The company's Rs. 100-crore IPO consists of one crore fresh equity shares. The price range is set at Rs. 95-100/stock and the issue will close on December 21.
Suraj Estate's share allocation will occur on December 21
Suraj Estate Developers's Rs. 400 crore IPO has been subscribed 3.26 times today. The firm bagged bids for 2.53 crore shares, compared to the 77.77 lakh shares on offer. The IPO, which opened on December 18, has a price band of Rs. 340-360 per equity share. In the grey market, shares traded at Rs. 70, a 19.44% premium over the IPO price. Stock allocation might take place on December 21, with listing on BSE and NSE scheduled for December 26.
Azad Engineering's IPO opens for subscription
Azad Engineering's IPO is open for subscription from December 20-22. The company has raised Rs. 221 crore from 20 anchor investors at the upper price band of Rs. 524 per equity share. The price range is between Rs. 499-524 per stock, with a face value of Rs. 2. Investors can purchase lots of 28 equity shares and multiples of 28 thereafter. The IPO consists of fresh issue of shares worth Rs. 240 crore and an OFS of Rs. 500 crore.
Motisons Jewellers has received bids for 107.48 crore stocks
Finally, Jaipur-based jewelry retailer Motisons Jewellers has seen an overwhelming response to its IPO, with a subscription rate of 51.50 times as it closes today. The family-owned business set a price range of Rs. 52 to Rs. 55 for the IPO, aiming to raise Rs. 151 crore. The IPO received bids for 107.48 crore shares, compared to the 2.08 crore shares available.
