4 IPOs scheduled for this week: 1 mainboard, 3 SMEs
What's the story
The primary market is seeing a slight revival with four upcoming Initial Public Offerings (IPOs) lined up for subscription this week.
Among them are the mainboard IPO of ArisInfra Solutions and three from the SME segment: Pradeep Parivahan, Divine Hira Jewellers, and Grand Continental.
Meanwhile, two listings from PDP Shipping Projects and Super Iron Foundry are also on the cards.
ArisInfra Solutions
ArisInfra Solutions IPO to open on March 20
The much-anticipated IPO of ArisInfra Solutions will open on March 20 and remain open for public subscription till March 25. The price band for this issue is yet to be announced.
The Mumbai-based tech-enabled platform for construction material procurement recently raised ₹80 crore in a pre-IPO funding round.
Funding details
Plans to raise up to ₹600cr
ArisInfra Solutions filed its draft prospectus (DRHP) with Securities and Exchange Board of India (SEBI) in August last year, looking to raise as much as ₹600 crore through this public issue.
The offering is entirely a fresh issue of shares and doesn't have any offer-for-sale (OFS) component.
The firm is backed by HNIs and family offices such as PharmEasy CEO Siddharth Shah, San Francisco-based Think Investments, and PE firm partners from TPG Capital and BlackRock.
Fund allocation
IPO proceeds to be used for debt repayment
The funds raised from the IPO will be utilized by ArisInfra Solutions to repay debt, meet its working capital requirements, and invest in its subsidiary Buildmex-Infra.
The company also intends to purchase partial shareholdings from existing shareholders of its subsidiary, ArisUnitern Re Solutions.
The firm posted a revenue of ₹700 crore and an EBITDA of ₹40 crore for fiscal 2024.
SME segment
Three SMEs to launch their IPOs this week
In the SME segment, three companies will launch their IPOs. Pradeep Parivahan and Divine Hira Jewellers will open for subscription on March 17.
The Pradeep Parivahan IPO is a fresh equity sale of 45.78 lakh shares with a target to raise ₹45 crore through the offer, and has a price band of ₹93-98.
Divine Hira Jewellers is offering 35.4 lakh shares at ₹90 apiece.
Additionally, the Grand Continental IPO is set to open on March 20 at ₹113 per share.