Apart from this, two other SME IPOs from Lakshya Powertech and Freshara Agro will also open for subscription next week. Further, the Street will also see three listings including Garuda Construction, which opened in the week gone by.
The issue of Garuda received decent response from investors with an overall subscription of 7.55 times at close.
The IPO pipeline for the second half looks promising with 26 companies proposing to raise Rs 72,000 crore are sitting on Sebi approval.
Another 55 companies looking to raise about Rs 89,000 crore are awaiting the regulator’s nod. According to Haldea of PRIME Database Group, unless there is a black swan event, it is likely to be a record breaking year for IPOs.
Here’s what to look forward to next week:
Hyundai India IPO
The widely anticipated IPO from Hyundai India will open for subscription on October 15 and investors can bid till October 17. The listing of shares will take place on October 22.The company has fixed a price band of Rs 1865-1960 per share, where investors can bid for 7 shares in one lot.
About 50% of the offer in the IPO is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors.
This IPO will make Hyundai Motor India the first automaker to go public in two decades, following Maruti Suzuki’s listing in 2003.
Even though the entire proceeds from the IPO will go to the parent company, the management said funds will be used for research and development and new innovative offerings.
Hyundai is the second largest carmaker in India with a portfolio of 13 passenger vehicle models across sedans, hatchbacks and SUVs. The company aims to leverage its strong local manufacturing capabilities to position itself as Hyundai Motor’s largest production base in Asia.
For the quarter ending June 2024, Hyundai Motor India reported a revenue of Rs 17,344 crore, marking a growth from Rs 16,624 crore in the same period last year. Of the total revenue, 76% was derived from the domestic market, while exports accounted for 24%.
Kotak Mahindra Capital, Citigroup Global, HSBC Securities, JP Morgan, and Morgan Stanley are the book running lead managers to the issue, while KFin Technologies is the registrar to the offer.
SME IPOs
The SME IPO of Lakshya Powetech will open for subscription on October 16 and close on October 18. The company plans to raise Rs 50 crore through the issue, which is priced in the range of Rs 171-180 per share.
Investors can bid for 800 shares in one lot and in multiples thereafter.
Lakshya Powertech started as an engineering consultancy firm specializing in mechanical and electrical services. The company expanded from freelance power generation consultancy into operations and maintenance (O&M) for gas-fired power plants and large power generation projects.
Meanwhile, the Rs 75 crore IPO of Freshara Agro Exports will kick-off from October 17 and close on October 21. The company has fixed a price band of Rs 110-116 per share.
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