IPO Action: Three Upcoming Initial Public Offerings Worth Rs 2,300 Crore to Debut on Dalal Street Amid Global Market Volatility

IPO Update: Three New Listings to Hit Primary Market

Market Overview The primary market is expected to see the launch of three new IPOs worth Rs 2,300 crore in the week starting from March 16, despite the ongoing bear market sentiment following the US-Israel and Iran conflict.

Mainboard Segment IPOs

• GSP Crop Science, an agrochemical company, is set to open its Rs 400-crore IPO on March 16 with a price band of Rs 304-320 per share. The issue comprises a fresh issuance of Rs 240 crore and an offer-for-sale of 50 lakh shares worth Rs 160 crore by promoters. The company has already raised Rs 120 crore via anchor investors on March 13.
• Central Mine Planning & Design Institute, a coal and mineral consultancy company, will launch its Rs 1,838-crore public issue on March 20 with a price band of Rs 163-172 per share. The offer comprises only an offer-for-sale by promoter Coal India with no fresh issue component.

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SME Segment IPO

• Novus Loyalty, a loyalty and rewards solutions provider, is opening its IPO on March 17 with a price band of Rs 139-146 per share. The company is raising Rs 60.15 crore via a public issue, comprising a fresh issue of 33 lakh shares and an offer-for-sale of 8.2 lakh shares by existing shareholders.

IPO Updates

• Innovision, a manpower services and toll plaza management provider, has extended its IPO subscription period by three more days due to muted investor response. The Rs 319-crore offer will close on March 17.
• Rajputana Stainless, a stainless products maker, has provided an additional window for investors to withdraw their bids till March 16. The issue was closed on March 11 with 1.12 times subscription.
• Apsis Aerocom, which received 120 times subscription for its Rs 36-crore IPO, is scheduled to debut on March 18 on the NSE Emerge. Its shares traded at a 15 percent premium in the grey market.

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