Three Indian IPOs Scheduled for Listing on Dalal Street This Week.
Utkal Speciality Industries India
IPOIPO Traction Continues on Dalal Street Despite Equity Market Indecision
The primary market continues to see healthy traction as three initial public offerings (IPOs) are set to hit Dalal Street this week, with seven companies available for trading on the bourses. The new IPO launches are from the Small and Medium Enterprises (SME) segment, with companies raising a total of Rs 159 crore.
The first IPO to open for subscription is Utkal Speciality Industries India, a paper-based products and packaging materials maker, which will open for subscription on June 10 with a price band of Rs 62-66 per share. The company is raising Rs 34.5 crore via a public issue of 52.34 lakh shares. Proceeds from the IPO will be utilised for working capital requirements, repayment of debt, purchase of machinery for a new manufacturing facility at Khurda, Odisha, and general corporate purposes.
The next IPO to open is Susan Electricals India, an aluminium and copper-based electrical winding wires, conductors, and cables manufacturer, which will open its maiden public issue on June 11 with a price band of Rs 120-127 per share. The company is raising Rs 70.4 crore via an IPO of 55.42 lakh shares, comprising fresh issuance of 47.42 lakh shares and an offer-for-sale of 8 lakh shares by the promoter. Proceeds from the fresh issue will be utilised for the expansion of the existing manufacturing facility, working capital requirements, and general corporate purposes.
Read also: India Witnesses Record 25 Lakh Vehicle Sales in May, Fueling Auto Market Surge
Horizon Reclaim (India), a reclaimed rubber maker, will be the last amongst them, opening on June 12. The company aims to mobilise Rs 54.27 crore via a public issue of 52.69 lakh shares at the upper end of the price band of Rs 98-103 per share. Proceeds from the IPO will be spent on working capital requirements, repayment of debt, installation of additional plant & machinery, and general corporate purposes.
On the listing front, Merritronix and SMR Jewels started trading on the BSE SME platform effective June 8, while the trading in UHM Vacation and Vahh Chemicals will commence on the same platform effective June 11, followed by Genxai Analytics on the NSE Emerge on June 12.
In the mainboard segment, non-ferrous metal recycler CMR Green Technologies will make its market debut on June 10, while Hexagon Nutrition shares will be available for trading on the bourses on June 11. CMR Green Technologies IPO shares traded at more than a 35 percent premium, and Hexagon Nutrition shares at more than a 14 percent premium in the grey market, the market observers said.
| IPO | Price Band (Rs) | Amount Raised (Rs crore) | Number of Shares |
|---|---|---|---|
| Utkal Speciality Industries India | 62-66 | 34.5 | 52.34 lakh |
| Susan Electricals India | 120-127 | 70.4 | 55.42 lakh |
| Horizon Reclaim (India) | 98-103 | 54.27 | 52.69 lakh |
Note: The grey market is an unofficial market for trading in the IPO shares till their listing on the bourses.
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