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Business News/ Market / Stock-market-news/  Three IPOs to hit stock markets next week
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Three IPOs to hit stock markets next week

Pennar Engineered, Shree Pushkar Chemicals and Navkar Corp to raise an estimated over `800 crore through IPOs

After a quiet 2014, the IPO market is buzzing again as 10 IPOs have already hit the market this year and many others are in the pipeline. Photo: MintPremium
After a quiet 2014, the IPO market is buzzing again as 10 IPOs have already hit the market this year and many others are in the pipeline. Photo: Mint

New Delhi: Aiming to tap into the upbeat investor sentiment, three firms—Pennar Engineered Building Systems, Shree Pushkar Chemicals and Fertilisers and Navkar Corp—will hit the capital markets next week, to raise an estimated over 800 crore through initial public offers (IPOs).

The bidding for shares in the IPOs of Pennar Engineered Building Systems and Shree Pushkar Chemicals and Fertilisers will open on 25 August and close on 27 August, while Navkar’s IPO will hit the markets on 24 August and close on 27 August. Power infrastructure services company Power Mech has already launched its IPO this month.

Building systems solutions provider Pennar Engineered Building’s IPO comprises fresh issue of shares to raise about 58 crore and an offer for sale by private equity investor Zephyr Peacock and others. It has fixed a price band of 170 to 178 for its IPO. At the top end of the price band, the IPO size works out to 156 crore.

Shree Pushkar Chemicals and Fertilisers plans to raise 70 crore by issuing fresh shares as well as an offer for sale of 20,26,589 shares. Logistics firm Navkar would mobilise up to 510 crore by issuing fresh equity shares and rake in up to 90 crore through sale of existing shares. It has set the price band at 147-155 for its public issue.

The shares of these companies are proposed to be listed on BSE and NSE. The funds raised through the issue would be used for business expansion, repayment of loans and working capital requirements.

After a quiet 2014, the IPO market is buzzing again as 10 IPOs have already hit the market this year and many others are in the pipeline, including those of popular brands like IndiGo, Cafe Coffee Day and Matrix. These 10 companies have mobilised about 4,700 crore through IPOs, higher than funds raised in the preceding two years.

In comparison, a total of six IPOs had hit the market in 2014 and together garnered just 1,261 crore while in 2013, three companies raked in 1,284 crore through initial share sale plans.

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Published: 20 Aug 2015, 08:54 PM IST
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