IPOs: Four new offerings to open for subscription next week to raise ₹5,020 cr
Archean Chemicals Industries Ltd, Five Star Business Finance Ltd, Kaynes Technology India and Inox Green Energy Services Ltd are to hit the market next week
PremiumThe market is all set for more action as four more initial public offerings (IPOs) are set to be open next week for subscription.
Archean Chemical Industries Ltd, Five Star Business Finance Ltd, Kaynes Technology India and Inox Green Energy Services Ltd are to hit the market next week. These will cumulatively raise around ₹5,020 crore.
Archean Chemical and Five Star Business will open for subscription on November 9 and conclude on November 11, while their anchor books will open on November 7. They will be listed on exchanges on November 21.
Kaynes Technology IPO will open on November 10 and conclude on November 14 and the anchor book will be opened for a day on November 9 while Inox Energy Services Ltd issue will open on November 11 and conclude on November 15, and the anchor book will open for a day on November 10.
The issues:
Specialty chemical company Archean Chemical Industries plans to raise ₹1,462.3 crore which comprises a fresh issue of ₹805 crore shares and an offer-for-sale of 1.61 crore equity shares by promoters and investors. The company has fixed a price band of ₹386-407 per share. It will utilise its fresh issue funds for redemption non-convertible debentures, and general corporate purposes.
Small business and mortgage loans provider Five Star Business Finance IPO is an offer for sale (OFS) which aims to raise ₹1,960 crore. The price band for the issue is fixed at ₹450 per share to ₹474 per share respectively.
Kaynes Technology, an IoT solutions-enabled integrated electronics manufacturing company, has fixed price band at ₹559-587 per share. The public offer comprises a fresh issue of shares worth ₹530 crore, and an offer-for-sale (OFS) of 55.84 lakh shares by the promoter and investor. At the upper price band, the fund raising would be ₹857.8 crore.
Wind power operation and maintenance service provider Inox Green Energy Services comprises of ₹740 crore issue of fresh issue and an offer for sale of ₹370 crore each. The fresh issue will be utilised by the company for repaying debts and general corporate purposes.
IPOs this week:
In this week four IPOs have opened i.e, DCX Systems Ltd, Fusion MicroFinance Ltd, Bikaji Foods International Ltd and Global Health.
DCX Systems IPO was subscribed over 69 times, while the Fusion Micro Finance was subscribed three times, Global Health Limited issue was subscribed 0.49 times on day one, while Bikaji Foods IPO was subscribed 1.48 times on day two.
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