2 min read.Updated: 26 Jul 2021, 03:08 PM ISTLivemint
Glenmark Life Sciences and Rolex Rings IPOs are set to hit the Indian markets this week
Glenmark Life's price band is fixed at ₹695 to ₹720 per share
July has been the busiest season in terms of initial public offering (IPOs) hitting the Indian markets with many companies including Zomato making strong debut on Dalal Street after receiving overwhelming investors' response for their public offering. Now, two more IPOs - Glenmark Life Sciences and Rolex Rings Limited are set to hit the markets this week. Glenmark Life's IPO is scheduled to open on July 27 whereas that of Rolex Rings will open for bidding on July 28.
Glenmark Life Sciences: Glenmark Life Sciences Limited's IPO will open for subscription on Tuesday i.e., July 27 and will be opened for bidding on July 29. The price band for the initial share sale is fixed at ₹695 to ₹720 per share. The expected date of listing on the stock exchanges is August 6.
Its IPO size has been reduced as it will now consist of a fresh issue of ₹1,060 crore and offer for sale (OFS) of up to 63 lakh shares by its promoter Glenmark Pharma.
As per market observers, Glenmark Life shares are available at a premium of ₹135 in the grey market today. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares.
ICICI Direct in a note said, ''GLS has a good performance execution and clean regulatory track record. The company is also a leading developer and manufacturer of select high value, non-commoditised APIs in chronic therapies and works with 16 of the 20 largest generic companies globally. The growth momentum also has a strong undercurrent of global API industry growth. We recommend Subscribe to the issue.''
Rolex Rings: Auto-components maker Rolex Rings Limited's IPO is expected to open for subscription on July 28 and close on July 30. The company has fixed its price band for the initial share sale at ₹880-900 a share. As per market observers, Rolex Rings grey market premium (GMP) is strong at around ₹530.
The issue comprises of a fresh issue of ₹56 crore and an offer for sale (OFS) of ₹750 crore by Rivendell PE. Currently, Rivendell holds 41% stake in Rolex Rings. Based at Rajkot in Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.
''Considering that both these companies have good positioning in their respective sectors, we believe that they both can deliver listing gains for the investors. Glenmark being a play on APIs is a good long-term candidate for the portfolio,'' said Yash Gupta, Equity Research Associate, Angel Broking.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!