IPOs in May: Indegene, TBO Tek, Aadhar Housing and 4 SME companies to launch their IPOs this month

The primary market remained abuzz last month with a slew of initial public offerings (IPO) hitting the Street despite the volatility in the Indian stock market. A total of 24 companies have raised more than ₹18,000 crore from IPOs in 2024 so far. The SME segment also witnessed 77 IPOs last month.

The IPO frenzy is expected to continue with several scheduled IPOs in May led by the positive momentum in the Indian stock market. However, volatility is expected to persist in the secondary market amid the ongoing Lok Sabha Elections 2024 and global uncertainties. 

A number of companies including Indegene, TBO Tek, Aadhar Housing Finance and others are expected to launch their IPOs in May. As far as SME IPOs are concerned, four companies have already announced their IPO dates this month. Let us check upcoming IPOs in May:

Indegene IPO

Carlyle-backed health tech company Indegene is set to launch its IPO on May 6. The company plans to raise ₹1,841.76 crore from the book-built issue which is a combination of fresh issue of 1.68 crore equity shares aggregating to ₹760 crore and an offer for sale (OFS) of 2.39 crore shares aggregating to ₹1,081.76 crore.

Indegene IPO price band is set at ₹430 to ₹452 per share and the will open for subscription on May 6 and close on May 8. The IPO allotment is expected to be finalized on May 9 and it will list on BSE, NSE with a tentative listing date fixed on May 13.

Read here: Indegene IPO: GMP jumps after price band declaration. Price, date, review, other details in 10 points

Kotak Mahindra Capital Company, Citigroup Global Markets India Pvt Ltd, JP Morgan India Pvt Ltd and Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Indegene IPO, while Link Intime India Private Ltd is the IPO registrar.

TBO Tek IPO 

TBO Tek IPO will commence on May 8 and conclude on May 10, with the IPO allotment expected to be finalized on May 13 and listing May 15. The anchor book for the IPO will be opened for a day on May 7.

General Atlantic-backed TBO Tek is an online travel distribution platform and will be the second company to launch its IPO in May. TBO Tek IPO price bands are yet to be announced. The IPO comprises fresh issue of ₹400 crore and offer for sale of (OFS) 1.25 crore shares by promoters and investors.

Axis Capital, Goldman Sachs (India) Securities, Jefferies India, and JM Financial are the book running lead managers to the TBO Tek IPO, while Kfin Technologies is the registrar for the issue.

Aadhar Housing Finance IPO

Private equity major Blackstone-backed Aadhar Housing Finance is set to launch its ₹3,000-crore IPO on May 8. Aadhar Housing Finance IPO will conclude on May 10 and the bidding for anchor investors will open for a day on May 7, according to the Red Herring Prospectus (RHP).

Aadhar Housing Finance IPO is a combination of a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of ₹2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72% stake in Aadhar Housing Finance and ICICI Bank owns 1.18% stake.

Meanwhile, a total of four SME IPOs have been scheduled in May.

Slone Infosystems IPO 

Slone Infosystems IPO is an SME IPO which opens for subscription on May 3 and closes on May 7. 

Slone Infosystems IPO price band has been fixed at ₹79 per share and the company plans to raise ₹11.06 crore from the fixed price issue. The IPO is entirely a fresh issue of 14 lakh equity shares.

Jawa Capital Services Private is the book running lead manager of the Slone Infosystems IPO, while Kfin Technologies is the registrar for the issue. 

Read here: Slone Infosystems IPO: Price band, issue size, key dates, other details

Refractory Shapes IPO 

Refractory Shapes IPO will open for subscription on May 6 and close on May 9. The IPO allotment is expected to be finalized on May 10 and Refractory Shapes shares will list on NSE SME on May 14.

Refractory Shapes IPO size is ₹18.60 crore which is entirely a fresh issue of 60 lakh equity shares. Refractory Shapes IPO price band is set at ₹27 to ₹31 per share. 

Read here: Refractory Shapes IPO: From price band to GMP - here's everything you need to know about SME public issue

Winsol Engineers IPO 

The ₹23.36 crore worth Winsol Engineers IPO is entirely a fresh issue of 31.15 lakh equity shares. The bidding for Winsol Engineers IPO opens on May 6 and closes on May 9. 

Winsol Engineers IPO price band is set at ₹71 to ₹75 per share and the minimum IPO lot size is 1,600 shares. The IPO allotment is expected to be out on May 10 and the shares will be listed on NSE SME on May 14.

Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Winsol Engineers IPO, while Kfin Technologies Limited is the IPO registrar.

Read here: Winsol Engineers IPO price band set at ₹71-75 per share; SME IPO to open on May 6

Finelistings Technologies IPO

Finelistings Technologies IPO will commence on May 7 and close on May 9. The SME IPO is a fixed price issue worth ₹13.53 crore and is entirely a fresh issue of 11 lakh equity shares. Finelistings Technologies IPO price band is set at ₹123 per share and the IPO lot size is 1,000 shares. 

Fedex Securities Pvt Ltd is the book running lead manager of the Finelistings Technologies IPO, while Skyline Financial Services Private Ltd is the registrar for the issue.

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