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India’s primary market is witnessing robust investor interest as Rentomojo Ltd’s IPO was subscribed 72.88 times and Karamtara Engineering’s IPO 62.63 times on their final bidding days, alongside four other fully subscribed offerings.
Illustration: Dominic Xavier/Rediff
Key Points
- Rentomojo Ltd’s initial public offering was subscribed 72.88 times on its final bidding day, receiving bids for 158.68 crore shares against 2.17 crore shares on offer.
- Karamtara Engineering’s IPO saw a subscription of 62.63 times, with bids for 159.17 crore shares against 2.54 crore shares.
- Four other firms – Asset Reconstruction Company (India) Ltd (Arcil), LCC Projects, Steamhouse India, and Manipal Payment and Identity Solutions Ltd – also achieved full subscription.
- The strong subscription rates across multiple IPOs highlight robust investor confidence and significant demand in the Indian primary market.
- Manika Plastech’s IPO received 1.42 times subscription on its first day, while Veegaland Developers IPO was subscribed 1.15 times on its second day.
The initial public offering of Rentomojo Ltd was subscribed 72.88 times on the final day of bidding on Friday, while five other firms — Asset Reconstruction Company (India) Ltd, LCC Projects, Karamtara Engineering, Steamhouse India and Manipal Payment and Identity Solutions Ltd — also garnered full subscription as their respective share sales came to a close.
Manika Plastech’s initial share sale, which started on Friday, received 1.42 times subscription.
Real estate developer Veegaland Developers IPO was subscribed 1.15 times on the second day of bidding process.
Robust Investor Appetite
In total, eight initial public offerings were up for subscription on Friday, amid strong momentum in the primary market, underlining robust investor appetite and corporate confidence.
The Rs 1,256-crore initial public offer (IPO) of Rentomojo Ltd was subscribed 72.88 times on the final day of share sale.
The IPO received bids for 158.68 crore shares against 2.17 crore shares on offer, according to NSE data.
The category for Qualified Institutional Buyers (QIBs) received 177.29 times subscription.
The quota for non institutional investors was subscribed 67.93 times and that of retail investors 15.59 times.
The online furniture and appliance rental platform has fixed a price band of Rs 384-404 per equity share for its IPO.
The issue comprises a fresh issue of shares worth up to Rs 150 crore and an offer for sale (OFS) of 2.73 crore shares valued at Rs 1,106 crore at the upper end of the price band.
Karamtara Engineering and Other Offerings
Karamtara Engineering’s Rs 875-crore IPO got subscribed 62.63 times on the last day of share sale.
The IPO received bids for 159.17 crore shares against 2.54 crore shares on offer.
The portion for QIBs received 159.59 times subscription, while the quota for non-institutional investors was subscribed 48.55 times and that of retail investors 13.26 times.
The IPO comprises a fresh issue of Rs 675 crore and an OFS of shares worth up to Rs 200 crore.
The price band has been fixed at Rs 241-254 per share.
LCC Projects initial public offering received 48.51 times subscription.
The IPO received bids for 101.52 crore shares against 2.09 crore shares on offer.
The quota for QIBs garnered 78.69 times subscription, non-institutional investors received 62.99 times subscription and retail investors 25.56 times.
The EPC company has fixed a price band of Rs 139-146 per share for its Rs 427-crore IPO.
Arcil, Steamhouse, and Manipal Payment
The Rs 733-crore initial share sale of Asset Reconstruction Company (India) Ltd, better known as Arcil, was subscribed 20.10 times.
The company’s IPO received bids for 74.19 crore shares against 3.69 crore shares on offer.
The category for QIBs fetched 52.65 times subscription, non-institutional investors portion got subscribed 15.69 times and the quota for retail investors fetched 3.39 times subscription.
Arcil has fixed a price band of Rs 132-139 per share for its Rs 733-crore IPO, which is entirely an OFS.
Since there is no fresh issue, Arcil will not receive any proceeds from the offering.
The Rs 414-crore IPO of industrial gas producer Steamhouse India Ltd was subscribed 30.49 times.
The IPO received bids for 114.74 crore shares against 3.76 crore shares on offer.
The portion for non institutional investors received 44.30 times subscription, while the QIBs quota got subscribed 43.91 times.
The category for retail investors received 16.90 times subscription.
The IPO has a fresh issue of Rs 353 crore and an OFS of Rs 61 crore. Its price range is Rs 77-81 per share.
The Rs 805-crore initial share sale of Manipal Payment got subscribed 1.42 times.
Its IPO received bids for 1.85 crore shares against 1.30 crore shares on offer.
Retail investors portion received 2.19 times subscription, while the QIBs portion was subscribed 1.26 times and non institutional investors 1.22 times.
The company has fixed a price band of Rs 322-339 per share for its Rs 805-crore IPO.
The issue comprises a fresh issue of Rs 320 crore and an OFS of up to 1.43 crore shares worth Rs 485 crore.
Upcoming IPOs
Veegaland Developers IPO received 1.15 times subscription on the second day of bidding process.
The IPO has a price band of Rs 130-140 per share and would conclude on Tuesday next week.
The initial public offering comprises a fresh issue of up to 1.50 crore equity shares aggregating to Rs 210 crore, with no offer for sale (OFS) component.
The public offering of Manika Plastech Ltd was subscribed 1.42 times on the first day of bidding.
The IPO has a price band of Rs 40-43 per share and has a fresh issue aggregating up to Rs 92.5 crore and an offer for sale of up to 7,674,418 equity shares.
Manika Plastech is a design-led, precision engineered, rigid polymer packaging manufacturing company and caters to diversified critical industries such as energy storage, dairy and edible food products, paints and chemicals.
