India’s primary market is set for another active week, with 11 initial public offerings (IPOs) opening for subscription, including three mainboard offerings and eight SME issues. Investors will also witness seven stock market listings over the coming days.

Among the biggest offerings are Manipal Health Enterprises, Juniper Green Energy and MV Electrosystems, all of which are expected to attract significant investor attention.

Mainboard IPOs opening this week

Manipal Health Enterprises IPO

Healthcare provider Manipal Health Enterprises plans to raise ₹9,275.22 crore through its public issue.

The IPO comprises:

• Fresh issue: ₹8,000 crore
• Offer for Sale (OFS): ₹1,275.22 crore

The company plans to use the proceeds to:

• Repay borrowings of subsidiary Manipal Hospitals Private Limited
• Acquire the minority stake in Sahyadri Hospitals
• Meet general corporate requirements

IPO Details

• Price Band: ₹560–₹590 per share
• Lot Size: 25 shares

Manipal Health operates a nationwide network of multi-speciality hospitals offering services ranging from outpatient care to advanced tertiary and quaternary treatments.

MV Electrosystems IPO

MV Electrosystems, a manufacturer of overhead electrification (OHE) equipment for the railway sector, will open its IPO on July 30.

The company aims to raise ₹290 crore through a fresh issue of equity shares. There is no Offer for Sale (OFS) in the issue.

The proceeds will be used for:

• Working capital requirements
• Research and development of power electronic equipment
• General corporate purposes

IPO Details

• Issue Size: ₹290 crore
• Price Band: ₹400–₹425 per share
• Lot Size: 34 shares
• Subscription Period: July 30 – August 3

Juniper Green Energy IPO

Renewable energy company Juniper Green Energy is launching a ₹1,800 crore IPO comprising entirely a fresh issue of shares.

The company intends to utilize the proceeds for:

• Repayment of borrowings
• Funding debt obligations of subsidiaries
• General corporate purposes

IPO Details

• Issue Size: ₹1,800 crore
• Price Band: ₹214–₹225 per share
• Lot Size: 66 shares
• Subscription Period: July 30 – August 3

Juniper Green develops, builds and operates utility-scale renewable energy projects, generating revenue through long-term electricity supply agreements with government-backed and other power purchasers.

SME IPOs opening this week

Apart from the mainboard offerings, eight SME IPOs are scheduled to open:

• Propshop Events & Exhibitions
• Advance Technoforge
• Poojaa Precision Engineering
• HR Hygiene Products
• Dhaval Packaging
• Oneindig Technologies
• GV Electricals
• Fusion Klassroom Edutech

These offerings span sectors including engineering, manufacturing, education technology, packaging and electrical equipment.

IPO listings scheduled this week

Seven companies are expected to debut on the stock exchanges this week:

• Indo-MIM
• Xtranet Technologies
• Lohia Corp
• Gulf Lloyds
• Metalic Technoforge
• Shree Balaji Mala
• Silverstorm Parks & Resorts

Investors will closely watch these listings to gauge market sentiment and demand for recent public issues.

Busy week for primary markets

With three sizeable mainboard IPOs, multiple SME offerings and several scheduled listings, the week is expected to remain active for investors tracking India’s primary market.

Market participants are likely to focus on subscription trends, valuation, institutional participation and listing performance as fresh public issues continue to hit the market.

FAQ

Which are the major IPOs opening this week?

The key mainboard IPOs are Manipal Health Enterprises, Juniper Green Energy, and MV Electrosystems.

How much is Manipal Health Enterprises raising?

The company plans to raise ₹9,275.22 crore, comprising an ₹8,000 crore fresh issue and an Offer for Sale worth ₹1,275.22 crore.

How many SME IPOs are opening this week?

A total of eight SME IPOs are scheduled to open for subscription.

Which companies are scheduled to list this week?

The companies expected to list include Indo-MIM, Xtranet Technologies, Lohia Corp, Gulf Lloyds, Metalic Technoforge, Shree Balaji Mala, and Silverstorm Parks & Resorts.

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Trafficsol ITS is a Noida-based company that provides intelligent transportation systems and automation solutions for traffic and toll management projects.

In October, BSE had postponed the listing of Trafficsol ITS Technologies Limited (TITL) on the SME platform following investor concerns. The Rs 45 crore IPO was subscribed over 345 times, receiving bids worth over Rs 10,000 crore.

SEBI ordered to return the money

SEBI has ordered BSE to monitor the refund process within a week from the date of this order. Also, Trafficsol has been directed to take necessary steps to cancel the shares transferred to the demat accounts of the bidders.

In fact, before the company’s shares were listed on the exchange, BSE had received a complaint from the Small Investors Welfare Association (SIREN). In its 16-page order, SEBI has said that Trafficsol knowingly relied on fraudulent documents submitted by a dubious third-party vendor (TPV) to justify the purchase of software worth Rs 17.7 crore.

Trafficsol fails to convince SEBI

Apart from this, SEBI’s investigation also revealed that TPV was a shell entity whose financial records were suspicious. Apart from this, it had no prior experience in software development. Therefore, SEBI has concluded that TPV was selected on the basis of fake profiles and forged financial documents.

While Trafficsol claimed that it had simply received a quote from TPV and selected it as per its procurement policy, the company failed to clearly explain why it selected it in the first place.

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This week, 8 Initial Public Offerings (IPOs) are going to come in the stock market, which includes 3 mainboard and 5 SME (Small and Medium Enterprises) IPOs. First in the mainboard, the IPO of Premier Energies Limited will be open from 27 to 29 August. Its price band is ₹427-450 per share. Its listing in the stock market will be on 3 September. This company is considered to be an expert in the manufacturing of solar cells and solar panels. Its products include cells, solar modules, monofacial and bifacial modules, EPC and O&M solutions.

This company was started in April 1995. For this, investors can bid for a minimum amount of ₹14,850 for 1 lot of 33 shares, while the maximum investment can be made for 13 lots in which 429 shares will be available and an investment of ₹1,93,050 will have to be made.

ECOS India Mobility and Hospitality Limited

ECOS India Mobility and Hospitality Limited provides car rental services in India. This company, established in 1996, provides its services to many Fortune 500 companies including major corporates. Its IPO will be open from 28 to 30 August, whose price band is ₹318-334 per share. In this, investors will be able to invest a maximum of ₹14,696 for 1 lot of 44 shares and ₹1,91,048 for 572 shares of 13 lots. It will be listed in the stock market on 4 September.

With this, the third IPO in the mainboard will be of Bazaar Style Retail Limited, which is a leading fashion retailer of Bengal and Odisha. Started in 2003, this company sells men’s, women’s and children’s clothes and household items. Its IPO will be open from 30 August to 3 September and it will be listed on the stock market on 6 September.

5 SME IPOs will come this week

Indian Phosphate Limited, the SME sector company bringing IPO this week, produces LABSA 90% which is used in making washing powder, cake, toilet cleaner and liquid detergent. This company, established in 1998, also manufactures fertilizers like SSP and GSSP.

The next company to bring IPO in the SME sector is Jai B Laminations Limited, which supplies CRGO and CRNGO steel cores and manufactures electrical laminations, slotted coils and assembled cores. It was established in 1988. The third company to bring IPO in the SME sector is ViDeal Systems Limited, which specializes in electrical and automation solutions. Started in December 2009, this company includes LV and MV panels, VFD panels, EMS, and PLC panels.

New opportunities for investors in the IPO market

The fourth company in the SME sector to bring IPO this week is Paramatrix Technologies Limited, which was established in 2004. This company provides software applications and technology solutions for medium and large sized companies. It had a total of 182 employees as of 31 March 2024. The 5th company in the SME sector to bring IPO is Aeron Composites Limited, which manufactures and distributes FRP as well as provides design, prototype development, testing, manufacturing, installation and after-sales service. Established in 2011, this company had 433 employees as of 31 March 2024.

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SEBI has decided on Friday (May 24) to present the disclosure of companies in the offer documents for public issue in the form of audio-visual (AV).

This move will help investors easily understand the key features of an offering. Such AVs will be prepared for all major IPOs and made available to the public. Initially, it will be in English and Hindi.

Also Read: SBI’s Special Scheme: Up to 7.60% interest is available on 400 days FD, Opportunity only till 30th September

The market regulator said in a circular that this framework will apply to all DRHPs filed with SEBI on a voluntary basis on or after July 1 and mandatorily from October 1. SEBI said that it has been decided that audio-visual formats will also be made available for easy understanding of the disclosures made in DRHP, RHP and price band advertisement for public issue.

SEBI issued guideline regarding real time data sharing

SEBI on Friday issued guidelines for sharing real time price data of shares of listed companies with third parties including various platforms. SEBI had found that virtual transaction services or fantasy games on certain online gaming platforms, apps, websites are based on real time share price fluctuations of listed companies. The market regulator said in a circular that certain special rules apply to prevent misuse or unauthorised use of real time price data.

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The Securities and Exchange Board of India (Sebi) has approved changes in several rules, including tightening of disclosure requirements for initial public offerings (IPOs)

According to SEBI, it is mandatory for the issuer to disclose the offer value based on past transactions and fund raising activities.

SEBI’s board of directors in a meeting held here on Friday approved a proposal to introduce an alternative mechanism by allowing companies looking to submit preliminary documents for IPOs to confidentially submit regulatory information.

The market regulator has also decided to make major changes to bring more flexibility in the structure of Offer for Sale (OFS). This includes doing away with the minimum shareholding requirement for non-promoter shareholders.

At present, non-promoter shareholders willing to offer at least 10 per cent stake in a company and shares worth Rs 25 crore are eligible to participate in the OFS framework.

Apart from this, the capital market regulator has also decided to introduce a two-tier verification process for trading in mutual fund units to safeguard the interest of investors. SEBI said that the new draft in this regard will be implemented from April 1 next year.

At present, all Asset Management Companies (AMCs) are required to verify the withdrawal transactions by two-stage verification for online transactions and signature for offline transactions.

“It has now been decided that two-way verification will be extended to the transaction of purchase of units of mutual funds also,” SEBI said.

The market regulator has also decided to relax the pricing norms for open offers in respect of disinvestment of public sector undertakings.

In addition, SEBI will introduce a regulatory framework to facilitate providers of online bond platforms to sell listed debt securities.

Under the framework, such forums should be run by a SEBI registered broker as a Stock Broker (Loan Segment) or registered with SEBI.

The meeting also decided to extend the deadline by two months to November 30 for implementation of the standardized framework for industry classification by credit rating agencies.

This framework is for rating exercise and research activities and its deadline was to end on Friday itself.

SEBI has also approved the introduction of a new option for the appointment and removal of independent directors from the board of directors of companies. The move will provide flexibility in the approval process for the appointment or removal of independent directors.

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