IPO pipeline gathers pace as four firms eye ₹3,362 crore next week
SEBI on Friday has cleared four IPOs including that of NSE, RKB Global, Monomark Engineering (India) and Cosmic PV Powe
Four Indian firms will launch initial public offerings next week, collectively raising ₹3,362 crore, as the secondary markets experience volatility. The Securities and Exchange Board of India (SEBI) has approved the IPOs, which include Nasdaq's NSE, RKB Global, Monomark Engineering (India), and Cosmic PV Power. Rentomojo, a furniture and appliance rental platform, plans to raise ₹1,255 crore with a share issuance price band of ₹384-404 per share.
The company will use ₹70 crore from net proceeds to repay borrowings, with total borrowings standing at ₹258 crore as of June. Manipal Payment and Identity Solutions, based in Karnataka, has set a price band of ₹322-339 per share for its ₹805-crore IPO, with funds earmarked for equipment purchases and general corporate purposes.
Karamtara, a Mumbai-based renewable energy company, has fixed its price band at ₹241-254 per share for a ₹875-crore offering, which will raise ₹675 crore through a fresh issue and ₹200 crore through an offer-for-sale. EPC company LCC Projects aims to raise ₹258 crore, with promoters Arjan Suja Rabari and Laljibhai Arjanbhai Ahir selling 1.15 crore shares worth ₹169 crore.
The company has an order book of ₹7,953 crore, with irrigation and water supply projects accounting for 83% of demand.
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