IPO action intensifies as 11 cos target Rs 7,055 Cr next week
The companies tapping the primary market include real estate developers, engineering and manufacturing firms, a payments and identity solutions provider, a specialty chemicals manufacturer and an online rental platform.
The Indian primary market is set for an intense week as 11 main-board companies aim to raise Rs 7,055 crore through initial public offerings (IPOs). These companies, all with a market cap below $1 billion at listing, include Rentomojo, Karamtara Engineering, and Kanohar Electricals. The IPOs are scheduled to launch between September 7 and September 15, with most opening for subscription on Tuesday and Wednesday.
Rajkumar Rathi, Chief Investment Officer at YES Securities, notes that this multi-issue rush reflects investors' eagerness to invest in early-stage growth equity in these young companies. The funds raised will primarily be used for business expansion, capital expenditure, debt repayment, working capital requirements, and other general corporate purposes.
Pranav Constructions, the first company to open its IPO, will do so on September 7 with an IPO of over Rs 351 crore, closing on September 9. Subsequent IPOs are set to open on September 8, 9, and 10, with Veegaland Developers launching its IPO on the 10th. The funds raised will be utilised for various corporate purposes, highlighting strong corporate confidence and robust liquidity within the Indian primary market.
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- IPO action intensifies as 11 companies set to raise ₹7,055 cr next week business-standard.com
