NEW DELHI: After four IPOs hit the Dalal Street on a single day last week, four more are opening for subscription this week. Digital auto classified platform CarTrade and cement manufacturer Nuvoco Vistas Corporation opened their initial public offerings (IPOs) for subscription on Monday while Aptus Value Housing Finance India and Chemplast Sanmar IPO will hit the market on Tuesday. Together, the four are expected to raise over Rs 14,800 crore, based on the higher end of the share price band.
Unlike last week when all the four IPOs were fully subscribed on Day 1, this time the response was rather lukewarm. On the first day of the bidding, CarTrade IPO got booked by only 0.41 times while Nuvoco Vistas (NVCL) was subscribed mere 0.16 times, Bombay Stock Exchange data showed.Most analysts, however, have given subscribe rating to the two IPOs.They beleive that CTT can give a healthy listing gain while NVCL should be held for long term benefits.
“NVCL issue is valued at $146 FY21 EV/tonne and 16.6x EV/EBITDA on post-issue basis, which is at a discount to the industry average given slightly weaker financials. As NVCL has a short history of existence, we believe it has the potential to improve its financials in the long run and come at par with its peers as operating leverage kicks in,” said analysts at Motilal Oswal Financial Services.
CarTrade’s Rs 1,999 crore IPO price band is fixed at Rs 1,585-1,618 a share. Housing finance company Aptus Value Housing Finance has fixed the price band at Rs 346-353 per share as it looks to Rs 2,780.05 crore while Specialty chemicals manufacturer Chemplast Sanmar is planning to raise Rs 3,850 crore and has fixed the price band Rs 530-541 per share.
To raise up to Rs 14,800 cr
CarTrade and Nuvoco Vistas Corporation opened their IPOs on Monday while Aptus Value Housing Finance India and Chemplast Sanmar will open for subscription on Tuesday. Together, the four are expected to raise over Rs 14,800 crore