Six public issues expected next week amid market rally

Subscription of two IPOs -- DOMS industries and India Shelter Finance – closed on Friday.
Representational Image.
Representational Image.

NEW DELHI: The Initial public offers (IPOs) are looking to reap the benefits of the domestic equity markets, which are at record high over the past one month. Over half a dozen IPOs are up for listing next week, and going by the subscription numbers, it seems investors are hoping to make hay while the sun shines.

Subscription of two IPOs -- DOMS industries and India Shelter Finance – closed on Friday. DOMS Industries IPO was subscribed 93.52 times with retail investors bidding 69.67 times shares on offer. Non-institutional investors bid 66.51 times and qualified institutional buyers subscribed 66.51 times the IPO size.  

India Shelter Finance IPO subscribed 36.71 times the shares on offer. Retail investors subscribed 9.95 times, non-institutional investors subscribed 28.51 times and qualified institutional buyers bid 89.70 times the IPO size.

The IPO of Inox Limited opened on Thursday will close on December 18 (Monday). The IPO has been subscribed 7.14 times so far on the second day of subscription. Retail portion subscribed by 8.17 times, qualified institutional buyers subscribed only 0.40 times and NIIs subscribed 13.75% over the IPO size.  

DOMS Industries and India Shelter Finance are hoping to raise Rs 1,200 crore each, while Inox Limited is likely to raise Rs 1,459 crore from their forthcoming IPOs. Apart from these, IPOs of Muthoot Microfin, Motisons Jewellers, Suraj Estate, Happy Forgings, RBZ Jewellers, Credo Brands and Azad Engineering are likely to list next week. The cumulative amount that is being targeted to be raised from these IPOs is around Rs 8,000 crore.

The primary market has been a happy hunting ground for investors so far in 2023 with 34 of the 48 public issues ending with more than 10% gain on the listing day.  As many as 19 public issues ended the listing day with over 30% gain. The IPO of Tata Technologies listed with a mind boggling 163% gain over the issue price, IDEA Forge surged 93% and Utkarsh Small Finance Bank ended the listing day with 92% gain.

Government-owned Indian Renewable Energy Development Agency (IREDA) Limited, which had listed with 87.5% gain on the listing day, has returned 238% over its issue price of Rs 32.

19 IPOs end listing day with over 30% gain
As many as 19 public issues ended the listing day with over 30% gain. The IPO of Tata Technologies listed with a mind boggling 163% gain over the issue price, IDEA Forge surged 93% and Utkarsh Small Finance Bank ended the listing day with 92% gain. IREDA, which listed with 87.5% gain on listing day, has returned 238% over its issue price

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