NEW DELHI: Two more companies will be in the primary market this week to raise equity capital of around R1,300 crore through their initial public offers (IPOs).
While subscription for Thrissur, Kerala-based ESAF Small Finance Bank has already started last Friday, subscription for two more companies -- Protean eGov Technologies and ASK Automotive – will begin this week. The two are looking to raise a total of over R1,300 crore from the primary market.
ESAF Small Finance Bank is looking to raise R463 crore to primarily augment its Tier-1 capital base to meet future capital requirements. The IPO has been priced at R57-60. On the first day of the subscription on 3 November, the issue was subscribed 1.74 times with retail portion subscribed double the number of shares on offer.
Protean eGov Technologies is looking to raise over R490 crore at a price band of R752-792 a piece. ASK Automotive is planning to raise over 830 crore. Last week two IPOs Cello World and Honasa Consumer opened to raise R3,500 crore.
India’s IPO market is booming with 39 IPOs hitting the primary market so far in 2023 and raising R35,132 crore. In November as many as 14 IPOs are likely to hit the primary market.