Apr-May IPO mop-ups cross Rs 32,530 cr; Jun to be busier with 15 issues of Rs 13K cr

The Rs 32,530 crore realisation includes the Rs 18,000 crore follow-on offer by Vodafone Idea in April, making it the biggest OFS in history of Dalal Street.
Apr-May IPO mop-ups cross Rs 32,530 cr; Jun to be busier with 15 issues of Rs 13K cr

MUMBAI: Despite the election-related volatility that has left Dalal Street high as well as dry since April, primary market laughed its way to the bank mopping up Rs 32,530 crore and has close to Rs 13,000 crore more lined up for the next month, which will be kicked off after the results of the two-month-long hustings are declared on June 4.

The Rs 32,530 crore realisation includes the Rs 18,000 crore follow-on offer by Vodafone Idea in April, making it the biggest OFS in history of Dalal Street.

As per investment bankers, 15 more companies, including electric two-wheeler major Ola Electric (Rs 5,500 cr), microlender Asirwad Microfinance promoted by the Manappuram group (Rs 1,500 cr), and the luxe home furnishing major Stanley Lifestyle (Rs 1,200 cr) among 12 others are waiting to launch their issues next month.

The others who are likely to hit the market are Le Travenues (Ixigo)’s Rs 1,000 crore issue, CJ Darcl Logistics (Rs 600 crore), Arkade Developers (Rs 500 crore), Dee Development Engineers Piping (Rs 500 crore), Denta Water & Infra Solutions, Shiva Pharmachem, SPC Lifesciences and Saraswati Saree Depot’s issues with Rs 300 crore each; Indo-Farm Equipment and Akme Fintrade’s Rs 250 crore each, and Onest’s Rs 130 crore issue and Kronox Lab Sciences’ Rs 120 crore, totalling Rs 12,750 crore. As per Axis Capital, this is the first time during the general elections that such a fund raising via IPO route has taken place, mopping up a whopping Rs 32,530 crore by eight issuers.

While the Vi issue was the largest with Rs 18,000 crore, the second-biggest was Bharti Hexacom from Bharit Airtel group ( Rs 4,275 cr), followed by Aadhar Housing Finance (Rs 3,000 cr), Go Digit General Insurance (Rs 2,615 cr), Indegene (Rs 1,842 cr), TBO Tek (Rs 1,551 cr), JNK India (Rs 649.5 cr) and Awfis Space Solutions (Rs 599 cr), totaling Rs 32,531 crore, making the first two months of fiscal 2025 one of the biggest in terms of mop-up.

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