MUMBAI: Dalal Street will be sparking this Diwali like never before with a dozen companies are on course to tap the primary market with initial share sales, totaling around Rs 70,000 crore, with nearly 35 percent of this (Rs 25,000 crore) being raised by the local unit of the Korean auto major Hyundai, making it the biggest ever IPO in the history of Dalal Street.
The second biggest issue is the Rs 11,600-crore share sale by food delivery app Swiggy, which will become the fifth largest issue ever and the third large issue is from the renewable power player NTPC Green Energy’s Rs 10,000-crore issue, followed by the Shaporji Pallonji group with its engineering arm Afcons Infra’s Rs 7,500 crore issue, followed by Waree Engineers’ Rs 6,000 crore issue.
Others in the fray are mostly backed by global private equity funds or seasoned Dalal Street investors like Mukul Agrawal or Ashish Kacholia and include Dr Agarwal’s Healthcare, Dev Accelerator, Scode Tubes, All Time Plastics among others.
A foreign market data provides said last week that Dalal Street topped the global market in terms of the number of IPOs till August this year and topped the Apac region even in terms of the money raised with USD 12.2 billion raised till August.
According to Globaldata, the London-based data analytics firm, led by India, the Asia-Pacific region recorded the largest number of transactions, totaling 575 IPOs, amounting to USD 23.7 billion in value, while North America had 149 deals valued at USD 25.4 billion.
India topped the APAC region with 227 issues worth USD 12.2 billion in the first eight months of 2024, the report said, primarily due to a higher number of SME issues, followed by the US with 133 deals of USD 23.1 billion, and China with 69 transactions worth USD 5.3 billion.
The Temasek and TPG-backed eyecare services provider has got the SEBI approval today to raise up to Rs 300 crore in fresh issue and an offer for sale of up to 6.95 crore equity shares by the promoter and other selling shareholders who include Dr Amar Agarwal, Dr Athiya Agarwal, Dr Adil Agarwal, Dr Anosh Agarwal, Dr Ashvin Agarwal, Dr Agarwal's Eye Institute, Arvon Investments Claymore Investments, Hyperion Investments and Farah Agarwal & Urmila Agarwal.
Kedaara-backed Ajax Engineering, which is a leading concrete equipment manufacturer with a comprehensive range of concrete equipment, services and solutions across the value chain has filed for an offer for sale only issue under which the promoters and other shareholders will sell 2.28 crore shares.
The selling shareholders include Kedaara Capital, Krishnaswamy Vijay and Kalyani Vijay, Jacob Jiten John, Jacob Hansen Family Trust (promoter selling shareholders) and Susie John (promoter group shareholder).
The Bengaluru based Ajax has a comprehensive product portfolio that includes equipment such as self-loading concrete mixers (where it’s among the top three players in the world) and batching plants for the production of concrete, transit mixers for the transportation of concrete, boom pumps, concrete pumps and self-propelled boom pumps for the placement of concrete, slip-form pavers etc.
Kolkata-based Vikram Solar, which is a leading solar photo-voltaic module manufacturer, has filed for a Rs 1,500 crore fresh issue along with an offer for sale of 17.45 million shares by the promoter group.
Another Kolkata-based firm Rahee Infratech also filed for an issue with Rs 420 crore of fresh issue and an OFS of 2.7 million shares sale by promoters such as Pradeep Khaitan, Pawan Khaitan, Ravi Khaitan, Nandini Khaitan and Shashi Khaitan.
Rahee is focused on providing manufacturing and construction services including the design, supply, construction and installation of tracks, turnkey bridge construction projects including both substructure and superstructure and the design, manufacture and supply of turnouts and track devices, rail fastening systems and sleepers.
Mumbai-based Vikram Engineering is also looking to raise Rs 1,000 crore via IPO. The issue is likely to be a mix of fresh issue of shares up to Rs 900 crore and an OFS of up to Rs 100 crore by promoter selling shareholder Rakesh Ashok Markhedkar.
The EPC company, engaged in power, water & railway infrastructure is backed by seasoned investors like Ashish Kacholia and Mukul Agarwal.
Hyderabad-based Midwest, engaged in exploration, mining, processing, marketing, distribution and export of natural stones, has also filed the IPO papers for Rs 650 crore issue which will be a mix of fresh issue of shares up to Rs 250 crore and an OFS of up to Rs 400 crore by promoters.
Mumbai-based Jaro Institute of Technology Management & Research, (Jaro Education) is floating a Rs 570-croree issue, including a fresh issue of Rs 170 crore and an offer for sale of Rs 400 crore by the promoter selling shareholder-- Sanjay Namdeo Salunkhe.