Dalal Street to be busy this week with 3 IPOs opening and 1 listing lined up
Dalal Street to be busy this week with 3 IPOs opening and 1 listing lined up
The Street will witness a total of three IPOs in the upcoming week. In the mainboard segment, the IPOs of Dee Development Engineers and Akme Fintrade will open for subscription from June 19, while that of Stanley Lifestyles will kick off on June 21.
Stanley Lifestyles IPO
The initial share sale of Stanley Lifestyles will open for public subscription on Friday, June 21. Investors can bid for the issue until Tuesday, June 25. The company is planning to raise about ₹557 crore through the IPO route. Anchor book for the issue will open on June 20.
The company will be offering its shares in the price band of ₹351-369 apiece. Investors can apply for the issue bidding for a minimum of 40 equity shares in one lot and its multiples thereafter.
The IPO includes a fresh issue of ₹200 crore and an offer for sale of up to 91.30 lakh equity shares worth ₹337 crore by existing shareholders. Sunil Suresh and Shubha Sunil, promoters of Stanley, will offload 1.18 million shares each in the OFS portion of the IPO. Investor Oman India Joint Investment Fund II will also divest 5,545,000 shares in the IPO.
Akme Fintrade India IPO
The initial public offering (IPO) of non-banking financial company (NBFC) Akme Fintrade (India) Ltd. will open for public bidding on Wednesday, June 19. The issue will close for subscription on June 21.
The IPO is priced in the range of ₹114-120 per share, where investors can bid for 125 shares in one lot and in multiples thereof.
Considering the upper end of the price range, the company aims to mop up ₹132 crore through the issue.
The public offer includes fresh issuance of 1.1 crore equity shares with no offer for sale (OFS) component.
The net proceeds from the fresh issue are proposed to be used to augment the capital base of the company.
DEE Development Engineers IPO
The IPO of piping solutions company Dee Development Engineers will open for bidding on June 19, and investor can subscribe the issue until June 21, 2024. The company is looking to raise ₹418 crore through its initial share sale.
The engineering company will sell its shares in the price range of ₹193 to ₹203 apiece, and investors can apply for a minimum of 73 equity shares in one lot and its multiples thereafter.
The public offer comprises a fresh share sale of up to ₹325 crore, and an offer-for-sale (OFS) of up to 45.82 lakh equity shares, aggregating up to ₹93 crore, by promoter Krishan Lalit Bansal.
DEE Development Engineers company will utilise the net proceeds from the fresh issue towards funding working capital requirements of the company, repayment of certain outstanding borrowings availed by the company, and general corporate purposes.
Ixigo IPO
The shares of Le Travenues Technology, which operates the travel platform Ixigo, will list on the exchanges on June 18. Ahead of its debut, the company's shares are commanding a premium of ₹30 in the grey market.
If the current trends sustain, Ixigo shares will likely list with a premium of 32%. The issue was priced at ₹93 at the upper end.
The IPO witnessed an overwhelming response from investors with an overall subscription of over 98 times at close. The portion set aside for retail investors was subscribed 54.8 times, while that of the non-institutional investors category was booked 110.5 times. The category for qualified institutional buyers was subscribed 106.7 times.
The company will use the proceeds from the public offer to fund working capital requirements, investments in tech, funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.