IPO Flood on Dalal Street: 16 Public Issues Open This Week, 9 Listings Lined Up

Dalal Street is about to get very busy. Sixteen companies open their maiden public offers in the week beginning September 7, together looking to raise more than ₹7,300 crore. That's a heavy calendar by any standard, and it's landing at a time when the broader market is anything but buoyant, with West Asia tensions and stubbornly high oil prices keeping equities on the back foot. 

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Twelve of the sixteen are mainboard issues, and they account for the bulk of the money, roughly ₹7,200 crore. Once September's offers are counted, IPO fundraising for the calendar year so far climbs to nearly ₹87,900 crore. 

The heavyweights 

Four issues cross the ₹800-crore mark this week, and all of them open on September 8 or 9. 

Rentomojo is the biggest. The direct-to-consumer platform, which rents and sells subscriptions for furniture and appliances online, is raising ₹1,256 crore at a price band of ₹384-404 per share. 

Transformer maker Kanohar Electricals is next at ₹1,055.7 crore, priced at ₹601-632 per share. Karamtara Engineering, which builds products for the renewable energy and power transmission sectors, is targeting ₹875 crore in the ₹241-254 band. And Manipal Payment & Identity Solutions, a manufacturer of payment cards, wants ₹805 crore at ₹322-339 per share. 

One issue deserves a special mention even though it isn't the largest. Asset Reconstruction Company (India), which is raising ₹733 crore at a band of ₹132-139, will become the first asset reconstruction company ever to list on Indian exchanges. 

The rest of the mainboard line-up 

Specialty chemicals firm Prasol Chemicals is seeking ₹500 crore at ₹643-676 per share. Glass Wall Systems (India), which supplies façade and fenestration solutions, is raising ₹428 crore in the ₹172-182 range. LCC Projects, an EPC contractor focused on irrigation and water supply work, is looking for ₹427 crore at ₹139-146. Gujarat's Steamhouse India, an industrial gas supplier, plans to raise up to ₹414 crore. 

Two real estate developers bookend the week's property offers. Mumbai's Pranav Constructions is raising ₹351 crore at ₹118-124 per share, while Kerala-based Veegaland Developers is targeting ₹210 crore through an issue made up entirely of fresh shares, priced at ₹130-140. 

Manika Plastech, a plastics products manufacturer, is the wildcard. It hasn't announced a price band yet, so its total issue size isn't known. What is known: the offer includes a fresh issue worth ₹92.5 crore plus an offer for sale of 76.74 lakh shares by promoter entity VRIDAA Holding Trust. 

Four SME issues 

The smaller board sees four openings. Apana Logistics is raising ₹34 crore at a fixed price of ₹60 per share. Textile firm Vinod Texworld wants close to ₹43 crore at a fixed ₹94. Solar company Infrax Renewable is targeting ₹40.88 crore at ₹104 per share, and chemical maker Amtech Esters is raising ₹17.88 crore at the top of its ₹71-75 band. 

When things open and close 

September 7: Pranav Constructions and Apana Logistics open; both close on September 9. 

September 8: Kanohar Electricals, Prasol Chemicals and Glass Wall Systems open; all three close on September 10. 

September 9 is the crunch day. Nine issues open at once — the six mainboard offers from Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering, plus SME issues from Amtech Esters, Vinod Texworld and Infrax Renewable. Between them they're raising ₹4,611 crore, around 64% of the entire week's tally. 

Veegaland Developers opens on September 10, and Manika Plastech closes out the calendar on September 11. 

Separately, Qualiance International's ₹45-crore offer, already open, closes on September 8. It got off to a flying start, with subscriptions reaching 12.51 times on September 4, its first day of bidding. 

Nine debuts on the exchanges 

The listing side is equally crowded, with nine companies set to start trading, three of them on the mainboard. 

Luxury fashion house Purple Style Labs lists on September 7. Rays of Belief, the company behind MOM's Belief, and gold and diamond jeweller Deepa Jewellers follow on September 8. 

Among SME names, Ashutosh Fibre and Shanti Inorganics debut on NSE Emerge on September 7, the same day Phychem Technologies lists on the BSE SME platform. Fly-Hi Maritime Travels and Farm Peace are due on BSE SME on September 8. Qualiance International rounds off the week with its NSE Emerge listing expected on September 11.