IPO Calendar July 16: Three Companies To List As SBI Funds Management, Two Others Near Issue Closure

Three companies will make their stock market debut on July 16, while three ongoing initial public offerings (IPOs) will close for subscription, putting the primary market in focus on Thursday. Laser Power & Infra will list on the mainboard, while Happy Steels and Devson Catalyst will debut on the SME platforms.

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Laser Power & Infra, Happy Steels And Devson Catalyst To List

All three companies completed their IPO bidding process on July 13. Laser Power & Infra, a Kolkata-based manufacturer of power transmission and distribution products, raised ₹742 crore through its IPO at an issue price of ₹214 per share. The issue comprised a fresh issue of ₹542 crore and an offer for sale worth ₹200 crore. It was subscribed 38.94 times, with the QIB portion receiving bids for 92 times the shares on offer.

The company plans to use ₹490 crore from the fresh issue proceeds to repay loans. The remaining amount will be used for general corporate purposes.

Happy Steels, an automotive components manufacturer based in Punjab, raised ₹25 crore through its IPO at ₹66 per share. The issue received more than 72 times subscription between July 9 and July 13. The proceeds will be used for plant and machinery purchases, debt repayment and general corporate purposes.

Devson Catalyst raised ₹42.3 crore through its IPO at ₹118 per share. The Gujarat-based company manufactures catalysts, adsorbents and ceramic balls for industrial applications. It plans to use the proceeds for a new manufacturing facility, working capital and general corporate requirements.

IPO GMP Signals Strong Listing Interest

Grey market premiums indicated by the reference market ahead of listing stood at around 20% for Laser Power & Infra and about 15% for Happy Steels. Devson Catalyst had a premium of more than 40% over its issue price.

The grey market premium is an unofficial indicator tracked by investors before listing and does not guarantee the actual listing price or subsequent share price performance.

SBI Funds Management IPO Among Issues Closing Today

Three IPOs will close for subscription on July 16. SBI Funds Management’s ₹9,813-crore mainboard issue had been subscribed 2.77 times as of the latest update after opening on July 14.

Alpine Texworld’s IPO had received 80% subscription, while SME issue Millworks Technologies had garnered 44.6 times subscription. Millworks manufactures precision components and assemblies for sectors including railways, aerospace, defence, metro rail, drones and semiconductors.

Sotefin Bharat IPO To Open

Sotefin Bharat will open its ₹85-crore IPO on July 16. The Kolkata-based automated parking solutions provider has fixed a price band of ₹178-187 per share.

With three listings, three IPO closures and a fresh issue opening scheduled for the same day, July 16 will see activity across both the mainboard and SME segments of the primary market.