Primary Market Sees Revival With Five IPOs Opening This Week

The IPO market is set for a busy week beginning June 1, with five public issues slated to open for subscription across the mainboard and SME segments. The upcoming offerings are expected to collectively raise over ₹900 crore, ending a period of subdued activity in the primary market.

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Mainboard IPOs Return After Three Weeks

Non-ferrous metal recycling company CMR Green Technologies will open its initial public offering on June 3. The company plans to raise ₹631 crore through an offer for sale (OFS) of 3.28 crore equity shares. Since the issue consists entirely of an OFS, the company will not receive any proceeds from the offering. The price band for the issue has been fixed at ₹182-192 per share.

Another mainboard issue, Hexagon Nutrition, will open for subscription on June 5. The nutrition-focused company seeks to raise nearly ₹139 crore through an OFS of 3.08 crore shares. The IPO has been priced in the range of ₹42-45 per share.

Together, the two mainboard offerings account for around ₹770 crore of the total fundraising planned this week.

Three SME Issues Also Hit the Market

The SME segment will witness three IPO launches, targeting a combined fundraising of ₹138.32 crore. Electronics systems design and manufacturing company Merritronix opened its ₹70-crore IPO for subscription on June 1. The issue is priced in the band of ₹141-149 per share.

Chemical manufacturer Vahh Chemicals will launch its public issue on June 4. The company intends to raise ₹13.45 crore through the issuance of 22.42 lakh equity shares. The IPO is being offered at a fixed price of ₹60 per share.

Enterprise performance and analytics solutions provider Genxai Analytics is the third SME company entering the market this week. The company aims to mobilise ₹54.8 crore through the issue of 47.28 lakh shares. The price band has been fixed at ₹110-116 per share.

Ongoing IPOs Near Closing Stage

Apart from the fresh offerings, two SME issues currently open for subscription are approaching their closing dates. Aureate Tradde, an industrial and technological materials supplier, will close its ₹27-crore IPO on June 2.

As of the latest available data, the issue had received subscriptions equivalent to 15% of the shares on offer.
SMR Jewels has extended the closing date of its ₹64-crore SME IPO to June 3. The issue had garnered 42% subscription at the latest count.

Listings Scheduled This Week

The primary market calendar also includes three SME listings. M R Maniveni Foods debuted on the BSE SME platform on June 1. Yaashvi Jewellers is scheduled to list on June 2, while Rajnandini Fashion India is expected to make its market debut on June 3.

The array of products being offered indicates that there is an increase in the level of primary market activity following a period of relative silence in recent weeks.