Primary Market Set for Action as Three IPOs Open This Week

India’s primary market is gearing up for a busy week, with three initial public offerings (IPOs) collectively seeking to raise more than ₹10,000 crore. The offerings include the much-awaited SBI Funds Management IPO, alongside mainboard issue Alpine Texworld and SME offering Millworks Technologies. All three public issues will open for subscription on July 14 and close on July 16.

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SBI Funds Management IPO Leads Fundraising

The biggest offering of the week is SBI Funds Management, jointly promoted by State Bank of India and France-based Amundi. The asset management company plans to raise ₹9,812.91 crore through an offer for sale of 17.09 crore equity shares in the price band of ₹545-574 per share.

The issue size was reduced from ₹11,692.9 crore after the company completed a pre-IPO placement with 30 investors. Since the IPO consists entirely of an offer for sale, the company will not receive any proceeds. The funds will accrue to the two promoter shareholders selling their stakes.

Based on the upper end of the price band, SBI Funds Management is valued at around ₹1.17 lakh crore. The SBI Funds Management share price will be closely tracked after listing as investors assess valuations in the asset management sector.

Alpine Texworld and Millworks Technologies Also Open

Gujarat-based Alpine Texworld will launch a ₹126.25-crore mainboard IPO comprising a fresh issue of 1.2 crore equity shares. The company has fixed a price band of ₹100-105 per share, valuing the business at approximately ₹401.5 crore.

According to the company’s offer documents, the proceeds will be used to establish a new weaving facility, reduce outstanding borrowings and meet general corporate requirements. The Alpine Texworld share price will be watched after listing for its manufacturing expansion plans.

In the SME segment, Bengaluru-based Millworks Technologies is looking to raise ₹160.3 crore through a fresh issue of 48.44 lakh equity shares. The IPO carries a price band of ₹315-331 per share. The company intends to deploy the proceeds towards purchasing machinery, funding working capital requirements and other corporate purposes. Market participants will also monitor the Millworks Technologies share price following its market debut.

Current IPOs Near Closing

The ₹742-crore Laser Power & Infra IPO will close for subscription on July 13 after receiving full subscription. SME offerings Devson Catalyst and Happy Steels are also scheduled to close the same day.

Devson Catalyst had attracted subscriptions of 27.35 times after the first two days of bidding, while Happy Steels was subscribed 2.95 times during the same period.

Listings Scheduled During the Week

The week will also witness several stock market debuts. Laser Power & Infra, Devson Catalyst and Happy Steels are slated to list on July 16, while Kusumgar is expected to commence trading on July 15.

With a marquee asset management company, a textile manufacturer and a precision engineering firm entering the market together, the coming week is expected to remain active across both the mainboard and SME IPO segments.