IPO market: 70 companies plan to raise Rs 1.60 lakh crore; investors' tremendous interest
IPO Market: This year, tremendous enthusiasm is being seen in the IPO market. So far, 70 companies have planned to raise Rs 1.60 lakh crore by submitting the draft to SEBI. Big brands like Meesho, Pine Labs are included. At the same time, Cryogenic OGS has received a record bid of Rs 8,220 crore on the target of Rs 17.77 crore.
So far in the current financial year, a total of 70 companies have submitted drafts to the market regulator SEBI for initial public offerings, i.e., IPOs. Additionally, 120 companies have submitted drafts since January. Together, these will raise more than Rs 1.60 lakh crore. Companies must bring their IPOs within one year of submitting the draft.
According to the Securities and Exchange Board of India, SEBI, 24 companies submitted drafts in April, 17 in May, 18 in June, and 14 in July. Meesho will raise Rs 4,250 crore, Pine Lab Rs 6,000 crore, ICICI Prudential Mutual Fund Rs 10,000 crore, and Credila Rs 5,000 crore. This year, 26 companies have raised Rs 48,234 crore from the market.
Investors bid Rs 8,220 crore in the Gujarat's Cryogenic OGS issue, while the company needed to raise only Rs 17.77 crore. The company issued 37.80 lakh shares, for which bids were received for 175 crore shares. Cryogenic OGS's IPO was open from July 3 to July 7.
Cryzac's shares listed on the exchange on Wednesday at Rs 280, up 15 percent from the issue price of Rs 245. The company has raised Rs 860 crore. Smartwork will enter the market Thursday at a price range of Rs 387 to Rs 407. Anthem Biosciences will go public on July 14 at a price range of Rs 540 to Rs 570.
SMPP, involved in defense equipment, will raise Rs 4,000 crore. Chairman and MD Dr. Shiv Chand Kansal said, "We have received two orders worth Rs 300 crore from the Indian Army. The company will supply 27,700 bulletproof jackets and 11,700 modern ballistic helmets to the army."
