Upcoming IPOs: There will be movement in the IPO market next week. In the week starting from Monday 21st October, issues of 3 mainboard IPOs and 5 SME companies will open for investors. Waaree Energies IPO, Deepak Builders IPO and Godavari Biorefineries IPO in the mainboard segment and Premium Plast IPO, Danish Power IPO, United Heat in the SME segment. The issues of companies like Transfer (United Heat Transfer IPO), OBSC Perfection (OBSC Perfection IPO) and Usha Financial Services (Usha Financial Services IPO) are going to open for subscription between 21st to 25th October. The companies plan to raise approximately Rs 5550 crore through these new issues. Apart from this, the IPO of two other companies including Hyundai India is also to be listed in the stock market next week.
The second half of the current financial year looks good for the IPO market. Meanwhile, 26 companies are waiting for SEBI’s approval to raise Rs 72,000 crore. Apart from this, other 55 companies are also waiting for approval from SEBI to raise about Rs 89,000 crore. It is being told that without any unexpected incident, the current financial year may prove to be a record for IPOs.
You can read the details here one by one about the issues opening for subscription next week.
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Waaree Energies IPO
Vari Energies IPO is opening on 21st October. The total size of the IPO is Rs 4,321.44 crore. The company has fixed the price bank for this issue between Rs 1,427 and Rs 1,503 per share. This issue will be open for subscription from 21st to 23rd October. Meanwhile investors will be able to bid. Investors will be able to bid for 9 shares in one lot. The minimum investment amount for retail investors is Rs 13527. Allotment of shares will take place on 24th October and listing of these shares will take place on NSE and BSE on 28th October. Fresh equity shares worth Rs 3600 crore will be issued in this public offering. Whereas shares worth Rs 721.44 crore will be sold through OFS i.e. Offer for Sale. Regarding this issue, it is expected that if the current demand continues, the company may get multibagger listing.
The company is proposed to use the funds raised from the IPO to set up a manufacturing plan of 6 GW in Odisha and for general corporate purposes. Vaari Energies is the largest solar PV module manufacturer in India, with a total installed capacity of 12 GW by June 2024. In FY2024, the company has the second best operating income among all domestic solar PV module manufacturers in India. Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book running lead managers to the issue.
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