Flood of IPO | 13 companies file draft papers with SEBI in a single day

With more than a dozen businesses, such as Vikram Solar, Aditya Infotech, and Varindera Constructions, filing preliminary documents with market regulator Sebi in a single day, a flood of initial public offers (IPOs) is expected to hit Dalal Street.

In total, these companies are predicted to earn at least Rs 8,000 crore, based on the draft documents they submitted on Monday.

These initial public offerings (IPOs) span industries, vary in size, and combine new issues with offers for sale (OFS).

The file is being made at a time when issuers and investors from a variety of industries are showing a lot of interest in the primary market.

Furthermore, 62 businesses have now raised about Rs 64,000 crore overall on the mainboard, which is a 29% rise from the Rs 49,436 crore that 57 businesses raised through the channel for the whole 2023.

The strong momentum in IPO markets is driven by several key macroeconomic, sector-specific factors and willingness of funds to look at new ideas, partially led by strong inflows into domestic mutual funds as well as the robust capital formation happening across corporate India, Munish Aggarwal, Managing Director Head – Equity Capital Markets at Equirus, said.

“Unless there is a major black swan event which disrupts global economy and markets, we expect the markets to continue with the momentum in 2025 with both number of transactions and issuance amount going up further,” he added.

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The companies are tapping the primary market to raise funds for expansion plans, retire debt, support working capital requirements and provide exit routes to existing shareholders.

Solar module maker Vikram Solar’s proposed IPO is a combination of fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 1.74 crore shares by its promoters.

Aditya Infotech is looking to raise Rs 1,300 crore through an I P O comprising a fresh issue of equity shares worth Rs 500 crore and an OFS of shares valued Rs 800 crore by promoters.

The Rs 1,200-crore I P O of Varindera Constructions is a mix of fresh issue of equity shares valued at Rs 900 crore and an OFS of shares worth Rs 300 crore by promoters.

Infrastructure EPC company Vikran Engineering’s proposed I P O comprises fresh issue of shares up to Rs 900 crore and an OFS of up to Rs 100 crore by the promoter.

Further, more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, NSE IPO  lined up their IPOs over the next two months to raise a combined Rs 60,000 crore, merchant bankers said.

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