New IPOs hit SME space, more coming

The IPO market in the SME space is continuously buzzing. Two IPOs have opened today and more are in the pipeline this week. Today Vinsys IT Services IPO has opened up for subscription and the response from investors is quite positive. The IPO has a price band of Rs 121 – Rs 128 per share. It opened today, 1st August and will remain open for bidding till 4th August. The company is looking to raise Rs 49.84 crore from the IPO and all of it will be in the form of fresh issue. The company is in the business of providing IT skill development and related training. The investors are showing good interest in the company as it is subscribed 1.47 times. Even in the grey market, the company is enjoying a premium of Rs 60 per share. This implies that the company can get listed at a premium of 46 to 48%. The capital is being raised for working capital needs among others. Post-IPO, the owner’s share in the company will fall from 92.74% to 68.13%.

Another IPO that hit the SME space today is Oriana Power. This company has got a massive response. It is in the business of solar energy solutions. Just on the first day itself, the IPO got subscribed 6.87 times. The retail quota got subscribed 12.18 times. The IPO will remain open from 1st August to 3rd August. Its price band is Rs115 per share to Rs 118 per share. The company is looking to raise Rs 59.66 crore and all of it will be a fresh issue. It provides low-carbon energy solutions. In the grey market, it has a premium of Rs 103 per share which means it may open at a premium close to 87%.

There is one more IPO that is currently open in the SME space. That is Zeal Global Services. The IPO opened on 28th July and today is the last day of the IPO. The company is raising Rs 36.46 crore and its price is Rs 103 per share. It got subscribed 3.12 times by the time of writing this story. In the grey market, the company has GMP of Rs 10 per share which implies a premium of 9-10% on the listing.