IPOs to lit up stock market this Diwali
Five issues eye to raise about Rs 31,000 crore.
The Muhurat trading this year will have the added excitement of IPO rush. Five firms, including the much-hyped offerings of beauty startup Nykaa and digital payment and e-commerce major Paytm, are hitting the market between October 28 and November 10. Cumulatively, they will raise about Rs 31,000 crore. Fino Payments Bank and PolicyBazaar, and SJS Enterprises are the other three companies tapping the primary market.
The Rs 5,351.92-crore Nyakaa IPO, which opened on Thursday for subscription shares, seems to be the biggest attraction. It has fixed the price band at Rs 1,085-1,125 per share. It got fully subscribed on the first day itself.
Reports have said that the float may generate bids worth anything between Rs 80,000 crore and Rs 90,000 crore in the HNI category.
Another much-anticipated offering, Paytm IPO, will open for subscription on November 8 and the bidding will close on November 1. The price band has been fixed at Rs 2,080-2,150 per share.
The Rs 18,300-crore public offer comprises fresh issuance of equity shares of Rs 8,300 crore, along with an Offer For Sale (OFS) of Rs 10,000 crore by existing promoters and shareholders.
Online entities are the flavour of the season
Investors can bid for a minimum of six equity shares and in multiples thereafter. While 75% of this is reserved for qualified institutional buyers, retail quota is 10% and the remaining goes to Non-Institutional Investors (NII).
The Rs 1,200-crore offering of Fino Payments Bank opened on Friday. Its has fixed the retail quota at 10%, Qualified Institutional Buyers (QIBs) would get 75% and NII will get 15%. The retail portion was fully subscribed within hours of opening.
Online entities are the flavour of the season for the stock market. Policybazaar looks to ride this and its Rs 5,710-crore IPO opens on November 1. As much as 75% is reserved for QIBs, 15% for NIIs and the remaining 10% for retail investors. The price band has been fixed at Rs 940-980.
The price band of SJS Enterprises IPO is Rs 531-542 per share. The three-day offer opens November 1. Of the total offer, retail investors can bid for 35%.