From Tata Technologies to IREDA, what is the condition of IPO launched this week, what are the signals from the global market
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This week has been full of ups and downs for the Indian stock market. However, IPOs of many great companies have come in the market. Most of the IPOs have received very good response from investors. The total IPO of all the companies is more than Rs 7,377 crore. Among the companies whose IPOs came this week, Tata TechnologiesGandhar Oil Refinery, Indian Renewable Energy Development Agency (IREDA), Flair Writing Industries and FedBank Financial Services. Amidst the signals received from the global market, Indian investors are investing in IPOs with a cautious approach. Let us see which IPO received what kind of response this week.
Flair Writing IPO subscribed 6.11 times on second day of bidding
The initial public offering (IPO) of pen manufacturing company Flair Writing Industries was subscribed 6.11 times on the second day of bidding. According to data available on the National Stock Exchange, 1,44,13,188 shares have been offered under the IPO. In comparison, bids have come for 8,80,71,669 shares. The category of non-institutional investors was subscribed 10.04 times while the category of retail individual investors received 7.14 times subscription. In case of eligible institutional buyers, it has been subscribed 1.36 times. Flair Writing has issued new shares worth up to Rs 292 crore under the IPO. Under the sale offer, the promoters and promoter group have placed shares worth Rs 301 crore. The price range for the IPO is Rs 288-304 per share. The company had raised Rs 178 crore from big investors (anchors) on Tuesday.
Gandhar Oil Refinery’s IPO got 15.25 times subscription on the second day
The initial public offering (IPO) of Gandhar Oil Refinery (India) was subscribed 15.25 times on the second day of bidding on Thursday. According to NSE data, 2,12,43,940 shares have been offered under the IPO worth Rs 500.69 crore. In comparison, bids were received for 32,39,33,896 shares. In this way the issue was subscribed 15.25 times. The category of non-institutional investors received subscription of 26.23 times. Whereas in case of retail individual investors, subscription was received 17.24 times and in the category of eligible institutional buyers, subscription was 3.14 times. There are new shares worth up to Rs 302 crore in the IPO and 1,17,56,910 shares under offer for sale (OFS). The IPO will remain open till Friday. The price range for this has been fixed at Rs 160-169 per share. Gandhar Oil Refinery (India) Limited on Tuesday raised a little over Rs 150 crore from major investors (anchors).
Tata Technologies IPO subscribed 14.85 times on second day
The initial public offering (IPO) of Tata Group’s engineering company Tata Technologies was subscribed 14.85 times on Thursday, the second day of the issue. This is the first IPO of a Tata group company in nearly two decades. Before this, the IPO of Tata Consultancy Services (TCS) came in the year 2004. According to NSE data, a total of 66,87,31,680 shares were bid against the offer of 4,50,29,207 shares in the IPO worth Rs 3,042.5 crore. The non-institutional investors segment was subscribed 31.03 times while the retail individual investors segment was subscribed 11.19 times. The eligible institutional buyers segment was subscribed 8.55 times. Tata Technologies’ issue was fully subscribed within minutes of opening on Wednesday. This issue will close on 24th November. For this, the price range of Rs 475-500 per share has been fixed. This issue is purely based on offer for sale. During this period, 6.08 crore equity shares have been offered for sale. Before the opening of the issue, the company has raised Rs 791 crore from big (anchor) investors.
IREDA’s IPO was subscribed 38.80 times on the last day.
The initial public offering (IPO) of public sector company Indian Renewable Energy Development Agency (IREDA) was subscribed 38.80 times on Thursday, the last day of bidding. According to NSE data, bids were received for 18,27,24,58,560 shares on offer of 47,09,21,451 equity shares under the Rs 2,150 crore IPO. This is the first IPO of a public sector company after the issue of Life Insurance Corporation (LIC) in May last year. 104.57 times bids were placed in the qualified institutional investors (QIB) segment. In the category of non-institutional investors, bids were placed 24.16 times while in the category of retail individual investors (RIIs) it was subscribed 7.73 times. Under the IPO, 40,31,64,706 new equity shares have been offered while 26,87,76,471 shares have been offered for sale (OFS). The price range for the IPO was kept at Rs 30-32 per share. Before the opening of the issue, IREDA has raised Rs 643 crore from anchor (big) investors. IREDA is a mini Ratna company active in the field of renewable energy. Its control is with the Ministry of New and Renewable Energy.
Fedbank Financial Services IPO gets 90 percent subscription on second day
The initial public offering (IPO) of FedBank Financial Services (FedFina) received 90 percent subscription on the second day of bidding on Thursday. According to NSE data, bids were received for 5,03,90,152 shares against the offer of 5,59,23,660 shares under the IPO. In this way the issue received 90 percent subscription. Fedfina plans to raise up to Rs 1,092 crore through IPO. Fedfina is a subsidiary of Federal Bank. The IPO was subscribed 1.25 times in the category of retail individual investors (RIIs), 56 per cent subscribed in the category of qualified institutional buyers (QIBs) and 52 per cent in the category of non-institutional investors. The company has fixed the price range of Rs 133-140 per share for the issue.
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