Following the ESAF Small Finance Bank IPO (73.2x) in terms of subscription status, the other three top IPOs were Tata Tech IPO (69.4x), Gandhar Oil IPO (64.1x), and ASK Automotive IPO (51.1x).
“Given the positive secondary market environment and ample liquidity, the primary market in the month of November 2023 was busy. We saw 10 IPO listings, and almost all traded in the positive zone, from as low as 3% to as high as 162 %. The year 2023 has been very favorable for IPOs as market conditions are optimistic and have helped companies raise capital,” said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.
Also Read: Tata Tech closes 165% higher on market debut: Check out 5 stocks that beat Tata Group shares at earnings listing.
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial information!” Click here!
In November 2023, ten Indian companies raised approx ₹13,000 crore through main board IPOs. Last week, the Street focused on five main table IPOs: Tata Technologies Ltd, Indian Renewable Energy Development Agency Ltd, Gandhar Oil Refinery (India) Ltd, Fedbank Financial Services Ltd, and Flair Writing Industries Ltd.
Investors on D-Street placed bids in total ₹2.59 lakh crore when all five of these major players opened for subscription. The five mainboard IPOs that opened to raise ₹7,377 crore made the week ending November 24 one of the busiest for the mainstream market in recent years, according to analysts.
Also Read: What is gray market and GMP that led to Tata Tech IPO opening at 140%
According to Vinit Bolinjkar, Head of Research, Ventura Securities Ltd, the IPO market had a favorable month, with 5 out of 10 IPOs showing returns exceeding 20% in listing, and notably, 2 of them achieved remarkable gains exceeding 100%.
Investors continued to show a preference for growth stocks, characterized by companies with high potential for future earnings. This demand for newly listed shares in IPOs reflects the continued interest in investing in promising businesses.
Also Read: Tata Technologies leads the IPO bumper list, Gandhar Oil, FedFina shares follow suit
“In November 2023, certain sectors, particularly technology and consumer discretionary, exhibited robust performance, benefiting from positive sentiment within these industries. The overall market conditions during the month supported IPO activity, as major stock indices experienced gains, creating an encouraging environment for new listings,” Bolinjkar added.
Company Name | Date List | Size Matter | Issue Price | Total Subscription | List Open (Rs) | List Gain (%) |
Blue Jet Healthcare Ltd | 01 Nov ’23 | 840.3 Cr | ₹ 346 | 8.0x | 380 | 19.4% |
Cello World Ltd | 06 Nov `23 | 1900.0 Cr | ₹ 648 | 38.9x | 829 | 22.2% |
Honasa Consumer Ltd | 07 Nov ’23 | 1701.4 Cr | ₹ 324 | 7.6x | 330 | 4% |
ESAF Small Finance Bank Ltd | 10 Nov ’23 | 463.0 Cr | ₹ 60 | 73.2x | 71 | 15.1% |
Protean eGov Technologies Ltd | 13 Nov `23 | 490.3 Cr | ₹ 792 | 23.9x | 792 | 11.5% |
ASK Automotive Ltd | 15 Nov ’23 | 833.9 Cr | ₹ 282 | 51.1x | 303.3 | 10% |
Indian Renewable Energy Development Agency Ltd | 29 Nov ’23 | 2150.2 Cr | ₹ 32 | 38.8x | 50 | 87.5% |
Fedbank Financial Services Ltd | 30 Nov ’23 | 1092.3 Cr | ₹ 140 | 2.2x | 138 | -1.4% |
Tata Technologies Ltd | 30 Nov ’23 | 3042.5 Cr | ₹ 500 | 69.4x | 1200 | 140% |
Gandhar Oil Refinery (India) Ltd | 30 Nov ’23 | 500.7 Cr | ₹ 169 | 64.1x | 298 | 76.3% |
Source: trendlyne |
Forward
December will start with the Flair Writing Industries list. Flair Writing IPO subscription status was 46.68 times on day 3. Flair IPO’s retail investors were subscribed 13.01 times, NII portion was subscribed 33.37 times, and Qualified Institutional Buyers (QIB) portion is reserved 115.60 times, according to data available on BSE.
Flair Writing IPO allocation was finalized yesterday, November 29th. Flair Writing IPO GMP today or gray market premium is +130 which means shares are trading at their premium of. ₹130 in the gray market, according to investorgain.com
Considering the upper end of the IPO price band and the current premium in the gray market, the estimated list price of the shares of Flair Writing Industries Limited was indicated at ₹434 per which is 42.76% higher than the IPO price of ₹304. Based on the last 15 sessions of gray market activity, today’s IPO GMP points up and expects a strong listing.
Going forward, Tapse continues to believe that this trend in the primary market will trend the same way for the rest of the second half of FY24. Investors can also see a huge rush in the IPO space, looking at the success of IREDA and Tata Tech.
“This is the phase where emerging companies and promoters look to gauge investor sentiments considering the secondary market environment. Companies like DOMS, Inox India Ltd, Apeejay Surrendra Park Hotels Ltd, India Shelter Finance Corporation Ltd, Mukka Proteins, and Happy Forgings Ltd would be on the cards for the next round of IPO in the next few weeks,” Tapse added.
Also Read: Tata Technologies Share Price Live Updates: Stock ends at ₹1,327, over 165% premium to IPO price
Disclaimer: The above views and recommendations are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Updated: 30 Nov 2023, 17:49 IST
(tagsTo Translate)Tata Technologies IPO