Home/Article/Upcoming IPO In March 2023
Upcoming IPO In March 2023
03 Aug 2023

The year 2023 is turning out to be very slow for Initial Public Offerings (IPOs). Since the end of January, there haven't been any major mainboard IPO announcements. That’s not all. Hindenburg’s allegations on the Adani Group caused a major market panic and a complete rout of the stocks of all Adani group companies. 

It also led to the cancellation of a Follow On Public Offering (FPO) from Adani Enterprises. With the market jittery, it looks like companies are choosing to stay away from IPOs for the remainder of February. However, as March dawns upon us, the situation may change. If it does, here’s a list of companies that might come up with upcoming IPOs in March.   

Upcoming IPOs in March 2023

We’ve come up with a table to give you an overview of the public issues that might see the light of day in March. Check it out below. 

Name of the Company

IPO Size 

IPO Opening Date

IPO Closing Date

ITCONS E-Solutions Limited

Rs. 8.67 crores

To be announced

To be announced

San Trica Realtors Limited

Rs. 40 crores

To be announced

To be announced

Penna Cement Industries Limited

Rs. 1,550 crores

To be announced

To be announced

Now that you’ve looked at a few of the upcoming IPOs that are likely to feature in March 2023, here’s a brief overview of the companies and their businesses. 

1. ITCONS E-Solutions Limited

Established in 2007, ITCONS E-Solutions is in the business of providing services relating to Human Resources to other entities. Some of the services that the company offers include manpower sourcing, supply, recruitment, and staffing. Currently, it has a total employee base of about 800, including regular and contractual employees. 

Through the upcoming IPO 2023, the company is planning to issue around 17,00,000 equity shares for Rs. 51 per share. This brings the total value of the public issue to about Rs. 8.67 crores. The shares of the company would be listed on the SME platform of the Bombay Stock Exchange (BSE). 

2. San Trica Realtors Limited

Another company that was incorporated in 2007, San Trica Realtors Limited is an entity in the business of developing hotels and restaurants. It is also involved in developing residential and commercial projects, which include 2 properties in Palghar and 1 each in Pune and Mumbai. All of these projects are undertaken under the brand - ‘Akanksha’.

Through the upcoming public issue, San Trica Realtors Limited will be issuing about 32,00,000 equity shares for Rs. 125 per share. This brings the entire size of their IPO to about Rs. 40 crores. The shares of the company would be listed on the BSE’s SME platform.   

3. Penna Cement Industries Limited

One of the largest cement manufacturers in India, Penna Cement Industries currently has as many as 4 integrated manufacturing facilities and 2 grinding facilities. This puts their total annual cement production capacity at around 10 million tonnes as of March 31, 2021. 

Out of the entire IPO worth Rs. 1,550 crores, around Rs. 1,300 crores would be from a fresh issue of shares, whereas the remaining Rs. 250 crores would be from an Offer for Sale (OFS) from the company’s promoters. The company is planning to use the proceeds from the fresh issue to repay debt and fund capital expenditures such as the upgradation of manufacturing facilities.


Now, the list of companies mentioned above may or may not come up with their public issues in March. At this point, it is just speculation. However, you can expect more clarity once the company files its final Red Herring Prospectus with the Securities and Exchange Board of India (SEBI). 

If you’re planning to invest in any of the upcoming IPOs in March 2023, make sure you have a valid demat account in your name. If you don’t, you can quickly open a Demat account and a trading account by simply visiting the website of Motilal Oswal. The entire application process is digital, which makes the entire account opening process a whole lot smoother and hassle-free.


Related articles: 5 Tips for Investing In IPOs | What's the big deal about IPOs | Clearing the confusion from IPOs | IPO in India- The future looks bright | Upcoming IPO

You may also like…

Be the first to read our new blogs

Intelligent investment insights delivered to your inbox, for Free, daily!

Take your next step

Open Demat Account
I wish to talk in South Indian language
By proceeding you’re agree to our T&C