Introduction
The excitement in the Indian securities market is at its peak when it’s time to invest in an Initial Public Offering (IPO). An IPO is a company’s initiative to raise funds for expansion by offering its shares for sale to the general public for the first time.
IPOs can be of two types - mainboard IPO and SME IPO. The most prominent distinction between the two is the issue size. The former has a larger issue size than IPOs by small and medium-sized enterprises (SMEs).
Generally, the goals for raising funds include capex requirements, debt repayment, business expansion, general corporate purposes, etc. Watch out for the following upcoming three mainboard IPOs and four SME IPOs in September 2024.
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Mainboard IPO
1. Bazaar Style Retail
Bazaar Style Retail is a leading fashion retailer in Odisha and West Bengal. Its largest retail market is in Eastern India. The company’s IPO opened on August 30, 2024, with the expectation to raise Rs. 834.68 crore. The IPO will close on September 3, 2024, with an allotment settlement on September 4, 2024. Bazaar Style Retail’s shares will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on September 6, 2024.
2. Gala Precision Engineering
Gala Precision Engineering designs and manufactures high-precision components. Its IPO will open on September 2, 2024, to raise nearly Rs. 167.93 crore. The fresh issue component is worth Rs. 135.34 crore, along with up to 6,16,000 equity shares offered for sale at a face value of Rs. 10 each. The issue will close on September 4, 2024, with allotment finalisation on September 5, 2024. The company’s shares will be listed on the NSE and BSE on September 9, 2024.
3. Bajaj Housing Finance
Bajaj Housing Finance provides financing solutions to individuals and corporate entities interested in buying and renovating homes and commercial spaces. The company’s IPO is expected to open on September 9, 2024, and close on September 11, 2024. It includes fresh shares worth Rs. 4,000 crore. The parent company, Bajaj Finance Limited, will also sell shares worth Rs. 3,000 crore through an Offer for Sale (OFS).
SME IPO
1. Mach Conferences and Events
Mach Conferences and Events will open its issue for bidding on September 4, 2024, with a book-built issue of Rs. 125.28 crore. The IPO has two components - a fresh issue of Rs. 50.15 crore and an offer for sale of Rs. 75.13 crore. The IPO will close on September 6, 2024, with an allotment finalisation on September 9, 2024.
2. Namo eWaste Management
Namo eWaste Management will launch its IPO on September 4, 2024. It has a book-built issue of Rs. 61.25 crore. The bidding will close on September 6, 2024, with an allotment settlement on September 9, 2024. The entire IPO is through a fresh issue of up to 7,20,600 equity shares. The share’s price band is set in the range of Rs. 80 to Rs. 85 per equity share, with a lot size of 1,600 shares. The listing date on NSE SME is September 11, 2024.
3. Jeyyam Global Foods
Jeyyam Global Foods will open its issue to investors for bidding on September 2, 2024. It aims to raise Rs. 81.94 crore through a fresh issue of Rs. 73.74 crore and an offer for sale worth Rs. 8.19 crore. The IPO will close on September 5, 2024. The minimum lot size is 2,000 shares, with a price band range set at Rs. 59 to Rs. 61.
4. My Mudra Fincorp
My Mudra Fincorp aims to raise Rs. 33.26 crore through a fresh issue of shares. It will open the IPO for bidding on September 5, 2024, which will close on September 9, 2024. The price band is set at Rs. 104 to Rs. 110 per equity share. Investors require a minimum investment amount of Rs. 1,32,000.
Upcoming IPOs to watch: Apply and invest in the future!
Summing up
In the first week of September 2024, you have three IPOs to bid for in the mainboard segment. Bajaj Housing Finance is likely to be the biggest of the three. Together, Bazaar Style Retail, Gala Precision Engineering, and Bajaj Housing Finance will raise a total capital of Rs. 8,002.61 crore. Many other corporations are also planning to issue their IPOs soon. However, there are no formal announcements. Stay tuned to learn about the action expected in the coming weeks.
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