IPO Action: Eight new public issues hit Dalal Street this week

The primary market is set to be busy this week starting from May 18 with eight new IPOs getting launched. Notably, all these public issues are from the SME segment while the mainboard segment will be remained quiet for the second consecutive week.

These eight companies aim to raise Rs 440 crore via initial public offerings (IPO) with Q-Line Biotech being the largest offer amongst them.

NFP Sampoorna Foods is the first SME IPO of the week, opening on May 18 with a price band of Rs 52-55 per share. The company that offers cashew nuts is raising Rs 24.53 crore via public issue which will close on May 20.

This follows Teamtech Formwork Solutions IPO which will open for public subscription on May 19. The company that engaged in the manufacturing, refurbishing and renting of modular T formwork and customised formwork system for the construction industry intends to raise Rs 50.2 crore via maiden public issue at the upper end of price band of Rs 61-63 per share.

On May 20, investors will see two IPOs launch - Vegorama Punjabi Angithi, and Harikanta Overseas.

Vegorama Punjabi Angithi that operates restaurants chain under the Punjabi Angithi brand aims to mobilise Rs 38.38 crore via IPO for business expansion. The price band for the offer has been fixed at Rs 73-77 per share.

Synthetic textile fabrics maker Harikanta Overseas is raising Rs 25.6 crore via IPO at the upper end of price band of Rs 91-96 per share.

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The participants will have an option of three IPOs on May 21 - Bio Medica Laboratories, Autofurnish, and Q-Line Biotech.

Amongst them, Q-Line Biotech, which supplies diagnostic equipment and IVD products, will be the largest IPO this year in the SME segment, raising over Rs 214 crore at the upper end of price band of Rs 326-343 per share. The funds will be utilised primarily for its working capital requirements, and repayment of certain borrowings.

Madhya Pradesh-based pharmaceutical parenteral formulations maker Bio Medica Laboratories targets to mop up Rs 45.5 crore via initial share sale. The price band for the book-building issue has been fixed at Rs 132-139 per share.

Autofurnish, the manufacturer and trader in automotive accessories, is the fixed price issue, raising Rs 14.6 crore via initial public offering of 35.61 lakh shares at a price of Rs 41 per share.

Tamil Nadu-based M R Maniveni Foods that offers prepared food products will be last SME IPO of the current week, opening for public subscription on May 22. It approached capital markets to raise over Rs 27 crore via IPO of 52 lakh shares at the upper end of price band of Rs 51-52 per share.

Meanwhile, only two new companies will be getting listed on the bourses this week and both are from the SME segment. Goldline Pharmaceutical, and RFBL Flexi Pack will list their shares on the BSE SME and NSE Emerge, respectively, on May 19.

The Rs 11.6-crore Goldline Pharmaceutical IPO saw a massive 782 times subscription, and RFBL Flexi Pack's Rs 35.3 crore IPO was subscribed 20.4 times during May 12-14.