IPO action: Three IPOs worth Rs 2,300 cr to hit Dalal Street this week despite West Asia jitters

The primary market is set to see the flow of three new IPOs worth Rs 2,300 crore in the week starting from March 16, with two in the mainboard segment and one in the SME segment. This is despite the ongoing bear attack on equities following the US-Israel and Iran war that entered its third week. The benchmark indices plunged over 5 percent last week. Agrochemical company GSP Crop Science is the first company from the mainboard segment, opening its Rs 400-crore IPO this week on March 16 with a price band of Rs 304-320 per share. The initial public offering (IPO) is a combination of fresh issuance of shares worth Rs 240 crore and an offer-for-sale of 50 lakh shares worth Rs 160 crore by promoters. Of which, the company already raised Rs 120 crore via two anchor investors on March 13, a day before the issue opening. Coal and mineral consultancy company Central Mine Planning & Design Institute will launch its Rs 1,838-crore public issue on March 20, comprising only an offer-for-sale by promoter Coal India with no fresh issue component. The price band for the offer has been fixed at Rs 163-172 per share. Loyalty and rewards solutions provider Novus Loyalty is the only SME company opening its IPO this week on March 17. The company is raising Rs 60.15 crore via a public issue at the upper end of the price band of Rs 139-146 per share. The initial share sale comprises of fresh issue of 33 lakh shares, and an offer-for-sale of 8.2 lakh shares by existing shareholders. Click Here To Read All IPO News Meanwhile, manpower services and toll plaza management provider Innovision has extended its IPO subscription period by three more day due to muted response from investors. Hence, the Rs 319-crore offer will close on March 17. In last four sessions, the offer was subscribed only 30 percent. Stainless products maker Rajputana Stainless has provided an additional window to the investors to withdraw their bids till March 16. The issue was closed on March 11 with 1.12 times subscription. If both companies - Innovision and Rajputana Stainless - manage to close their IPOs successfully, then their listings can be possible this week. Amongst all, Apsis Aerocom is the only company scheduled for its market debut this week after its Rs 36-crore IPO got over 120 times subscription last week. Its shares will be available for trading on the NSE Emerge on March 18. Apsis Aerocom IPO shares traded at more than a 15 percent premium in the grey market, the market observers said. Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.