IPO Action: Three public issues set to open for subscription this week

Three new public issues are set to hit Dalal Street this week, starting April 6, despite the ongoing West Asia war-led subdued sentiment in the equity markets. The total fundraising by these companies would be Rs 443 crore.

The first amongst them would be Safety Controls & Devices from the SME segment, which opens on April 6. The Lucknow-based engineering enterprise aims to raise Rs 48 crore via an initial public offering (IPO) of 60 lakh shares at the upper end of the price band of Rs 75-80 per share. It is entirely a fresh issue.

The EPC company focusing on substations, solar plants, and firefighting equipment intends to utilise IPO proceeds for its working capital requirements and repayment of debt.

The other two are from the mainboard segment. Om Power Transmission will be the second public issue, opening for subscription on April 9 with a price band of Rs 166-175 per share.

The Ahmedabad-based power transmission infrastructure EPC company approached capital markets to mop up Rs 150 crore via initial share sale of 85.75 lakh shares which consists of fresh issue of 75.75 lakh shares and an offer-for-sale of 10 lakh shares by promoters.

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The funds will be used mainly for the purchase of machinery and equipment, repayment of certain borrowings, and working capital requirements.

The last IPO will be from the REIT segment in the mainboard. Property Share Investment Trust through PropShare Celestia IPO intends to raise Rs 244.6 crore. The price band for the offer has been fixed at Rs 10 lakh to Rs 10.5 lakh per unit.

The REIT public issue will open for subscription on April 10.

Property Share Investment Trust intends to spend Rs 237.9 crore of proceeds from the IPO for the acquisition of the project Celestia and payment of sinking fund to society by Celestia SPVs, and reimbursement or direct payment to the Investment Manager for the proposed acquisition by way of lending to the Celestia SPVs and subscribing to the equity and debt instruments of Celestia SPVs.

Meanwhile, digital marketing solutions provider Emiac Technologies is expected to close its Rs 31.75 crore maiden public issue this week on April 8. In the last four days, the offer was subscribed to by 40 percent.

Electrical and automation solutions provider Vivid Electromech will be the only company to debut this week after its IPO. The Rs 130.5-crore initial share sale was managed to sail through with 1.05 times subscription on March 30.