Muted IPO action seen this week as only one public issue scheduled for launch

The primary market action is largely muted this week starting from April 20 despite improving market sentiment, as only one IPO is scheduled for launch later in the week. Remember, the benchmark indices surged nearly 10 percent since April low, while the broader markets gained over 15 percent from war lows in short span of time.

Bangalore-based Leapfrog Engineering Services, the SME company, will open its initial public offering (IPO) on April 22, with price band of Rs 21-23 per share.

The engineering, procurement, construction, and commissioning (EPCC) company specialising in electrical, instrumentation, industrial automation, fire safety, HVAC, and modular substation solutions aims to raise Rs 88.51 crore via public issue of 3.84 crore equity shares.

The IPO is a combination of issuance of 3.46 crore fresh equity shares, and an offer-for-sale of 38.76 lakh shares by promoter Prabhav Narasimha Rao.

Meanwhile, apart from new launch, Rajkot-based multi-brand mobile retail chain Mehul Telecom will close its Rs 27.73-crore IPO for subscription on April 21. The offer saw healthy 3.38 times subscription on the first day, i.e. April 17.

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The public issue of Citius Transnet Investment Trust, in the mainboard segment, will also remain open till April 21. The Rs 1,105-crore IPO was subscribed 69 percent so far on April 17, the first day of bidding.

On the listing front, there will be only two companies available for trading on the bourses this week.

Property Share Investment Trust's third scheme Propshare Celestia will make its debut on the BSE on April 24, after closing its IPO with 1.33 times subscription last week on April 16.

On the same day, Mehul Telecom will also commence its trading on the BSE SME.

Mehul Telecom shares attracted over 4 percent premium but Propshare Celestia units are not getting any premium in the grey market, according to the market observers.

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