Hexaware Technologies IPO opens to muted demand, Ken Enterprises shares list at discount; check primary market highlights

As many as four new initial public offerings (IPOs) opened on Wednesday, February 12, one mainboard and three small and medium enterprise (SME) issues. Besides these, two IPOs closed for bidding today with mixed responses from investors. The IPO segment also witnessed a weak listing of two new SME stocks on exchanges amid a negative sentiment prevailing in the secondary markets.

The mainboard IPO of Ajax Engineering closed with decent demand, while another mainboard issue of Hexaware Technologies saw a poor response on the first day.

Here’s a look at all the major developments in the IPO market on Wednesday, February 12:

Hexaware Technologies IPO Day 1

The mainboard IPO of IT services and consulting company Hexaware Technologies Ltd opened today on a sombre note. The IPO was booked only 3% at the end of bidding on the first day. The retail portion was booked only 4% while the Non-Institutional Investors (NIIs) subscribed only 1% of their quota. The Qualified Institutional Buyers (QIBs) booked 4% of their reserved portion. Hexaware Technologies Ltd aims to raise a total of ₹8,750 crore through the IPO. It is a 100% book-built issue comprising entirely an offer-for-sale (OFS) of 12.36 crore shares.

The price band for the IPO has been set at ₹674 to ₹708 per share and the lot size for an application is 21. Bidding in the issue will remain open till February 14. Allotment of shares is expected to be finalized on February 17.

Hexaware Technologies shares are scheduled to be listed on both BSE and the National Stock Exchange of India (NSE) on February 19.

Maxvolt Energy Industries Ltd IPO Day 1

The SME IPO of Maxvolt Energy Industries Ltd IPO saw a modest response on the opening day. At the end of bidding at 5 pm, the IPO was subscribed only 56%. The retail category was booked 36% and the NIIs segment was subscribed 41%. On the other hand, the QIBs quota was fully subscribed.

The Maxvolt Energy IPO is a book-built issue of ₹54 crore. It is a combination of a fresh issuance of 24 lakh shares, aggregating to ₹43.20 crore, and an OFS of 6 lakh shares, aggregating to ₹10.80 crore.

The price band for the issue has been set at ₹171 to ₹180 per share. The lot size for an application is 800 shares.

Bidding will close on February 14. Allotment of shares is expected on February 17. Shares of the company are scheduled to be listed on the NSE Emerge platform on February 19.

Voler Car IPO Day 1

The SME IPO of Voler Car Ltd, a car rental service company, was overall subscribed 90% on the first day. The IPO was fully booked in the retail category and 97% in the NIIs segment. The QIBs did not submit any bids on the first day.

The Voler Car IPO is a 100% book-built issue that aims to raise a total of ₹27 crore. The IPO is entirely a fresh issuance of 30 lakh shares. The IPO price band has been set at ₹85 to ₹90 per share, while the lot size for an application is 1,600 units.

Allotment in the issue is expected to be finalized on February 17. The company's shares are scheduled to be listed on the NSE Emerge platform on February 19.

PS Raj Steels IPO Day 1

The ₹28.28-crore SME IPO of stainless steel products manufacturer PS Raj Steels Ltd received a good response on the opening day. The IPO was booked nearly 2 times at the end of bidding at 5 pm on Day 1. The retail quota was booked 1.95 times and the NIIs segment was subscribed nearly 4 times. The QIBs booked their quota of 79%.

The PS Raj Steels is a 100% book-built issue made up entirely of a fresh issuance of 20.2 lakh shares. The price band for the IPO is set at ₹132 to ₹140 per share. The lot size for an application is 1,000. Allotment for the issue is expected to be finalized on February 17. Shares of the company are scheduled to be listed on the NSE Emerge platform on February 19.

Ajax Engineering Ltd IPO Day 3

The ₹1,269.35-crore mainboard IPO of Ajax Engineering Ltd, a leading concreting equipment player, closed today for bidding after witnessing a decent demand. The IPO was booked 6.44 times. The retail portion was subscribed 1.92 times while the NIIs segment was booked 6.46 times. The QIBs booked their quota 14.41 times.

The IPO price band was fixed at ₹599 to ₹629 per share. The lot size, or the minimum bid quantity to apply for the IPO, was 23 shares.

Allotment of shares is expected to be finalized on February 13. Ajax Engineering shares are scheduled to be listed on both the BSE and NSE on February 17.

Chandan Healthcare IPO Day 3

The ₹107.36-crore SME IPO of Chandan Healthcare Ltd, a healthcare group offering diagnostic services, recorded a decent closing. The IPO was overall booked 7.11 times. The retail quota was subscribed 2.44 times while the NIIs segment was booked 19.22 times. The Qualified Institutional Buyers (QIBs) booked their segment 7.58 times.

The price band for the issue was set at ₹151 to ₹159 per share. The lot size for an application was 800 shares. Allotment of shares is expected to be finalized on February 13. Chandan Healthcare shares are scheduled to be listed on the NSE Emerge platform on February 17.

Eleganz Interiors IPO allotment

Eleganz Interiors Ltd is expected to finalise the share allotment under its IPO by the end of the day today. The ₹78.07-crore SME IPO had closed with a subscription of nearly 31 times.

Investors can check the allotment status online on the websites of the IPO registrar Bigshare Services Pvt. Ltd or on the NSE portal. Eleganz Interiors shares are scheduled to be listed on the NSE Emerge platform on February 14.

New listings

SME firm Ken Enterprise shares were listed at a nearly 10% discount to its IPO price on the Emerge platform today. The stock was listed at ₹85 per share, a discount of 9.57% from its issue price of ₹94. The IPO was subscribed 4.36 times from February 5 to February 7.

Similarly, another SME firm Amwill Healthcare Ltd also made a disappointing debut today, with its stock listing at a discount of nearly 20% on the BSE SME platform. The shares price opened at ₹88.85, down 19.95% from its issue price of ₹111 apiece. The ₹59.98-crore IPO was oversubscribed nearly 6 times.