IPO market action on Nov 12: Sagility India makes muted debut, Swiggy pays ₹275 crore for the timely execution of its IPO

The primary market was abuzz with activity on Tuesday, November 12, as Sagility India made its debut on the NSE and BSE. One more SME IPO, Mangal Compusolution's initial public offering, opened to strong demand. Additionally, two companies received market regulator SEBI’s nod for their public issues.

Sagility India listing

Sagility India shares made a muted debut on the NSE and BSE. The stock listed at ₹31.06 apiece on the BSE and NSE with a premium of over 3% against the issue price of ₹30 per share. Sagility India shares declined over 6% to hit an intraday low of ₹28.9 apiece on the NSE.

Sagility India IPO was worth ₹2,106.6 crore and consisted of an offer for sale of 70.22 crore shares. The issue was open for subscription from November 5 to November 7.

Mangal Compusolution IPO day 1

The issue received bids for 90.78 lakh shares against 34.2 lakh shares set on offer, leading to an overall subscription of 2.65 times. The retail portion of the IPO was booked 4.34 times, with applications for 74.22 lakh shares against 17.1 lakh shares set aside for the category. The Non-Institutional Investors’ (NIIs) category was booked 96% with bids for 16.56 lakh shares against 17.1 lakh shares on offer.

Mangal Compusolution IPO, worth ₹16.23 crore, consists of an entirely fresh issue of 36.06 lakh shares. The issue price has been fixed at ₹45 per share. Retail investors can apply for the issue by placing bids for a minimum of 3,000 shares, which aggregates to an investment of ₹1,35,000.

Mangal Compusolution IPO subscription is scheduled to close on Thursday, November 14. The tentative listing date for Mangal Compusolution Limited shares is Wednesday, November 20.

Neelam Linens and Garments IPO day 3

Neelam Linens and Garments IPO was oversubscribed 92 times on the final day of subscription on November 12. The NSE SME issue received bids for 33.19 crore shares against 36.06 lakh shares on offer. The retail portion of the IPO was booked 57.82 times while the NIIs booked their quota 273.82 times. The QIBs’ category was subscribed 15.4 times.

Neelam Linens and Garments aims to raise ₹13 crore via an entirely fresh issue of 54.18 lakh shares. Neelam Linens and Garments IPO share allotment status is likely to be finalised on Wednesday, November 13. The tentative listing date for Neelam Linens and Garments IPO is Monday, November 18. Shares of Neelam Linens and Garments will be listed on the NSE SME platform, Emerge.

Niva Bupa Health Insurance IPO allotment

Investors also monitored the share allotment status of Niva Bupa Health Insurance Company IPO on November 12. Shares of Niva Bupa Health Insurance Company are likely to list on Thursday, November 14. Niva Bupa Health Insurance Company shares will be listed on the NSE and BSE.

The ₹2,200-crore IPO of Niva Bupa Health Insurance Company was open for subscription from November 7 to November 11.

SEBI nod for two IPOs

Manjushree Technopack Limited and Inventurus Knowledge Solutions Ltd have received SEBI’s nod to float their IPOs. Both firms filed their preliminary papers with the regulator in August.

Manjushree Technopack aims to raise ₹3,000 crore through the public issue. The IPO consists of a fresh issuance of shares worth ₹750 crore and an OFS of shares worth ₹2,250 crore by AI Lenarco Midco Ltd, according to the company’s draft red herring prospectus (DRHP). A portion of the net offer size will also be reserved for eligible employees. Shares of the company will list on the NSE and BSE.

The company plans to use the money raised via the public issue to pay debt, fund inorganic growth through acquisitions, and pursue other strategic initiatives. Manjushree Technopack is a packaging solutions provider with end-to-end capabilities from design to delivery.

Inventurus Knowledge Solutions IPO consists of an OFS consisting of 2.82 crore equity shares. The company’s promoters and shareholders will participate in the OFS. Inventurus Knowledge Solutions is a provider of healthcare solutions and a care enablement platform that assists physician enterprises in the US, Canada, and Australia. Shares of Inventurus Knowledge Solutions will list on the NSE and BSE.

Swiggy pays ₹275 crore to merchant bankers

The upcoming days of the current week are likely to be busy for the primary market investors as shares of Swiggy Limited and ACME Solar Holdings will make their D-street debut on November 13.

Swiggy raised ₹11,327 crore through its IPO. The mainboard issue was subscribed 3.6 times during the three-day bidding period from November 6 to November 8. As per the red herring prospectus data, the company paid the merchant bankers ₹275 crore for the timely execution of its IPO.

Additionally, the public issue of Zinka Logistics Solution Limited and Onyx Biotec Limited will open for subscription on November 13. Shares of Niva Bupa Health Insurance Company Limited will make their debut on November 14. Shares of Niva Bupa Health Insurance will be listed on the NSE and BSE.