IPO market highlights: Balaji Phosphates lists at 7% premium, NAPS Global India IPO allotment & more

Primary markets had a dull day on Friday, March 7, with no initial public offering (IPO) open for active bidding. However, investors were awaiting the announcement of allotment details for the NAPS Global India IPO that had closed for subscription yesterday. A positive listing of a small and medium enterprise (SME) on exchanges offered some relief after a series of disappointing market debuts this week.

NAPS Global India IPO allotment to be out today

Allotment in the ₹11.88-crore SME IPO of NAPS Global India Ltd is set to be announced by the end of the day today. The IPO was subscribed 1.24 times when it was open for subscription from March 4 to March 6.

Investors who bid for the issue can check the allotment status online on the BSE website or on the website of the IPO’s registrar, Cameo Corporate Services Ltd. NAPS Global India shares are scheduled to be listed on the BSE SME platform on Tuesday, March 11.

Balaji Phosphates lists at 7% premium

Shares of SME firm Balaji Phosphates Ltd, a manufacturer and supplier of fertilisers, made a positive trading debut today. The stock listed at ₹75 on the NSE Emerge platform, a premium of 7.14% over the issue price of ₹70 apiece.

The Balaji Phosphates IPO, which had opened for public subscription from February 28 to March 4, was oversubscribed 1.2 times.

Upcoming SME IPOs next week

Two mainboard IPOs of Avanse Financial Services and Arisinfra Solutions are also set to hit the markets within the next couple of weeks. The dates, prices and minimum bid sizes for both the IPOs are yet to be announced. While Avanse Financial Services IPO is a book-built issue of ₹3,500 crore, the Arisinfra Solutions IPO is also a book-built issue of 28.6 million shares.

Mega IPOs coming this year

South Korean electronics major LG Electronics Inc. is gearing up to launch the IPO of its Indian unit this year and started roadshows last month to meet potential investors. Early reports indicated that the size of the LG Electronics India IPO would be somewhere between $1 billion and $1.5 billion at a valuation of around $15 billion. The draft red herring prospectus that was submitted to the market regulator in December 2024 had revealed that the IPO would be entirely an offer-for-sale (OFS) of up to 10.18 crore equity shares.

State-run Canara Bank has also received approval from the Reserve Bank of India (RBI) to divest its equity stake in two subsidiaries, Canara Robeco Asset Management Company (AMC) and Canara HSBC Life Insurance Company, through public issues.

Similarly, Gurugram-based third-party logistics provider Ecom Express is likely to launch its IPO soon. It would consist of a fresh issue of equity shares worth ₹1,284.5 crore and an OFS of shares worth ₹1,315.5 crore.