IPO wrap, Sept 25: Anand Rathi sees 20x subscription, Solarworld Energy booked 65x on last day

The primary market witnessed a busy day on Thursday, September 29, with nine mainboard IPOs open for subscription.

Among these, four issues—Seshaasai Technologies, Jaro Institute of Technology Management and Research, Solarworld Energy Solutions, and Anand Rathi Share and Stock Brokers—concluded their bidding process.

Additionally, two new mainboard offerings, TruAlt Bioenergy and Jinkushal Industries, opened for subscription. The issues of BMW Ventures, Epack Prefab Technologies, and Jain Resource Recycling were also active on Thursday.

Here’s a brief look at key IPO developments on Thursday, September 25:

• Qualified Institutional Buyers (QIBs): 70.43x

• Non-institutional Investors: 64.73x

• Retail Individual Investors (RIIs): 49.15x

With a price band of ₹333 to ₹351 per share, the IPO is a mix of new equity shares valued at ₹440 crore and an offer-for-sale (OFS) of shares worth ₹50 crore by promoter Pioneer Facor IT Infradevelopers.

The capital raised will be utilised for investment in subsidiary Kartik Solarworld for part-funding the establishment of a 1.2 GW Solar PV TopCon manufacturing facility and general corporate purposes.

Solarworld Energy Solutions provides engineering, procurement and construction (EPC) services for solar power projects.

The non-institutional investor (NII) category was subscribed 28.60 times, while the retail individual investor (RII) segment saw 4.78 times subscription. However, the Qualified Institutional Buyers (QIB) portion was booked 43.80 times.

The price band for the issue has been fixed at ₹393-₹414 per share.

The initial share sale is completely a fresh issuance of new equity shares aggregating to ₹745 crore without an offer for sale (OFS) component.

The objectives of the offer include meeting the company’s working capital requirements and funding general corporate purposes.

Until 5 PM, the initial share sale received bids for 937,990,515 shares as compared to 13,767,095 shares on offer, garnering a total subscription of 68.13 times, exchange data showed.

• Qualified Institutional Buyers (QIBs): 189.63x

• Non-institutional Investors: 49.89x

• Retail Individual Investors (RIIs): 9.17x

The initial share sale is a combination of a fresh issuance of shares valued at ₹480 crore and an offer for sale (OFS) totalling ₹333.07 crore by promoters Gautam Sampatraj Jain and Pragnyat Pravin Lalwani.

Of the fresh issue proceeds, funds worth ₹198 crore will be allocated to expand existing manufacturing facilities, ₹300 crore for clearing certain debt and the remainder for general corporate purposes.

• Qualified Institutional Buyers (QIBs): 35.35x

• Non-institutional Investors: 35.48x

• Retail Individual Investors (RIIs): 8.71x

The initial share sale is a mix of new equity shares valued at ₹170 crore and an offer for sale (OFS) aggregating to ₹280 crore by promoter Sanjay Namdeo Salunkhe. The price range is fixed at ₹846 to ₹890 per share, and a lot consists of 16 shares.

Of the fresh issue proceeds, ₹81 crore will be used for marketing and advertising activities, ₹45 crore for debt clearance and the rest for general corporate purposes.

Jaro Education offers degree and certification courses in collaboration with its partner institutions.

• Qualified Institutional Buyers (QIBs): 1.61x

• Non-institutional Investors: 0.49x

• Retail Individual Investors (RIIs): 1.28x

The initial share sale looks to raise ₹1,250 crore via fresh issuance of shares worth ₹500 crore and an offer for sale of ₹750 crore by promoter Kamlesh Jain and other shareholder Mayank Pareek.

The fresh issue proceeds will be used for clearing debt and serve general corporate purposes.

Jain Resource Recycling is engaged in the manufacturing of non-ferrous metal products by recycling non-ferrous metal scrap. 

• Qualified Institutional Buyers (QIBs): 0.46x

• Non-institutional Investors: 0.46x

• Retail Individual Investors (RIIs): 0.72x

The issue, which has set a price band of ₹194 to ₹204 per share, will end on Friday, September 26.

The ₹504 crore initial share sale is a mix of fresh issuance of shares valued at ₹300 crore and an offer for sale (OFS) aggregating to ₹204 crore.

Promoters Sanjay Singhania, Ajay DD Singhania, Bajrang Bothra, Laxmi Pat Bothra, Preity Singhania, Nikhil Bothra, Divisha Singhania and Drishikka Singhania are offloading their stake via the OFS route.

Of the fresh issue proceeds, ₹101.62 crore will be allocated for establishing a new manufacturing plant in Rajasthan, ₹58.10 crore for expansion of the existing manufacturing unit in Andhra Pradesh for improving the pre-engineered steel building capacity, ₹70 crore for debt repayment and the rest for general corporate purposes.

The minimum investment for a retail investor is 73 shares and in multiples thereafter.

• Qualified Institutional Buyers (QIBs): 1.08x

• Non-institutional Investors: 0.05x

• Retail Individual Investors (RIIs): 0.27x

The issue with a price band of ₹94 to ₹99 per share will conclude on September 26.

The company is seeking to raise ₹231.66 crore via fresh issuance of 2.34 crore shares. There is no offer-for-sale component.

The objectives of the issue include repayment of certain outstanding borrowings and general corporate purposes. The company also expects listing to enhance its visibility and brand image among existing and potential customers.

Sarthi Capital Advisors Private Limited is the IPO's book-running lead manager, while Cameo Corporate Services Ltd is the registrar.

The IPO was subscribed 0.44 times on the first day of bidding, with 5,493,990 bids received against 12,355,424 shares on offer.

• Qualified Institutional Buyers (QIBs): 0.86x

• Non-institutional Investors: 0.24x

• Retail Individual Investors (RIIs): 0.30x

The IPO is a mix of a fresh issuance of shares valued at ₹750 crore as well as an offer for sale of ₹89.28 crore by promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani.

Of the fresh issue proceeds, ₹150.68 crore will be used for setting up multi-feed stock operations, ₹425 crore for working capital needs and the rest for general corporate purposes.

The minimum investment for a retail investor is 30 shares and in multiples thereafter.

As of 5 PM, the IPO was subscribed 2.29 times, with 15,387,600 bids received against 6,721,048 shares on offer.

• Qualified Institutional Buyers (QIBs): 0.02x

• Non-institutional Investors: 3.01x

• Retail Individual Investors (RIIs): 3.28x

The ₹116.15 crore initial share sale is a mix of 86.36 lakh new shares valued at ₹104.54 crore and an offer for sale (OFS) of ₹11.61 crore by promoters Anil Kumar Jain, Abhinav Jain and Sandhya Jain.

The company intends to use fresh issue proceeds for funding the working capital needs and general corporate purposes. The price band has been set at ₹115 to ₹121 per share, and a lot consists of 120 shares.

Before the IPO, Jinkushal Industries mobilised ₹35 crore from anchor investors, including HDFC Bank, Nomura Singapore, Viney Growth Fund, Santosh Industries, Swyom India Alpha Fund and Steptrade Revolution Fund.