LK Mehta IPO opens to strong demand, Readymix Construction makes flat debut check primary market highlights

Primary market investors had a busy day as two new initial public offerings (IPOs) opened today, February 13, on top of the four active IPOs that had opened for bidding yesterday. Of these IPOs, the biggest IPO of Hexaware Technologies Ltd was struggling to find enough subscribers as sentiment in the broader equity markets remains cautious. Meanwhile, investors also witnessed the lacklustre listing of two new SME stocks on exchanges today.

Here's a look at all the major developments in the IPO market on Thursday, February 13:

Shanmuga Hospital Limited IPO Day 1

The SME IPO of Shanmuga Hospital Ltd opened today on a muted note. On Day 1 of bidding, the IPO was subscribed 0.65 times. The retail category was bought 1.1 times, while the non-institutional investors’ (NII) portion was booked 0.19 times. The qualified institutional buyers (QIB) quota was yet to receive any bids.

The Shanmuga Hospital IPO aims to raise a total of ₹20.6 crore. It is a fixed-price issue made up entirely of a fresh issuance of 38.18 lakh shares.

Shares in the IPO are being offered at a price of ₹54 per share in a lot size of 2,000 units. Bidding in the issue will remain open till February 17. Allotment of shares is expected to be finalised on February 18. The company's shares are scheduled to list on the BSE SME platform on February 20.

LK Mehta Polymers Limited IPO Day 1

The SME IPO of LK Mehta Polymers Ltd received solid demand on its opening day. At the end of bidding on Day 1 of bidding, the IPO was already oversubscribed 5.6 times. The retail category was overbought 6.3 times, while the NII portion was overbooked 5 times. The QIB quota was yet to receive any bids.

The LK Mehta Polymers IPO aims to raise a total of ₹7.38 crore. It is a fixed-price issue made up entirely of a fresh issuance of 10.4 lakh shares.

Shares in the IPO are being offered at a price of ₹71 per share in a lot size of 1,600 units. Bidding in the issue will remain open till February 17. Allotment of shares is expected to be finalised on February 18. Shares of the company are scheduled to be listed on the BSE SME platform on February 21.

Hexaware Technologies Ltd IPO Day 2

Bidding in the ₹8,750-crore mainboard IPO of IT services and consulting company Hexaware Technologies Ltd was sluggish on the second day as well. At the end of bidding on Day 2, the IPO was subscribed just 15%. The retail category was bought 0.06 times, while the NII portion was booked 0.03 times. The QIB quota was subscribed 0.39 times.

The price band of the IPO is 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 finalised on February 17. Hexaware Technologies shares are scheduled to list on both BSE and the National Stock Exchange of India (NSE) on February 19.

Maxvolt Energy Industries Ltd IPO Day 2

The ₹54-crore SME IPO of Maxvolt Energy Industries Ltd IPO was also going slow on the second day of bidding. At the end of bidding on Day 2, the IPO was subscribed 1.7 times. The retail category was bought 0.81 times, while the NII portion was booked 0.49 times. The QIB quota was fully subscribed at 4.4 times.

Price band for the issue is set at ₹171 to ₹180 per share. The lot size for an application is 800. Bidding will close on February 14. Allotment of shares is expected on February 17. Maxvolt Energy shares are scheduled to list on the NSE Emerge platform on February 19.

Voler Car Ltd IPO Day 2

The ₹27-crore SME IPO of Voler Car Ltd saw a decent response on the second day of bidding. At the end of bidding on Day 2, the IPO was oversubscribed 3.4 times. The retail category was overbought 4.2 times, while the NII portion was booked 1.3 times. The QIB quota was, meanwhile, overbought 3.5 times.

The price band for the IPO is 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 finalised on February 17. Voler Car shares are scheduled to list on the NSE Emerge platform on February 19.

PS Raj Steels Ltd IPO Day 2

The ₹28.28-crore SME IPO of stainless steel products manufacturer PS Raj Steels Ltd was going strong on the second day of bidding. On Day 2, the IPO was oversubscribed 5.5 times. The retail category was bought 5.3 times, while the NII portion was overbooked 12.5 times. The QIB quota was subscribed 0.8 times.

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 finalised on February 17. PS Raj Steels shares are scheduled to list on the NSE Emerge platform on February 19.

Allotment for Ajax Engineering, Chandan Healthcare

Investors in the ₹1,269-crore mainboard Ajax Engineering Ltd IPO can check the share allotment status by the end of the day today. The issue closed for bidding on February 12 and was subscribed 6.45 times. Status can be checked online at the official website of the registrar, Link Intime India Pvt. Ltd, or on the BSE and NSE portal.

The ₹107.36-crore SME IPO of Chandan Healthcare Ltd will also finalise its share allotment status today. Investors can check the status online at the official website of the IPO registrar KFin Technologies Ltd or the NSE portal. The IPO, which was open for bidding from February 10 to February 12, was subscribed over 7 times.

Two new listings

Shares of SME firm Readymix Construction Machinery Ltd made a flat trading debut today, listing at its IPO price of ₹123 on the NSE Emerge platform. The ₹37.66-crore IPO was subscribed 4.6 times from February 6 to February 10.

Meanwhile, shares of another SME firm Solarium Green Energy Ltd listed at a nearly 6% premium to the issue price on the BSE SME platform. The stock opened the session at ₹202, up 5.8% compared with its IPO price of ₹191 per share. The ₹105.04-crore IPO was open for subscription from February 6-February 10 and was oversubscribed 8.3 times.