Stallion India shares list at 33% premium, CLN Energy IPO opens to strong demand; check primary market highlights

The opening of a new issue and two new IPO listings kept primary market investors busy today. Bidding was also active in two other initial public offerings (IPOs), one mainboard and one small and medium enterprise (SME).

The IPO of the electric vehicles component maker CLN Energy Ltd was fully subscribed on the first day of bidding on Thursday. Stallion India Fluorochemicals made a strong debut on the stock exchanges after its successful IPO.

Here’s a look at the major developments in the IPO market on January 23.

CLN Energy IPO opens on a sombre note

The SME IPO of CLN Energy Ltd, a lithium-ion battery manufacturer, opened today on a decent note. The BSE SME issue was booked nearly 2 times at the end of bidding at 5 pm.

The retail segment was booked 1.96 times, while the Non-Institutional Investors’ category was subscribed 2.43 times. The Qualified Institutional Buyers (QIBs) quota was also fully booked on the first day.

The CLN Energy IPO is a book-built issue aimed at raising a total of ₹72.3 crore. It is entirely a fresh issuance of 28.92 lakh shares. Price band of the issue has been set at ₹235 to ₹250 per share, while the lot size is 600 shares.

Bidding for the issue closes on January 27. The allotment of shares is expected to be finalised on January 28. The stock is scheduled to be listed on the BSE SME platform on January 30.

Denta Water IPO Day 2

The ₹220.5-crore mainboard IPO of Denta Water and Infra Solutions Ltd continued to see strong demand across investor categories on the second day of bidding as well. The IPO was oversubscribed nearly 51 times.

The retail investors’ segment was overbought nearly 44 times, while the NIIs subscribed their quota 128.5 times. The QIBs category was booked 4.75 times.

The price band for the IPO has been fixed at ₹279 to ₹294 per unit, while the lot size is 50. Bidding for the issue closes on January 24. The stock is scheduled to be listed on the NSE and BSE on January 29.

Rexpro Enterprises IPO Day 2

The ₹53.65-crore NSE SME IPO of Rexpro Enterprises Ltd also garnered strong bidding on the second day. The issue was booked more than 6 times, while the retail portion was subscribed nearly 11 times. The NIIs booked their category nearly 2 times.

Shares in the company are being offered at ₹145 apiece in a lot size of 1,000 units. Bidding for the issue closes on January 24.

The stock is scheduled to make its debut on the NSE Emerge platform on January 29.

Listing of Stallion India, Landmark Immigration

Shares of refrigerants supplier Stallion India Fluorochemicals Ltd made a strong debut on the exchanges today. The stock was listed at ₹120 apiece on the NSE, marking a premium of 33.3% over its issue price of ₹90. Immediately after listing, the share price was locked in a 5% upper circuit at ₹126 level.

The ₹199.45-crore mainboard issue was subscribed more than 188 times during the subscription period from January 16 to January 20.

On the other hand, Landmark Immigration Consultants Ltd made a disappointing debut. The stock was listed at a premium of just 4% on the BSE SME platform at ₹75 apiece against the issue price of ₹72.

The ₹40.32-crore issue was open for subscription from January 16 to January 20. The IPO was overall booked 68 times.