Upcoming IPOs: Swiggy, ACME Solar Holdings and other issues to open for subscription in November 2024

Investors in the primary market are gearing up for an action-packed month in November as three mainboard issues, including the much-awaited public issue of Swiggy, is opening for subscription.

Out of the several initial public offerings (IPOs) expected to be launched next month, the details of Swiggy, Acme Solar Holdings and Sagility India IPOs have already been released. On the other hand, the public offers of NTPC Green Energy Ltd, Niva Bupa Insurance and Avanse Financial Services are also expected to be launched in the coming weeks.

Swiggy IPO (Issue opens on November 6)

The mainboard issue of food delivery major Swiggy is worth ₹11,327.43 crore. The IPO consists of a fresh issuance of 11.54 crore shares, amounting to ₹4,499 crore, and an offer-for-sale (OFS) of 17.51 crore shares, amounting to ₹6,828.43 crore.

Swiggy IPO will open for subscription on Wednesday, November 6, and close on Friday, November 8. The share allotment status will be finalised on Monday, November 11. The company's shares will be listed on the BSE and NSE. The tentative listing date for the issue is Wednesday, November 13.

The price band for Swiggy IPO has been fixed at ₹371 to ₹390 per share. Retail investors can bid for a minimum lot size of 38 shares, aggregating to an investment of ₹14,820.

The company has reserved up to 75% of the net issue for Qualified Institutional Buyers (QIBs) and 10% for retail investors. As much as 15% of the net issue has been set aside for Non-Institutional Investors. The offer also includes a reservation of up to 7,50,000 shares for company employees.

Sagility India IPO (Issue opens on November 5)

Sagility India aims to raise ₹2,106.6 crore through an entirely offer-for-sale of 70.22 crore shares.

Sagility India IPO will open for subscription on Tuesday, November 5, and close on Thursday, November 7. The share allotment status will be finalised on Friday, November 8. The company's shares will be listed on the BSE and NSE. The tentative listing date for the issue is Tuesday, November 12.

The price band for Sagility India IPO has been fixed at ₹28 to ₹30 per share. Retail investors can bid for a minimum lot size of 500 shares, aggregating to an investment of ₹15,000.

The company has reserved up to 75% of the net issue for Qualified Institutional Buyers (QIBs) and 10% for retail investors. As much as 15% of the net issue has been set aside for Non-Institutional Investors. The issue includes a reservation of up to 19,00,000 shares for employees.

ACME Solar Holdings IPO (Issue opens on November 6)

ACME Solar Holdings IPO is worth ₹2,900 crore and consists of a combination of a fresh issue of ₹2,395 crore along with an OFS component worth ₹505 crore.

ACME Solar Holdings' IPO will remain open for subscription from Wednesday, November 6, to Friday, November 8. The allotment status is expected to be finalised on Monday, November 11. The company's shares will be listed on the BSE and NSE. The tentative listing date for the issue is Wednesday, November 13.

The price band for ACME Solar Holdings IPO has been fixed at ₹275 to ₹289 per share. Retail investors can bid for a minimum lot size of 51 shares, aggregating to an investment of ₹14739.

The company has reserved up to 75% of the net issue for Qualified Institutional Buyers (QIBs) and 10% for retail investors. As much as 15% of the net issue has been set aside for Non-Institutional Investors.

Neelam Linens and Garments (Issue opens on November 8)

The public issue of the home furnishing company Neelam Linens and Garments will be open for subscription between November 8 and 12. This SME IPO plans to raise ₹13 crore from the public issue.

The price band for Neelam Linens and Garments has been fixed at ₹20 to ₹24 per share. Retail investors can bid for a minimum lot size of 6000 shares, aggregating to an investment of ₹ ₹144,000.

The company processes, finishes, and supplies bedsheets, pillow covers, duvet covers, towels, rugs, doors, shirts, and garments. It has two manufacturing units situated in Bhiwandi, Thane, Maharashtra. The IPO funds will be used to prepay certain outstanding borrowings and fund capital expenditure requirements.

Afcons Infrastructure IPO listing

Afcons Infrastructure IPO, which saw a decent response from investors, will list its shares on November 4. The public issue worth ₹5,430 crore was booked 2.63 times across categories, with bids for 22.78 crore shares compared to 8.66 crore shares offered for subscription.

Other IPOs expected in November

Apart from the three mainboard issues mentioned above, investors also look forward to other IPOs in November, including the Niva Bupa IPO and the NTPC Green IPO.

Niva Bupa IPO (Expected date: November 7)

Niva Bupa Health Insurance Ltd has received the final approval from the Securities and Exchange Board of India (SEBI) for its public issue. The company plans to raise ₹3,000 crore through the public issue. The public issue consists of a fresh issuance of shares worth ₹800 crore and an offer for sale of up to ₹320 crore by Bupa Singapore Holdings Pte. Ltd. and up to ₹1,880 crore by Fettle Tone LLP. While the price band and dates for the Niva Bupa IPO are yet to be announced, the public issue will likely open for subscription between 7 to 11 November 2024.

NTPC Green Energy IPO

State-owned power sector company NTPC’s subsidiary NTPC Green Energy Limited received final approval from markets regulator SEBI for its IPO on October 28. The issue is likely to be launched in November. However, the dates of the public issue are not known yet.

The renewable energy company plans to raise ₹10,000 crore through a public issue. It has also reserved shares for NTPC employees and shareholders. The company plans to use ₹7,500 crore from the total proceeds to invest in its wholly-owned subsidiary, NTPC Renewable Energy Ltd., and clear its debts.

Avanse Financial Services IPO

Non-Banking Financial Company (NBFC) Avanse Financial Services’ public issue received the markets regulator’s nod on Oct 28. The public issue is worth ₹3,500 crore and consists of a fresh issue of shares worth ₹1,000 crore and an offer-for-sale worth ₹2,500 crore. The NBFC will use the proceeds of the public issue for enhancing its capital base and expansion of its business.

Zinka Logistics IPO

Zinka Logistics Ltd, which operates the logistics app BlackBuck for booking of trucks, is also likely to launch its public offer in November. Zinka Logistics IPO consists of a fresh issue of shares worth ₹550 crore and an OFS of up to 2.16 crore equity shares.