Upcoming IPOs next week: Mainboard stays quiet; one SME and one REIT issue to open

Upcoming IPOs: The week starting April 6 is expected to be muted as no mainboard initial public offering (IPO) will open for subscription. Two issues that will hit the primary market next week include the SME offer of Safety Controls & Devices and an investment trust (InvIT) IPO of Propshare Celestia.

Only one listing of electrical panels and automation systems manufacturer Vivid Electromech will occur on the SME platform of the NSE next week.

Safety Controls & Devices IPO

The ₹48 crore initial public offering of EPC company Safety Controls & Devices will be live from April 6 to April 8. The company has set a price band of ₹75 to ₹80 per share.

The issue is only a fresh issue of 60 lakh shares, with no offer for sale (OFS) component.

The net proceeds will be utilised for funding working capital requirements, repayment of certain outstanding borrowings and corporate general purposes.

"Our company expects to receive the benefits of listing of equity shares on the BSE SME platform, including enhancing our visibility and our brand image among our existing and potential customers and creating a public market for our equity shares in India," the company said in its red herring prospectus (RHP).

The application size for a lot consists of 1,600 shares. The least investment for an individual investor is two lots or 3,200 shares.

Safety Controls & Devices Ltd offers engineering, procurement and construction services, focusing on the installation of substations and firefighting equipment and the construction of solar plants.

Propshare Celestia IPO

Property Share Investment Trust, a small and medium real estate investment trust (SM REIT), will launch its ₹244.65 crore IPO of PropShare Celestia on April 10. The issue will end on April 16.

The initial share sale, with a price band of ₹10-₹10.50 lakh per unit, is exclusively a fresh issue of units, with no OFS component. The funds raised will be used for the acquisition of seven floors in Venus Stratum, a Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad.

The underlying asset, Project Celestia, has a super built-up area (SBUA) of 207,838 sq. ft and is fully occupied.