Upcoming IPOs in June 2024: Public issues to watch out for next month

The initial public offerings (IPOs) provide investors a chance to invest in a diverse range of businesses of different scales across sectors. Two IPOs are all set to open for subscription in the first week of June while several mainboard and SME IPOs are set to be launched in the second half of 2024.

It was a busy time for the primary market in May as more than 20 companies made their stock market debut after successful public offers. Now, two IPOs are all set to become open for subscription in the very first week of June.

Here’s a look at the details of the IPOs which will launch in June:

Kronox Lab Sciences Ltd IPO

Kronox Lab Sciences, a specialty chemicals maker, will launch its IPO on Monday, June 3.

Kronox Lab Sciences IPO subscription window will close on Wednesday, June 5. The public offer is a completely book-built issue of ₹130.15 crores comprising an offer-for-sale (OFS) of 96 lakh shares.

The price band of the specialty chemicals maker’s IPO has been fixed at ₹129 to ₹136 per share. The minimum lot size for subscription is 1 lot made of 110 shares for retail investors. The minimum amount of investment for retail investors is ₹14,960.

The basis of allotment of Kronox Lab’s shares is likely to be finalised by Thursday, June 6. Shares of the specialty chemicals maker are likely to list on the BSE and NSE on Monday, June 10.

The company has reserved 50% of the net issue for QIBs (Qualified Institutional Buyers), 35% of the shares of the public issue for retail investors and not less than 15% for Non-Institutional Investors (NIIs).

The specialty chemicals maker was incorporated in 2008 and its products are used for various applications such as manufacturing APIs, pharmaceutical formulations, scientific research, nutraceuticals and other such uses.

Sattrix Information Security Limited IPO

Cybersecurity Solutions provider Sattrix Information Security Limited’s IPO will open for subscription on Wednesday, June 5. This SME IPO aims to raise ₹21.78 crore through fresh issue of shares. The three day subscription window will close on Friday, June 7.

The fixed price issue has a price band of ₹121 per share and the minimum lot size in which retail investors can invest is 1 lot of 1,000 shares. The minimum amount required to invest in the issue is ₹1,21,000.

The company is likely to finalise the allotment of shares on Monday, June 10. Sattrix Information Security Ltd’s shares are likely to make their D street debut on the NSE SME exchange on Wednesday, June 12.

The company has reserved 50% of the net offer for retail investors and 50% of the net offer has been reserved for other investors.

The cybersecurity firm, founded in 2013, is engaged in the development of customer-oriented cyber security solutions. The company designs and builds data security solutions in the cloud and on-premise based on the client's requirements.

The company will use the money raised through the IPO for meeting its capital expenditure needs such as purchasing furniture and fixtures for its new office in Ahmedabad and for purchasing and installing IT equipment.

IPOs awaited in second half of 2024

NTPC NGEL IPO

NTPC Green Energy Ltd, the renewable energy arm of public sector company NTPC Ltd, is likely to go public in the second half of 2024. The company is likely to file a Draft Red Herring Prospectus (DRHP) by July 2024, according to reports. The company is expected to raise ₹10,000 crore through the issue.

Also read: NTPC Green Energy IPO launch expected by November

Swiggy IPO

Food-delivery app Swiggy’s IPO has been approved by shareholders as per reports. The company plans to raise ₹3,750 crore ($450 million) via a fresh issue of shares and ₹6,664 crore ($800 million) via an offer-for-sale (OFS) component. The company has not submitted its IPO filings to the Securities and Exchange Board of India (SEBI).

Also Read: Swiggy opts for confidential filing route for its IPO

Ola Electric IPO

Electric two wheeler maker Ola Electric is looking to raise nearly ₹5,500 crore through a fresh issue of and an offer-for-sale (OFS) of 95 crore equity shares with a face value of ₹10 each. The company submitted the papers for the IPO in 2023.

Allied Blenders and Distillers

Indian Made Foreign Liquor (IMFL) producer Allied Blenders and Distilleries is seeking to raise ₹1,500 crore via an IPO. The company’s public offer is likely to be a combination of an OFS and a fresh issue and will open for subscription in the second half of June, as per reports.

Ixigo IPO

Ixigo has received an approval from the market regulator (SEBI) to go ahead with its IPO. The company mentioned in its DRHP that it plans to issue fresh equity shares of a face value of ₹1 each, amounting to ₹120 crore along with an offer-for-sale (OFS) component of 6.66 crore equity shares. The company plans to use the net proceeds for meeting various working capital requirements

Asirvad Microfinance IPO

Asirvad Microfinance, a subsidiary of Manappuram Finance, has received SEBI’s nod for an IPO. The issue is likely to consist of a fresh issuance of shares up to ₹1,500 crore, according to reports.

The company may consider issuing fresh equity shares on a private placement basis worth ₹300 crore, it said. The company is likely to use the funds raised via the IPO for strengthening the capital base of Asirvad Microfinance.

To sum up

The upcoming IPOs would offer an opportunity to the investors to invest in companies of different sectors and scale. Investors should make informed choices and exercise caution by conducting thorough research before choosing to invest their money in the upcoming public issues.

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