Upcoming mainboard IPOs: Arisinfra to raise ₹600 crore, Dorf Ketal Chemicals files DRHP for ₹5,000 crore IPO and more

As many as seven initial public offerings have lined up for hitting the primary market to raise a total of ₹1,564.4 crore this month so far. Of these, mainboard issue Arisinfra Solutions Limited is likely to open this week following regulatory approvals but it has not announced the launch date yet.

Apart from this, the mainboard issues of Ather Energy, Dorf-Ketal Chemicals India, Kalpataru Ltd, WeWork India, SK Finance, among others are expected to be launched soon.

As many as five SME issues are scheduled to open for subscription this week. The SME issue of Chamunda Electricals has already opened on the NSE SME platform to raise around ₹14.7 crore.

Here is a look at the IPOs lined up to be launched in February so far:

1. Arisinfra Solutions IPO

B2B technology platform ArisInfra Solutions Limited, which helps construction and infrastructure firms buy materials, will launch its ₹600-crore IPO this month on the BSE and NSE. The company has not announced the launch date as well as the price band for the issue. The mainboard public offer is expected to be only a fresh issue of shares, as per the IPO documents. The company is also likely to announce the price band for the IPO soon.

2. Dorf Ketal Chemicals IPO

Speciality chemicals company Dorf Ketal Chemicals has filed its draft paper with market regulator the Securities and Exchange Board of India to launch its IPO. The company aims to raise ₹5,000 crore through the public offer. The IPO will be a combination of a fresh issue of shares worth ₹1,500 crore and an offer-for-sale (OFS) portion of up to ₹3,500 crore. The promoter entity, Menon Family Holdings Trust, will offload stake through the maiden share sale.

The company, founded in 1992, is a manufacturer and supplier of speciality chemicals for hydrocarbons and industrial use. It caters to companies across oil and gas, refining, petrochemicals and other industrial sectors. Dorf Ketal Chemicals’ major clients include Reliance Industries, Petronas, Indian Oil Corporation, PPG Industries, Clariant, Liberty Energy, Italiana Petroli and Vedanta, among others.

The chemicals maker plans to utilise the IPO proceeds for debt repayment and general corporate purposes.

3. Ather Energy IPO

Electric two-wheeler maker Ather Energy received SEBI approval for its ₹4,500-crore IPO in December 2024. The Hero MotoCorp-backed company plans to raise ₹3,500 crore througha fresh issue of shares. The mainboard issue will also include an OFS portion of 2.2 crore equity shares. According to reports, the IPO is expected to be launched soon. However, the company is yet to announce the launch date.

The EV company plans to utilise the IPO proceeds for establishing a two-wheeler unit in Maharashtra, repayment of existing debt, investments in research and development (R&D) and general corporate purposes.

In FY 2023-24, the company’s consolidated net loss increased to ₹1,059.7 crore from ₹864.5 crore in the preceding financial year. The company's revenue from operations marginally dropped by 1.5% year-on-year to ₹1,753.8 crore in FY24 against ₹1,780.9 crore in FY23.

4. SK Finance IPO

Jaipur-based non-banking financial company (NBFC) SK Finance Ltd received SEBI approval for its ₹2,200-crore IPO in September 2024. The company is expected to launch its IPO soon. The IPO is expected to be a fresh issue of shares worth ₹500 crore and an OFS portion, amounting to ₹1,700 crore.

The financial services provider has proposed to utilise the IPO funds for augmenting its capital base, expansion of lending operations and general corporate purposes.

The company is a major player in vehicle financing, and small and medium enterprises (SME) lending. The NBFC is backed by prominent equity investors, like Norwest Venture Partners and TPG Growth. Both these venture capital firms will offload stakes worth up to ₹700 through OFS.

5. Kalpataru Ltd IPO

Leading real estate firm Kalpataru Ltd is also expected to launch its IPO soon to raise around ₹1,590 crore. The company received approval from the market regulator the Securities and Exchange Board of India (SEBI) for its IPO in November 2024.

The leading real estate firm has proposed to utilise the IPO funds for repayment or pre-payment of debts. The remaining portion of the IPO proceeds will be used for general corporate purposes.

Kalpataru Ltd is a prominent player in the real estate industry in Mumbai Metropolitan Region (MMR). It also has a significant presence in other cities across India. The company specialises in residential, commercial and retail projects across mid-sized, premium and luxury properties. As of March 2024, the company completed 113 projects across major cities like Mumbai, Thane, Pune, Bengaluru and Hyderabad. The company is the real estate arm of the diversified conglomerate the Kalpataru Group, which has an interest in EPC projects, infrastructure, civil construction and power transmission.

The company’s revenue from operations in FY24 stood at ₹1,929.98 crore compared ₹3,633.18 crore in FY23. Its net losses narrowed to ₹113.8 crore in FY24 as against ₹226.78 crore in FY23.

6. WeWork India IPO

Co-working space provider WeWork India Management Ltd is expected to launch it IPO soon. The Bengaluru-based company filed its draft red herring prospectus (DRHP) with SEBI on February 1. Though the draft papers did not reveal the IPO size, the mainboard issue is expected to be an entirely OFS of 4.37 crore shares of a face value of ₹10 each. According to DRHP, promoter selling shareholder Embassy Buildcon will offload up to 3.34 crore shares through the IPO.

WeWork India, founded in 2017, is a leading operator in the premium flexible workspace segment in India. It’s promoted by Embassy Group, a prominent real estate developer.

The company’s net profit for the quarter ended September 2024 (Q2FY25) stood at ₹174.13 crore. In FY24, the company’s net loss contracted to ₹135.83 crore against ₹145.86 crore in FY23.

Apart from these mainboard issues, several big-ticket IPOs are expected to be launched in near future. The investors are looking forward to the launch of the initial public offerings of Hero Fincorp, HDB Financial Services, NSDL, Zepto, HDFC Credila, JSW Cement and Indira IVF among others.

Upcoming SME IPOs this week

1. Ken Enterprises (Feb 5)

The ₹83.65-crore SME IPO of textile manufacturer Ken Enterprises will open for subscription on the NSE SME platform, Emerge, on February 5. The issue will remain open for bidding till February 7. The IPO comprises a fresh issue of 61.99 lakh equity shares and an offer-for-sale component of 27 lakh equity shares. The company has fixed the price at ₹94 per share. The lot size is 1,200 shares.

2. Amwill Healthcare (Feb 5)

Derma-cosmetic development company Amwill Healthcare aims to raise ₹59.98 crore through its IPO. The BSE SME issue will remain open for bidding from February 5 to February 7. The IPO comprises a fresh issue of 44.04 lakh shares and an offer for sale of 10 lakh shares. The price band is ₹105 to ₹111 per share. And the lot size is 1,200 shares.

3. Readymix Construction (Feb 6)

The ₹37.66-crore NSE SME IPO of construction equipment supplier and manufacturer Readymix Construction Ltd will open on February 6 and close on February 10. The company has set the price band at ₹121 to ₹123 per share for the issue. The public offer comprises entirely a fresh issue of 30.62 lakh shares. The lot size is 1,000 shares.

4. Solarium Green (Feb 7)

The ₹105.04=crore SME IPO of solar EPC services provider Solarium Green is opening on BSE on February 6 and closing on February 10. The IPO is a fresh issue of 55 lakh shares. The price band for the issue has been fixed at ₹181 to ₹191 per share. The lot size is 600 shares.

5. Eleganz Interiors Limited (Feb 11)

Eleganz Interiors Ltd will launch its initial public offering on February 7 to raise ₹78.07 crore. The NSE SME IPO will close for bidding on February 11. The IPO is entirely a fresh issue of 60.05 lakh shares. The price band for the issue has been fixed at ₹123 to ₹130 per share. The minimum bidding size is a single lot of 1,000 shares.