Vishal Mega Mart, Sai Life Sciences, MobiKwik IPOs to open today; check GMP, other details

This week is going to be busy for the primary market with 5 main board IPOs set to hit Dalal Street, including heavyweights such as Vishal Mega Mart, Sai Life Sciences, and Mobikwik. Ahead of opening of the issue, all these IPOs have created buzz in the grey market, with their shares trading at premium over price bands.

The three-day issue of Vishal Mega Mart, Sai Life Sciences and MobiKwik will open for subscription today, looking to collectively raise ₹11,614 crore through public listing of shares on the domestic bourses. Ahead of IPO, they have garnered a total of ₹3,570 crore from several global and domestic institutional investors via anchor book on December 10.

Kedaara Capital-backed supermarket retain chain operator Vishal Mega Mart has raised ₹2,400 crore from anchor investors by allocating 30.76 crore equity shares at ₹78 per share. The anchor book saw participation from marquee global institutional investors such as Government of Singapore, Monetary Authority of Singapore, JP Morgan, Custody Bank of Japan, Nomura, Blackrock, Government Pension Fund Global, Schroder International Selection Fund, HSBC Global, CLSA Global, and others.

Vishal Mega Mart aims to garner ₹8,000 crore via IPO, which is completely an offer for sale (OFS) of 102.56 crore shares by promoter entity. The highly anticipated IPO of supermarket chain operator will be issued at a price band of ₹74-78 per share. At the upper price band of ₹78, the company's market capitalisation is estimated to be around ₹36,120 crore.

Similarly, Sai Life Sciences, backed by the global private equity major TPG Capital, raised ₹912.78 crore via anchor book. The company has allocated 1.66 crore equity shares to anchor investors at a price of ₹549 per share. The issue received funding commitments from global investors such as INQ Holdings, Smallcap World Fund, Fidelity, Blackrock, Abu Dhabi Investment Authority, Goldman Sachs. Out of the total allocation of 1.66 crore equity shares to the anchor investors, 61.34 lakh equity shares were allocated to 14 domestic mutual funds, which applied through a total of 33 schemes.

The IPO of healthcare-focused firm is a mixture of fresh issue of 1.73 crore shares worth ₹950 crore and offer for sale of 3.81 crore shares aggregating to ₹2,092.62 crore, being offered at a price band of ₹522-549 per share. The minimum lot size for an application is 27 shares and in multiple thereafter.

Meanwhile, One Mobikwik Systems raised nearly ₹257 crore from anchor investors by allocating 92.26 lakh equity shares to 21 funds at ₹279 apiece. Global and domestic institutions that participated in the anchor round included the Morgan Stanley Investments, White Oak Capital, Government Pension Fund (Norges Fund), Eastspring Investments, HDFC Mutual Fund (MF), Axis MF, SBI General Insurance, and SBI MF.

Founded by Bipin Preet Singh and Upasana Taku, the digital payment solutions company has fixed the price band at ₹265-₹279 per equity share for its maiden IPO. The IPO is entirely a fresh issue of up to ₹572 crore and with no offer of sale component. Investors can bid for a minimum of 53 equity shares and in multiples thereafter.

GMP trends

Ahead of opening of the IPO, Vishal Mega Mart shares were commanding a grey market premium (GMP) of ₹19 in the unlisted market, indicating listing price to be around ₹97, up 24.36% over the IPO price.

Sai Life Sciences shares were trading at a premium of ₹31 in the grey market, signaling estimated listing price at ₹580, up 5.65%.

Among these three companies, Mobikwik created maximum buzz in the grey market, commanding a GMP of ₹136. The shares of Mobikwik were trading 48.75% higher at ₹415 in the unlisted market.

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