Advit Jewels, Waterways Leisure, CSM Technologies, Turtlemint to raise ₹1,779 crore via IPOs next week

The primary market witnessed an action-packed week, with the National Stock Exchange of India (NSE) and Reliance Industries' digital and telecommunications arm, Jio Platforms, filing their draft red herring prospectuses (DRHPs) with market regulator Sebi. The two public issues are expected to rank among the largest IPOs ever launched in India's capital market history.

Adding to the momentum, Sebi approved IPO draft papers of four companies - AGS Health, PGP Glass, Shreni Shares and SRIT India - this week.

The primary market will remain active next week with three new mainboard IPOs - Advit Jewels, Waterways Leisure Tourism and CSM Technologies - opening for subscription, while the Turtlemint Fintech Solutions IPO will close on June 23. All these four companies look to collectively raise ₹1,779 crore by listing their shares on domestic bourses.

Turtlemint Fintech Solutions IPO

The IPO of insurtech unicorn Turtlemint Fintech Solutions, which opened for subscription on June 19, will close on June 23. The company aims to raise ₹882.66 crore through a combination of a fresh issue worth ₹660.72 crore and an offer for sale aggregating ₹221.94 crore.

On the first day of bidding, the issue was subscribed 0.45 times. The qualified institutional buyers (QIB) portion was subscribed 0.73 times, while the retail investor category saw 0.29 times subscription. The non-institutional investor (NII) portion was subscribed 0.01 times.

Ahead of the IPO, the company raised ₹397.20 crore from anchor investors at the upper end of the price band of ₹152 per share.

Founded in 2015, Turtlemint operates a technology-driven platform connecting insurance advisors, customers and insurers. The company offers health, life and motor insurance products and has expanded into mutual funds and personal loans. Proceeds from the fresh issue will be used to strengthen technology infrastructure, support growth initiatives, fund working capital requirements and pursue inorganic growth opportunities.

The shares are expected to be allotted on June 24 and listed on the BSE and NSE on June 29.

Advit Jewels IPO

Jaipur-based jewellery manufacturer Advit Jewels will launch its ₹165.16-crore IPO on June 23. The issue comprises an entirely fresh issue of around 1.20 crore equity shares and will close on June 25.

The company has fixed a price band of ₹130-138 per share. Investors can bid for a minimum lot of 100 shares, requiring an investment of ₹13,800 at the upper end of the price band.

Advit Jewels, which markets handcrafted fine jewellery under the "Rambhajo" brand, plans to utilise ₹65 crore towards working capital requirements and another ₹65 crore for repayment or prepayment of borrowings. The remaining funds will be used for general corporate purposes.

The company has reserved 50% of the issue for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. Shares are scheduled to list on July 1.

Waterways Leisure Tourism IPO

Cruise operator Waterways Leisure Tourism will also open its ₹585-crore IPO for subscription on June 23. The issue is entirely a fresh issue of approximately 72.4 lakh equity shares and will close on June 25.

The company has fixed the price band at ₹769-808 per share. Retail investors can bid for a minimum lot of 18 shares, translating into an investment of ₹14,544 at the upper price band.

The company plans to utilise ₹480 crore from the issue proceeds towards lease-related payments and deposits for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC), while the remaining funds will be used for general corporate purposes.

Waterways Leisure Tourism operates the cruise vessel MV Empress and commands nearly 79% market share in India's cruise tourism industry by value, according to a CRISIL report. The company offers domestic cruise itineraries across destinations including Mumbai, Goa, Kochi, Chennai, Lakshadweep and Visakhapatnam, while also serving international destinations such as Sri Lanka, Thailand, Singapore and Malaysia.

The company's shares are expected to debut on the stock exchanges on July 1.

CSM Technologies IPO

IT solutions provider CSM Technologies will open its ₹145.78-crore IPO for subscription on June 24 and close on June 29.

The issue consists entirely of a fresh issue of 1.29 crore equity shares. The company has fixed a price band of ₹107-113 per share. Retail investors will need to invest at least ₹14,916 for one lot of 132 shares at the upper end of the price band.

Incorporated in 1998, CSM Technologies is a GovTech-focused digital transformation company with more than 27 years of experience delivering e-governance and digital infrastructure projects. The company serves both government and private sector clients across sectors such as mining, agriculture, healthcare, education, tourism and public services.

The company provides consulting, advisory and digital solutions that help governments and enterprises improve operational efficiency, automate processes and deliver citizen-centric services.

The allotment is expected on June 30, while the shares are likely to be listed on the BSE and NSE on July 2.