Rentomojo, Manipal Payment, Karamtara Engineering among six IPOs that raised ₹1,472 crore via anchor book; eye ₹4,386 crore
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India’s primary market is set for a busy week, with six mainboard companies opening their initial public offerings (IPOs) for subscription today, collectively seeking to raise around ₹4,386 crore. Ahead of the public issue, the companies have already raised ₹1,472 crore from anchor investors, underscoring strong institutional interest in the latest batch of IPOs.
The six companies - Rentomojo, Karamtara Engineering, Manipal Payment & Identity Solutions, Asset Reconstruction Company (India), Steamhouse India and LCC Projects - span a diverse set of businesses, giving investors multiple opportunities to participate in the latest wave of primary-market fundraising.
Six IPOs open today, eye ₹4,386 crore
At ₹1,255.57 crore, Rentomojo has the largest issue of the week. The furniture and lifestyle rental platform is looking to raise ₹150 crore through a fresh issue, while existing shareholders will sell shares worth ₹1,105.57 crore through an offer for sale (OFS). The price band has been fixed at ₹384-404 a share. Rentomojo has raised ₹376.07 crore from anchor investors, with shares allotted at ₹404 apiece, the upper end of the price band.
Karamtara Engineering is looking to raise ₹875 crore through its IPO. The issue comprises a fresh issue of ₹675 crore and an OFS worth ₹200 crore, with the price band fixed at ₹241-254 per share. The company has raised ₹262.50 crore from anchor investors, with shares allotted at ₹254 apiece.
Manipal Payment & Identity Solutions is targeting ₹805 crore from its IPO. The issue includes a fresh issue of ₹320 crore and an OFS of ₹485 crore, with the price band fixed at ₹322-339 a share. It has raised ₹362.25 crore from anchor investors, with shares allotted at ₹339 apiece, the upper end of the price band.
The ₹732.97-crore IPO of Asset Reconstruction Company (India) is structured differently, with the entire issue comprising an OFS. The price band has been fixed at ₹132-139 per share. Since there is no fresh issue, the proceeds from the offering will accrue to selling shareholders rather than the company. The company has raised ₹220 crore from anchor investors, with shares allotted at ₹139 apiece.
LCC Projects is looking to raise ₹427.14 crore through a combination of a ₹258-crore fresh issue and a ₹169.14-crore OFS. Its price band has been fixed at ₹139-146 per share. The company has raised ₹128.14 crore from anchor investors, with shares allotted at ₹146 apiece, the upper end of the price band.
Steamhouse India is the smallest of the six issues at ₹414 crore. The offering comprises a fresh issue of ₹353 crore and an OFS of ₹61 crore, with the price band set at ₹77-81 per share. It has raised ₹124.20 crore from anchor investors, with shares allotted at ₹81 apiece, the upper end of the price band.
All six IPOs will remain open until September 11. Allotment is expected on September 15, followed by their proposed listing on the NSE and BSE on September 17.