Three IPOs to list today: What grey market premiums say about Kalpataru, Ellenbarrie, and Globe Civil Projects

D-Street is set to witness the debut of three companies today, with Kalpataru, Globe Civil Projects, and Ellenbarrie Industrial Gases listing on the BSE and the NSE. According to grey market trends ahead of their listing, Globe Civil Projects and Ellenbarrie Industrial Gases are expected to make a positive debut, while Kalpataru is likely to begin trading on a muted or flat note.

Kalpataru shares were commanding a grey market premium (GMP) of ₹1.5 over the issue price, indicating listing to be around ₹415.5, up 0.36%. On the other hand, Ellenbarrie Industrial Gases IPO GMP was ₹57, signalling listing price at ₹457, up 14.25%. Globe Civil Projects shares were trading at premium of ₹27 in the grey market, expecting listing to be around ₹98, up 38.03%.

Kalpataru Projects International

The Mumbai-based real estate developer raised ₹1,590 crore via the IPO route, which was entirely a fresh issue of 3.84 crore shares. The public issue, offered at a price band of ₹387-414 per share, was subscribed 2.31 times.

The issue was booked 1.43 times in the retail category, 3.12 times in qualified institutional buyer (QIB) segment, and 1.4 times in non-institutional investor (NII) quota.

Kalpataru plans to use the IPO proceeds worth ₹1,192.5 crore for repayment of certain borrowings availed by the company and its subsidiaries.

Ahead of the opening of the IPO today, Kalpataru raised ₹708 crore from 9 marquee anchor investors at the upper price band of ₹414 per share. GIC Singapore, GSS Opportunities Investment (Bain Capital) were among prominent International anchors, while SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, and 360 ONE WAM were among domestic investors.

Ellenbarrie Industrial Gases

The ₹852.53-crore IPO of the industrial gases company was booked 22.19 times. The issue received strong response from QIB and NII investors, receiving 64.23 times and 15.21 times biddings, respectively. The portion reserved for retail investors was subscribed 2.14 times.

The IPO of Ellenbarrie Industrial Gases was a combination of fresh issue of 1 crore shares worth ₹400 crore and offer for sale of 1.13 crore shares aggregating to ₹452.53 crore.

Ahead of the IPO, Ellenbarrie Industrial garnered ₹256 crore from anchor investors by allocating 63,93,938 equity shares at ₹400 per share to anchor investors. Some of the institutional investors that participated in the anchor book included Nippon India Mutual Fund, HDFC Mutual Fund, Axis Mutual Fund, HDFC Life Insurance company Limited, TATA Mutual Fund, Whiteoak, and others.

Last month, Ellenbarrie issued 62,50,000 equity shares to Motilal Oswal Mutual Fund through a secondary sale (pre-IPO placement) at a price of ₹400 per share. The transaction, amounting to ₹250 crore, represents 4.43% of the company’s pre-offer share capital.

Globe Civil Projects

The New Delhi-based real estate builders & construction company has garnered an overwhelming response for its ₹119 crore public issue. The IPO was subscribed 80.97 times, led by 143.14 times in the NII category, 82.13 times in QIB, and 53.67 times in the retail segment.

Globe Civil Projects raised ₹35.70 crore through its anchor book, which saw participation from six entities comprising AIFs and FPIs. Chanakya Opportunities Fund I, a Category II Alternative Investment Fund (AIF) managed by StepTrade Share Services, was allotted 21% of the anchor portion.

Globe Civil Projects had set price band at ₹67-71 per share for its IPO, which was entirely a fresh issue of 1.68 crore shares.

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