On Wednesday, subscriptions for the IPOs of speciality chemical company Clean Science and Technology and construction firm GR Infraprojects will open.
New Delhi: Next week, two companies, Clean Science and Technology and GR Infraprojects, will launch initial public offerings (IPOs) to generate a little more than Rs 2,500 crore in total. The corporations anticipate benefiting from a flooded equity market and a rapid increase in the number of new retail investors.
This follows the initial public offerings (IPOs) of five companies last month: Shyam Metalics and Energy, Sona BLW Precision Forgings (Sona Comstar), Krishna Institute of Medical Sciences, Dodla Dairy, and Indian Pesticides. These companies raised a total of Rs 9,923 crore through public offerings.
Clean Science and Technology and GR Infraprojects’ three-day initial public offerings (IPOs) will begin on July 7 and end on July 9. The bidding for anchor investors will begin on July 6, according to data from exchanges.
Through IPOs, the two companies would raise a total of Rs 2,510 crore. The firms’ shares will be traded on the BSE and the NSE.
The Rs 1,546.62-crore IPO of Clean Science and Technology is wholly an offer for sale (OFS) by current promoters and other shareholders.
Anantroop Financial Advisory Services, Ashok Ramnarayan Boob, Krishnakumar Ramnarayan Boob, Siddhartha Ashok Sikchi, and Parth Ashok Maheshwari are among those selling shares in the OFS.
For its initial public offering, a speciality chemical producer has set a price range of Rs 880-900 per share.
Functionally essential speciality chemicals, such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals, are manufactured by Clean Science Technology.
Customers employ its goods as crucial starting materials, inhibitors, or additives in their products.
The company operates several automated manufacturing facilities in Kurkumbh, MIDC Maharashtra, to ensure high levels of precision and efficiency.
Manufacturers and distributors in India, as well as other foreign markets such as China, Europe, the United States of America, and Taiwan, Japan and Korea, are among the company’s customers.
Exports account for about two-thirds of the company’s income.
The public offering of GR Infraprojects will be a full OFS of 1,15,08,704 equity shares by promoters and investors selling stockholders. Employee reservations are also included in the package.
Lokesh Builders, Jasamrit Premises, Jasamrit Fashions, Jasamrit Creations, Jasamrit Construction, and India Business Excellence Fund are among those selling shares in the OFS.
The IPO of GR Infraprojects, which has set a price band of Rs 828-837 per share, is expected to raise Rs 963.28 crore at the top end of the pricing range.
The Udaipur-based company is a major integrated road engineering, procurement, and construction (EPC) firm with experience designing and constructing numerous road and highway projects in 15 Indian states. It has recently expanded into railway-related projects.
The two companies will not get any cash from the public offering because it is simply an Offer for Sale.
So far this year, 22 companies have issued initial public offerings, raising a total of Rs 27,426 crore. Apart from that, companies like Utkarsh Small Finance Bank and Glenmark Life Sciences NSE 0.99 percent, Rolex Rings, and Seven Islands Shipping have received the go-ahead from Sebi to launch their initial public offerings.
Furthermore, according to Sebi data, roughly 19 companies are seeking authorisation to begin the inaugural share sale.
