IPO update: IRM Energy and three other issues to watch out this week

The momentum in the primary market continues in October as well as Dalal Street is set to welcome its first mainboard IPO for the ongoing month of the calendar 2023. However, the action in the SME segment is much better as investors have a chance to bid for as many as three IPOs in the current week, that is October 16-20.

In the mainboard, the IPO of IRM Energy will kick off for bidding on Wednesday, October 18 and can be subscribed till Friday, October 20. The Cadila Pharma-backed city gas distribution player will be selling its share in the range of Rs 480-505 per share with a lot size of 29 equity shares in its multiples thereof.

The company will be giving a discount of Rs 48 per equity share to its eligible employees. The issue is entirely a sale of 1,08,00,000 equity shares to raise a total of Rs 545.40 crore via primary markets. Qualified institutional bidders (QIBs) will have 50 per cent of the net offer, while retail investors and NIIs will have 35 per cent and 15 per cent of the reservation, respectively.

Among the major big tickets IPOs, Fincare Small Finance Bank, Motisons Jewellers, Honasa Consumer (MamaEarth), Nova Agritech, Tata Technologies, EbixCash, Lohia Corp, Indiafirst Life Insurance, Biba Fashions and others have valid Sebi's observations to launched their initial stake sales.

In the SME space, Investors can subscribe to the IPOs of Arvind and Company Shipping Agencies, WomanCart and Rajgor Castor Derivatives. The first one in the list will conclude for bidding on Monday, October 16. The issue had opened for subscription on Thursday, October 12.

Incorporated in September 1987, Arvind and Company Shipping is in the business of carrying and forwarding agents. It is selling its shares for Rs 45 apiece with a lot size of 3,000 equity shares to raise 14.74 crore. Jamnagar, Gujrat-based company operates in vessels like Cargo Barges, Flat Top Barges, Crane Mounted Barges, Hopper Barges, Spud Barges and tugs for Cargo.

WomanCart, an online retail platform catering to a wide range of beauty brands and wellness products, is looking to raise Rs 9.56 crore via IPO route, which is entirely a fresh share sale between October 16-18. It is selling its shares at Rs 86 per share with a lot size of 1,600 equity shares. The company sells products for skin-care, hair-care, body-care for both men and women.

Rajgor Castor Derivatives, is the last issue for this week, which will run for bidding between October 17-20. The castor oil-based products manufacturer in the Indian market, will be raising Rs 47.81 crore via IPO route by selling its shares in the range of Rs 47-50 apiece with a lot size of 3,000 equity shares.

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