IPOs this week: JSW Infra, Arabian Petroleum, Plaza Wires to open for subscription; check details

The Indian IPO market is witnessing a boom in 2023 with a slew of companies trying to cash in the bullish trend in the market. So far this year, 72 IPOs have hit the primary market, of which 28 were on the BSE main board. The rest 44 are SME IPOs. 

The majority of the IPOs that were listed on the stock markets in 2023 have delivered double-digit returns to investors. BSE data showed that 62 IPOs of the total 72 are in the green with respect to their issue prices. 

Last week, three main listers - Jupiter Life Line Hospitals, EMS Limited and R R Kabel - got listed and raised a total of Rs 3,154 crore. The last week of September will main listers, JSW Infra, Arabian Petroleum, Plaza Wires, such as  taking the IPO route.

JSW Infra

JSW Infrastructure's IPO will open for subscription on Monday (September 25). The issue will close on September 27. The company's shares are expected to get listed on both the exchanges. This is the first IPO from a JSW Group company in 13 years after JSW Energy listed in 2010. 

The allotment of shares will likely be finalised on October 3. The listing of shares is expected on October 6.

The IPO is entirely a fresh equity issue of Rs 2,800 crore. The company has fixed a price band of Rs 113-119 per share and investors can bid for a minimum of 126 shares in one lot and in multiples thereafter.

According to market analysts, the current GMP of JSW Infrastructure is Rs 15 in the unlisted market.

About 75 per cent of the offer is set aside for qualified institutional buyers, 15% is reserved for non-institutional investors and 10 per cent for retail investors.

JM Financial, Axis Capital, Credit Suisse Securities, DAM Capital Advisors, HSBC Securities, ICICI Securities, Kotak Mahindra Capital and SBI Capital are the bankers on the issue. KFin Technologies is the registrar.

On September 22, JSW Infrastructure, owned by Sajjan Jindal, raised Rs 1,260 crore from 65 anchor investors. Global marquee investors like the Government of Singapore, Monetary Authority of Singapore, Morgan Stanley, Fullerton, HSBC Trustee, TA Global, The Master Trust Bank of Japan, Cohesion MK Best Ideas, Goldman Sachs, Theleme India Master Fund, BNP Paribas Arbitrage - ODI, and Principal Global invested in the diversified maritime ports company via anchor book.

Domestic investors including Sunil Singhania-owned Abakkus, LIC Mutual Fund, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, Sundaram Mutual Fund, UTI Mutual Fund, Tata Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and SBI General Insurance Company also participated in the anchor book.

Plaza Wires

Delhi-based Plaza Wires' IPO will open for anchor investors on September 27 and will close on October 4, a Moneycontrol report said. The company is known for its wires, LT aluminum cables, and FMEG products under brands like Action Wires, Plaza Cables, and PCG.

It has set a price band of Rs 51-54 a share for its Rs 71.30 crore IPO. It had filed the DRHP for the share sale involving a fresh issue of 1,64,52,000 equity shares last year. As of December 2021, the firm reported revenue of rs 126.69 crore against a net profit of Rs 5.74 crore. Net debt as of date stood at Rs 40.65 crore.

Arabian Petroleum

Arabian Petroleum manufactures a wide range of lubricants including specialty oils, Coolants, etc., used for application in automobiles and industrial machines and appliances. 

The IPO will open on September 25 and will close on September 27. Arabian Petroleum is an NSE SME IPO and is scheduled to raise Rs 20.24 crores via IPO. The Arabian Petroleum IPO price band is fixed at Rs 70 with a market lot of 2,000 shares.

The IPO allotment date is October 3 and the IPO might list on October 6.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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