Business: India’s primary market will see significant market activity related to the listing of the much-awaited initial public offerings (IPOs) of NTPC Green Energy, Enviro Infra Engineers and two other small and medium enterprise (SME) public issues. Along with this, six other SME IPOs will also open this week starting November 25.
The stock market recovered with a gain of more than 2 percent after falling more than half a percent on Friday, including index heavyweights like Reliance, Infosys, ICICI Bank and TCS. The Nifty 50 closed 2.39 percent higher at 23,907.25 points after Friday’s trading session, compared to 23,349.90 points at the previous market close. The BSE Sensex index closed 2.54 percent higher at 79,117.11 points compared to its previous close of 77,155.79 points. Despite challenges in the market due to Adani shares falling due to allegations by the US securities regulator, the entire third week of November remained quite active for the primary markets.
Looking ahead, the list of upcoming IPOs next week includes six SME IPOs that aim to raise funds from the public markets in the last week of November.
Abha Power & Steel Ltd IPO
Casting and manufacturing iron and steel products firm Abha Power & Steel Ltd is offering a fresh issue of 41.39 lakh equity shares aggregating to ₹31.04 crore and an offer for sale of 10 lakh shares aggregating to ₹7.50 crore. The IPO aims to raise ₹38.58 crore from the stock market through a book-built issue.
The public issue will open for bidding on Wednesday, November 27 and close on Friday, November 29. The shares are expected to be listed on the NSE SME index on Wednesday, December 4.
The company has fixed the price of the IPO at ₹75 per share, with a lot size of 1,600 shares per lot. Retail investors are required to invest a minimum of ₹1,20,000, and HNIs are required to invest a minimum of 2 lots (3,200 shares), amounting to ₹2,40,000.
Horizon Management Private Limited is the book-running manager for the public issue, while Skyline Financial Services Private Limited is the registrar. Giriraj Stock Broking is the market maker for the Aabha Power & Steel IPO.
