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 enterprises (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 was 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.
Rajesh Power Services Limited IPO
Rajesh Power Services Limited, a consultancy firm for state transmission and distribution companies, is an SME segment company offering a fresh issue of 27.9 lakh shares aggregating to ₹93.47 crore and an offer-for-sale (OFS) component of 20 lakh shares aggregating to ₹67 crore. The IPO aims to raise ₹160.47 crore from the stock markets through a book-built issue. The public issue will open on Monday, November 25 and close on Wednesday, November 27. The shares are expected to be listed on the BSE SME index on Monday, December 2.
The company has fixed the price band for the issue at ₹319 to ₹335 per share with a face value of ₹10 per share and lot size of 400 shares per lot. Retail investors need to invest a minimum of ₹1,34,000 and HNIs need to invest a minimum of 2 lots (800 shares), which will amount to ₹2,68,000. Isk Advisors Private Limited is the book runner, while Bigshare Services Private Limited is the registrar to the issue. Sunflower Broking is the market maker for Rajesh Power IPO.
