IPO Calendar: 8 issues set to ignite primary market in post-election surge next week

In the mainboard segment, the public offers of Dee Development Engineers and Akme Fintrade will kick-off from June 19, while that of Stanley Lifestyles will be launched on June 21.

The 5 SME IPOs that will open next week include that of Medicamen Organics, Dindigul Farm Product, GEM Enviro Management, Durlax Top Surface and Falcon Technoprojects.

Apart from the new issue launches, Ixigo, whose IPO received healthy response in the week gone by, will see its shares debut at the bourses next week.

Overall, now that the elections are done, analysts predict the IPO wave will gain further momentum in the coming months.”We witness strong investor confidence in the market post-elections with the Modi government returning to power. A total of 24 companies are ready to hit the market in the next couple of months, aiming to raise approximately Rs 30,000 crore through IPOs,” said Mahavir Lunawat, Managing Director, Pantomath Capital.
Also Read: Stanley Lifestyles IPO opens on June 21, check price band, GMP and other details

Here’s what’s on the IPO table next week

Dee Development IPO

The initial public offer of DEE Development Engineers, an engineering company providing specialized process piping solutions, will open for subscription on June 19. The issue, which closes on June 21, comprises fresh equity sale of Rs 325 crore and an offer for sale (OFS) of 45.82 lakh shares.

The IPO is priced in the range of Rs 193-203 per share, where investors can bid for 73 shares in one lot and in multiples thereafter. At the upper end, the company plans to raise Rs 418 crore through the IPO.

About 50% in the public offer is reserved for qualified institutional buyers, 35% for retail investors and the rest 15% for non-institutional investors.

Net proceeds from the fresh issue will be used towards funding working capital requirements, repayment of debt, and other general corporate purposes.

Dee Development Engineers is an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.

Stanley Lifestyles IPO

Luxury furniture brand retailer Stanley Lifestyles’ initial public offering (IPO) will open on June 21 and close on June 23. The company has price band of Rs 351-369 per share and the lot size will be 40 equity shares.

The company intends to raise Rs 537 crore from the offering. The IPO comprises a fresh equity issue of Rs 200 crore along with an offer for sale (OFS) of 91.34 lakh equity shares.

Sunil Suresh, Shubha Suresh, Oman India Joint Investment Fund II, Kiran Bhanu Vuppalapati and Sridevi Venkata Vuppalapati are the shareholders selling their stake as part of the OFS.

The company proposes to utilize the net proceeds from the IPO to fund its expenditure for opening the new stores, anchor stores, renovation of existing stores, capital expenditure requirements for purchase of new machinery and equipment and for other general corporate purposes.

The Bengaluru-based company has over 1,000 designs and 3000 SKUs and is also one of the few domestically originated high-end and luxury consumer brands in India that have a substantial presence in both manufacturing and retail operations. Its customers can select from 10 different types of leathers and fabrics that it has in over 300 colours.

Akme Fintrade IPO

Udaipur-based non-bank financial company Akme Fintrade (India)’s IPO will open for subscription on June 19 and close on June 21. The IPO is priced in the range of Rs 114-120 per share.

The issue is completely a fresh equity sale of Rs 1.10 crore shares of face value Rs 10 each.

The funds are being raised primarily to augment its capital base. As per RBI norms, the minimum capital adequacy for an NBFC should be 15%. The company’s capital adequacy as of September 30, 2022 stood at 43.24%. Of this, tier-1 was 39.80%.

“As we continue to grow our loan portfolio and asset base, we will require additional capital in order to continue to meet applicable capital adequacy ratios with respect to our business,” the company said.

In the coming years, the company plans to grow its loan advances which would require tier-1 capital to comply with the applicable capital adequacy regulations.

Through the IPO, the company would have adequate capital without any further need of fresh capital in the short to medium term.

Gretex Corporate Services is managing the offer of the company.