Jiwanram Sheoduttrai Industries Sheds 5% on Day 1 of Listing
Shares of Jiwanram Sheoduttrai Industries fell 5% and hit the lower circuit on September 18, soon after listing at a 30% premium to issue price on NSE Emerge. The stock started trading at Rs 30 against its issue price of Rs 23. At 12:30pm, it was quoting at Rs 28.50.
The industrial safety gloves and garments manufacturer had received bids for 78.04 crore equity shares against an offer size of 74.22 lakh shares, resulting into a subscription of 105.15 times.
Retail investors had bought 151.6 times the allotted quota while high net-worth individuals and other institutional investors have bid 69.80 times the portion set side for them.
The Kolkata-based company’s Rs 17.07-crore IPO comprised only a fresh issue of 74.22 lakh equity shares. It said that the proceeds would be used mainly for the working capital requirements amounting to Rs 9.11 crore and repaying debts worth Rs 2 crore.
Incorporated in 1997, Jiwanram Sheoduttrai Industries manufactures and exports industrial safety gloves and garments, with manufacturing facilities at Nandankanan and Falta SEZ in West Bengal.
Exports contributed over 59 percent to the topline of Rs 40.69 crore and the remaining revenue came from the domestic business in the year ended March FY23.
- 20 Sep
Sai Silks Kalamandir’s IPO subscribed just 7% on the first day
Sai Silks Kalamandir's IPO subscribed just 7% on the first day of bidding, with retail investors and high net-worth individuals showing decent support, but qualified institutional buyers (QIBs) being lukewarm. The company aims to raise Rs 1,201 crore through its public issue, comprising a fresh issue of Rs 600 crore and an offer-for-sale (OFS) of Rs 601 crore by the promoter group. The price band for the offer has been fixed at Rs 210-222 per share. The net fresh issue proceeds will be used mainly for setting up new stores, building warehouses and working capital requirements. The company has a network of 54 outlets in Andhra Pradesh, Telangana, Karnataka and Tamil Nadu.
- 20 Sep
Yatra Online IPO subscribed 1.61 times, but aggressive pricing may have dampened demand
Yatra Online's IPO subscribed 1.61 times on the final day of bidding, with retail investors providing decent support. However, QIBs and HNIs were less enthusiastic, possibly due to the aggressive pricing of the issue. Some brokerages remain positive on the company from a medium-to-long-term perspective, but investors should carefully consider the company's fundamentals, valuation, and risk factors before making an investment decision.
- 20 Sep
Pharma Company Valiant Laboratories to Launch IPO on September 27
Pharma company Valiant Laboratories is launching its maiden public issue on September 27, 2023. The IPO will comprise only a fresh issue of 1.09 crore equity shares by the company and there will be no offer-for-sale portion in the issue. The net proceeds from the IPO will be used to set up a manufacturing facility for specialty chemicals in Bharuch, Gujarat and for general corporate purposes. The company recorded a profit of Rs 29 crore for the year ended March FY23, up by 5.5 percent from previous year, and the revenue from operations increased by 14.5 percent to Rs 333.9 crore during the same period. Valiant Laboratories' shares are expected to make their debut on the BSE and NSE on October 9, 2023.
- 20 Sep
Signature Global IPO: Key Details, Analyst Views, and Risks
Signature Global (India), the largest real estate development company in the Delhi NCR region in affordable and lower mid-segment housing, is launching its IPO on September 20, 2023. The company plans to raise Rs 730 crore through the IPO, which will be listed on both the NSE and BSE. Analysts are divided on the Signature Global IPO. Some analysts believe that the company is well-positioned in the affordable and lower mid-segment housing market, while others are concerned about the company's net loss, negative net worth, and dependence on the real estate market in the Delhi- NCR region.
- 20 Sep
EMS Limited: A Good Investment Opportunity for Professional Investors
EMS Limited, a water and wastewater management company, is expected to list strongly on September 21. The company's IPO was subscribed 75.28 times, driven by strong demand from qualified institutional buyers, high networth individuals, and retail investors. EMS has a proven track record of successful project execution and a strong order book. It also has a healthy financial position. Analysts are positive on the company and advise investors who are allotted shares to hold them from a medium to long term perspective. Professional investors should carefully consider the company's strong fundamentals and long-term growth outlook before making an investment decision.