Tag: IPO – Issues Open

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.

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.

The IPO of Signature Global India was subscribed 54% on Day 1, much better than the IPO of Sai Silks. Retail investors were aggressive on the debut, while qualified institutional investors bid for a smaller portion of the shares. The company plans to use the IPO proceeds to repay debt, make land acquisitions, and for general corporate purposes. It has sold 27,965 residential and commercial units since 2014, all within the Delhi NCR region. Its sales grew at a CAGR of 42.46% during FY21-FY23.

Zaggle's IPO subscribed 12.57 times, raising Rs 563.38 crore. The company will use the money for customer acquisition, product development, and debt repayment. It's a B2B2C fintech player with steady revenue and profitability growth. Shares to list on Sept 27.

Zaggle IPO subscribed 43% on Day 2, with retail investors providing good support. However, the response from HNIs and QIBs was lukewarm. The company is bringing the issue at a price band of Rs 156-164 per share at a P/E multiple of 87x on an issue FY23 basis. Analysts are cautious about the IPO given the lukewarm response from QIBs and the aggressive pricing. They advise investors to do their own research and invest carefully.

Yatra Online's IPO received a muted response from investors on the first day of bidding, with only 11% of the issue subscribed. Retail investors were the most supportive, while high networth individuals and qualified institutional buyers have yet to start putting in bids.

RR Kabel's IPO was subscribed 18.64 times on the final day of bidding. The QIB and HNI categories saw the highest subscription, while retail investors showed lower interest. The company is expected to list on the BSE and NSE on September 26.

The Rs 1,964-crore IPO of RR Kabel, backed by TPG, was subscribed 1.39 times on the second day of bidding. HNIs bid 2.1 times, QIBs 1.65 times, retail investors 95%, and employees 1.52 times. The company will use the proceeds to repay debts and for general corporate purposes. The IPO closes on September 15.

The maiden public issue of business spend management platform Zaggle Prepaid Ocean Services was subscribed 19% on the first day of bidding. Retail investors have subscribed 87% of their portion, while HNIs (non-institutional investors) have subscribed 11%. QIBs are yet to show their interest in the IPO. The IPO closes on September 18.

The offer has received bids for 26.73 lakh shares against the issue size of 6.25 crore shares, resulting in a subscription of 4%. The tepid response is likely due to the high debt levels of the company and its losses in the past few years. The company is planning to raise Rs 1,370.1 crore via the public issue at the upper price band. The success of the IPO will depend on a number of factors, including the overall market sentiment and the appetite for hotel stocks.