3 NSE Mainboard IPOs for Upcoming Week

An Odd Pattern Amid Uncertainty Over the Election

Historically, IPO activity has peaked between April and June, the months that coincide with India's general election years. Election cycles have not seen any May IPO launches since 2004. The market's caution amid the uncertainty surrounding the elections is reflected in this tranquil time. With three significant initial public offers (IPOs) scheduled to debut on the Indian primary market this week, 2024 is already proving to be an exception.

A Triple Initial Public Offering (IPO) 

Three different industries are set to have initial public offerings (IPOs) this coming week: travel distribution company TBO Tek, healthcare IT startup Indegene, and Aadhar Housing Finance, sponsored by Blackstone. Together, these businesses hope to raise close to Rs 6,400 crore. JNK India was the most recent IPO to launch in the Indian market, raising Rs 650 crore in revenue just last month. Here’s a closer look at each of the three IPOs:

Aadhar Home Loans: Heading the Group 

Blackstone Group Inc. is supporting the  Aadhar Housing Finance IPO, which aims to raise Rs 3,000 crore. This comprises an Offer-for-Sale (OFS) by BCP Topco VII Pte Ltd for Rs 2,000 crore and a new issue of equity shares valued at Rs 1,000 crore. At the moment, ICICI Bank owns 1.18% of Aadhar Housing Finance, while BCP Topco owns 98.72%. A price range of Rs 300 to Rs 315 per share has been specified by the firm. The proceeds of the new issue, which total Rs 750 crore, would be used primarily to cover the capital needs for further lending, with the remaining amount going toward general business purposes.

Also Read: Best NSE Mainboard IPOs of April Month

Indegene: Healthcare Tech on the Rise 

With a price range of Rs 430 to Rs 452 per share, the healthcare technology company Indegene IPO is hoping to collect Rs 1,842 crore. The IPO consists of an OFS of Rs 1,082 crore and a new issue of equity shares valued at Rs 760 crore. Among the current investors selling shares in the OFS are CA Dawn Investments, Vida Trustees, and Brighton Park Capital. Indegene intends to finance capital expenditures, debt repayment, and inorganic expansion with the money raised from the new issuance.

A significant number of domestic and foreign investors have expressed interest in the 12,141,102 equity shares that Indegene has previously allotted to anchor investors at a price of Rs 452 per share. Notable participants in the anchor book allocation were SMALLCAP WORLD FUND, American Funds, and Fidelity Funds; together, they raised Rs 5,487,778,104.

TBO Tek: An Upstart in the Travel Distribution Market 

The IPO of travel distribution company TBO Tek consists of an OFS of Rs 1,151 crore and a new issue of equity shares valued at Rs 400 crore. With an upper ceiling that values the IPO at Rs 1,551 crore, the price range for the TBO Tek IPO is set at Rs 875 to Rs 920 per share. The company's platform will be expanded with the help of the proceeds from the new issue, possibly by making acquisitions and bringing on additional customers and suppliers.

Final Thoughts: An Odd Yet Entertaining IPO Season 

The three initial public offerings (IPOs) that occurred during the timeframe of the general election signify an uncommon and possibly positive change in market attitude.