Upcoming IPO Calendar Year 2023; IPO List 2023

The IPO mainboard market has been quite dull but has now been picking up steam. In fact, there were just 2 mainboard IPOs in April and just 1 in May 2023. In contrast, June saw 5 IPOs opening and 4 of the mainboard got very good response with only the PKH Ventures IPO having to be cancelled due to weak subscription. July has seen 3 IPO already and all have been successful, with one more IPO to open in the last week of July.

However, over the last 12 months, the tepid market conditions had forced many IPOs to put off IPO plans while several IPO plans were shelved altogether. As they say, tough times do not last but tough guys do; and that is the story of the IPO markets too. Here we look at a brief on the IPOs slated to open for subscription in 2023 with a brief on the issue size and the business model of the company.

1. Go Digit General Insurance Ltd: This Go Digit IPO is also yet to announce its IPO dates as of today. Go Digit General Insurance Ltd is into the business of providing a seamless digital experience to customers when they interface with a general insurance company. They offer motor, health, travel, property, and marine insurance. The public issue of Go Digit General Insurance Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹1,250 crore, the OFS by promoters and early investors will be for a total of 1,094.46 lakh shares. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹10 each and Virat Kohli is one of the early investors. ICICI Securities, Morgan Stanley, Axis Capital, Edelweiss, HDFC Bank and IIFL Securities will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
    
2. WAPCOS Ltd: This IPO is yet to announce its IPO dates as of today. WAPCOS is a government owned company and the entire IPO will be an offer for sale of shares. The total OFS will entail the sale of 3.25 crore shares with no fresh issue component. Being just a stake divestment, there will not be any equity dilution in this case. The stock has a face value of ₹10. WAPCOS is involved in engineering consultancy services and construction in the field of water, power, and infrastructure. It has provided engineering consultancy to various companies in India and abroad. IDBI Capital and SMC Capital will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
    
3. Enviro Infra Engineers Ltd: This IPO is also yet to announce its IPO dates as of today. Enviro Infra Engineers is into the business of designing construction, operation and maintenance of water and waste water treatment plants. It largely operates on behalf of government bodies and agencies. The company is an existing profit making company. The public issue of Enviro Infra Engineers entails the issue of 95 lakh shares by way of fresh issue and there will be no offer for sale (OFS) component in the IPO. Being a fresh issue, there will be equity and EPS dilution in this case. The stock has a face value of ₹10. Hem Securities will act as the book running lead managers (BRLM) for the issue while Bigshare Services Private Ltd will be the registrars to the issue.
    
4. Lohia Corporation Ltd: This IPO is also yet to announce its IPO dates as of today. Lohia Corporation is into the business of manufacturing machinery and equipment for technical textiles with special focus on Poly Propylene and High Density Poly Ethylene. The company is an existing profit making company with about 45% of its revenues coming from exports. The public issue of Lohia Corporation Ltd entails the issue of 316.95 lakh shares by way of offer for sale (OFS) component in the IPO by the existing promoter group. There is no fresh fund raising. Being an offer for sale only, there will be no equity or EPS dilution in this case. The stock has a face value of ₹1. ICICI Securities, IIFL Securities, HSBC and Motilal Oswal will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
    
5. Airox Technologies Ltd: This IPO is also yet to announce its IPO dates as of today. Airox Technologies Ltd is into the business of PSA oxygen generator providers. It has a 55% market share of PSA medical oxygen market and caters exclusively to hospitals. It is an existing profit making company with almost zero debt. The public issue of Airox Technologies Ltd entails the issue of shares worth ₹750 crore by way of offer for sale (OFS) component in the IPO by the existing promoter group. There is no fresh fund raising. Being an offer for sale only, there will be no equity or EPS dilution in this case. The stock has a face value of ₹10. ICICI Securities and JM Financial will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
    
6. Motisons Jewellers Ltd: This IPO is also yet to announce its IPO dates as of today. Motisons Jewellers Ltd is into the business of jewellery retail for more than 20 years and their palate includes gold jewellery, diamond jewellery, silver, platinum, semi-precious stones, kundan and other metals. It is an existing profit making company with bulk of the revenues coming from jewellery trading. The public issue of Motisons Jewellers Ltd entails the issue of 334.71 lakh by way of fresh issue component in the IPO. There is no offer for sale (OFS) in this round. Being a fresh issue, there will be equity and EPS dilution in this case. The stock has a face value of ₹10. Holani Consultants Private Ltd will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
    
7. India First Life Insurance Company Ltd: This IPO is also yet to announce its IPO dates as of today. India First Life Insurance Company Ltd is into the business of offering life insurance underwriting in India and is one of the IRDA registered life insurers in India. It is an existing profit making company. The public issue of India First Life Insurance Company Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹500 crore, the OFS will be for the sale of 14.13 crore shares by the promoters and early investors in the company. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹10. ICICI Securities, Ambit, BNP Paribas, BOBCAPS, HSBC, Jefferies, and JM Financial will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
    
8. SBFC Finance Ltd: This IPO is also yet to announce its IPO dates as of today. SBFC Finance Ltd is into the business of offering secured MSME loans and gold loans. SBFC Finance is a systemically important non-deposit taking NBFC. It is an existing profit making company with the South and North India contributing bulk of its AUM. The public issue of SBFC Finance Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹750 crore, the OFS by promoters and early investors will be worth ₹850 crore, taking the total IPO size to ₹1,600 crore. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹10. ICICI Securities, Axis Capital and Kotak Mahindra Capital will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
    
9. Oravel Stays Ltd (OYO): This IPO is also yet to announce its IPO dates as of today. Oravel Stays Ltd (OYO) is into the business of offering budget accommodation in key cities with all the essential comforts needed for a traveller. OYO does not own hotels but uses its brand and reach to create a unique market on the lines of Airbnb in the US. The public issue of Oravel Stays Ltd (OYO) will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹7,000 crore, the OFS by promoters and early investors will be worth ₹1,430 crore, taking the total IPO size to ₹8,430 crore. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹1. Kotak Mahindra Capital, JP Morgan, Citi, ICICI Securities, Nomura, JM Financial and Deutsche Equities will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
    
10. IRM Energy Ltd: This IPO is also yet to announce its IPO dates as of today. IRM Energy Ltd is into the business of city gas distribution (CGD) for the commercial and enterprise customers. It is part of the Cadila Pharm group. The public issue of IRM Energy Ltd will be a fresh issue of shares with no offer for sale component. The fresh issue will be of 101 lakh shares, with the issue value to be decided post the pricing of the IPO. Being a fresh issue, there will be equity and EPS dilution. The stock has a face value of ₹10. HDFC Bank Ltd and BOBCAPS will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
11. Indegene Ltd: This IPO is also yet to announce its IPO dates as of today. Indegene Ltd is into the business of global life sciences with a digital-first approach to business. It enables biopharma companies, emerging biotech, and medical devices companies to develop products and launch them in the market. The public issue of Indegene Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹950 crore, the OFS by promoters and early investors will be 362.91 lakh shares. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹2. Kotak Mahindra Capital, Citi, JP Morgan, and Nomura will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
12. Tata Technologies Ltd: This IPO is also yet to announce its IPO dates as of today. Tata Technologies Ltd is into the business of providing advanced software solutions to the auto sector with an impressive roster of clients. It is currently a subsidiary of Tata Motors, which also owns JLR. The public issue of Tata Technologies will be an entirely an offer for sale. The OFS by promoters and early investors will be 957.09 lakh shares. Being an OFS, there is only transfer of ownership by way of OFS. The stock has a face value of ₹2. JM Financial, Citigroup and BOFA Securities will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
13. Nova Agritech Ltd: This IPO is also yet to announce its IPO dates as of today. Nova Agritech Ltd is into the business of manufacture of agricultural inputs, soil management, crop nutrition and crop protection products. It is an existing profit making company. The public issue of Nova Agritech Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹1,400 crore, the OFS by promoters and early investors will be for 77.59 lakh shares with the price yet to be decided. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹2. Keynote Financial and Bajaj Capital will act as the book running lead managers (BRLM) for the issue while Bigshare Services Private Ltd will be the registrars to the issue.
     
14. Survival Technologies Ltd: This IPO is also yet to announce its IPO dates as of today. Survival Technologies Ltd is into the business of contract research and manufacturing services (CRAMS), with focus on specialty chemicals. Exports account for 41% of its revenues. The public issue of Survival Technologies Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹200 crore, the OFS by promoters and early investors will be worth ₹800 crore, taking the total issue size to ₹1,000 crore. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹2. ICICI Securities Ltd and JM Financial Ltd will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
15. Honasa Consumer Ltd: This IPO is also yet to announce its IPO dates as of today. Honasa Consumer Ltd is into the business of beauty and personal care with a natural flavour. It is a digital-first beauty and personal care outlet and its brands of Derma, Aqualogica and BBLUNT are quite popular. The company was floated by Ghazal Alagh and Varun Alagh, the former of Shark Tank fame. The public issue of Honasa Consumer Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹400 crore, the OFS by promoters and early investors will be for 468.20 lakh shares. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹10. Kotak Mahindra Capital, Citigroup, JP Morgan, and JM Financial will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
     
16. SAMHI Hotels Ltd: This IPO is also yet to announce its IPO dates as of today. SAMHI Hotels Ltd is into the business of hotel ownership and hotel property management. It has a portfolio of 25 hotels and 3,839 keys. The public issue of SAMHI Hotels Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹1,000 crore, the OFS by promoters and early investors will be for 90 lakh shares. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹1. Kotak Mahindra Capital and JM Financial will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
     
17. Yatharth Hospital and Trauma Care (Opens July 26, 2023): This ₹687 crore IPO is a mix of a fresh issue and an offer for sale and the only IPO among this list of upcoming IPOs where the dates and the price of the IPO are already announced. The price band for the issue has been fixed at ₹285 to ₹300 and the issue will close for subscription on July 28, 2023 and is slated to list on August 07, 2023 Yatharth Hospitals and Trauma Care is a multi-speciality healthcare chain based out of the Delhi-NCR region. It ranks among the top-10 private sector hospital chains in India in terms of number of beds. The stock will be listed on the NSE and the BSE.
18. TVS Supply Chain Solutions Ltd: This IPO is also yet to announce its IPO dates as of today. TVS Supply Chain Solutions Ltd is into the business of providing integrated supply chain solutions and is part of the TVS group of Chennai. Their total income is scaling close to ₹10,000 crore on an annual basis. The public issue of TVS Supply Chain Solutions Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹750 crore, the OFS by promoters and early investors will be for a total of 200.07 lakh shares. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹1 each. JM Financial, Axis Capital, JP Morgan, BNP Paribas, Edelweiss and Equirus will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
19. JSW Infrastructure Ltd: This IPO is also yet to announce its IPO dates as of today. JSW Infrastructure Ltd is into the business of port related infrastructure services. In terms of cargo handling capacity, JSW Infrastructure ranks next only to Adani Ports SEZ. The public issue of JSW Infrastructure Ltd will be entirely a fresh issue of shares to the public. While the fresh issue will be worth ₹2,800 crore, there will be no OFS component. Being a fresh issue, there will be equity and EPS dilution. The stock has a face value of ₹2 each. JM Financial, Axis Capital, Credit Suisse, DAM Capital, HSBC, ICICI Securities, Kotak Mahindra Capital and SBI Caps will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
     
20. Valiant Laboratories Ltd: This IPO is also yet to announce its IPO dates as of today. Valiant Laboratories Ltd is into the business of active pharma ingredients (API) a key input for pharma companies. It specializes in APIs for paracetamol. The public issue of Valiant Laboratories Ltd will be entirely by way of fresh issue only. The fresh issue will be for 115.56 lakh shares, and there is no OFS component in the public issue. Being a fresh issue, there will be equity and EPS dilution. The stock has a face value of ₹10 each. Unistone Capital Private Ltd will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
21. ASK Automotive Ltd: This IPO is also yet to announce its IPO dates as of today. ASK Automotive Ltd is into the business of manufacturing auto ancillary products catering to the original equipment makers (OEM) market and also to the replacement market. The public issue of ASK Automotive Ltd will be entirely by way of and an offer for sale by the promoters and early investors in the company. The OFS by promoters and early investors will be for a total of 295.71 lakh shares. Being an OFS, there will be only transfer of ownership by way of OFS and no dilution of EPS or equity. The stock has a face value of ₹2 each. JM Financial, Axis Capital, ICICI Securities and IIFL Securities will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
22. RBZ Jewellers Ltd: This IPO is also yet to announce its IPO dates as of today. RBZ Jewellers Ltd is into the business of jewellery manufacture in India. They specialize in antique jewellery with a track record of over 15 years in the industry. The public issue of RBZ Jewellers Ltd will be entirely by way of fresh issue with no offer for sale component. The fresh issue will be for 10 lakh shares and there is no OFS component in the IPO by promoters and early investors. Being entirely a fresh issue, there will be equity and EPS dilution. The stock has a face value of ₹10 each. Arihant Capital Markets Ltd will act as the book running lead managers (BRLM) for the issue while Bigshare Services Private Ltd will be the registrars to the issue.
     
23. Muthoot Microfin Ltd: This IPO is also yet to announce its IPO dates as of today. Muthoot Microfin Ltd is into the business of microfinance giving micro loans primarily to women customers for business purposes in rural areas. It has a gross loan portfolio in excess of ₹9,200 crore. The public issue of Muthoot Microfin Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹950 crore, the OFS by promoters and early investors will be worth ₹400 crore taking the total size of the IPO to ₹1,350 crore. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹10 each. ICICI Securities, Axis Capital, JM Financial and SBI Caps will act as the book running lead managers (BRLM) for the issue while KFIN Technologies Ltd will be the registrars to the issue.
     
24. ESAF Small Finance Bank: This IPO is also yet to announce its IPO dates as of today. ESAF Small Finance Bank Ltd is into the business of providing banking services to the unbanked and under-banked customers. They have an AUM of ₹16,313 crore as of March 2023. The public issue of ESAF Small Finance Bank Ltd will be a combination of fresh issue and an offer for sale. While the fresh issue will be worth ₹487 crore, the OFS by promoters and early investors will be for ₹142 crore. Being a fresh issue and an OFS, there will be equity and EPS dilution as well as transfer of ownership by way of OFS. The stock has a face value of ₹10 each. ICICI Securities, DAM Capital and Nuvama will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.
     
25. National Securities Depository Ltd (NSDL): This IPO is also yet to announce its IPO dates as of today but it is expected to happen very soon. National Securities Depository Ltd (NSDL) is the oldest depository in India and pioneered the depository holding of shares in India. NSDL was formed in 1997 and while it ranks below CDSL in terms of number of demat accounts, NSDL has more than 80% of the total AUM under demat. The public issue of National Securities Depository Ltd (NSDL) will be a pure offer for sale by the early institutional investors. The OFS by promoters and early investors will be for a total of 572.60 lakh shares. Being an OFS, there will be no equity and EPS dilution but transfer of ownership by way of OFS will be there. The stock has a face value of ₹2 each. ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal and SBI Caps will act as the book running lead managers (BRLM) for the issue while Link Intime India Private Ltd will be the registrars to the issue.

These are the 25 big IPOs that are expected to come out this year, subject to market conditions. Already several mega IPOs like PharmEasy, Fab India, Macleods Pharma and Go First had to drop their IPOs due to unfavourable market conditions. These are the IPOs to be action shortly.