Upcoming IPOs in the second half of FY24

The first half of FY24 may have been moderate in terms of IPO collections, but the good news is that a total of 30 mainboard IPOs closed in the first half of FY24. More interestingly, these 30 IPOs raised  more than ₹29,000 crore between them. That is not the entire story. Of these 30 IPOs, a total of 29 IPOs listed above the IPO price with only 1 IPO trading below the IPO price. The action now shifts to the second half of the fiscal year FY24.

While the IPO action plan in the second half is still emerging, the broad estimate is that close to ₹38,000 crore would be raised in the second half of FY24, which is more than 30% higher than the first half. Obviously, if you look at the pipeline, there is an impressive line-up of IPOs waiting to happen. Here is the list of major IPOs that are likely to hit the market in the second half of FY23 with a brief on each of them. We are looking at IPOs where the DRHP has been okayed by SEBI and also where there are still some pending queries.

1. Popular Vehicles and Services Ltd

The IPO of Popular Vehicles and Services Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be up to ₹250 crore while the offer for sale (OFS) will entail the sale of 142.75 lakh shares. The entire OFS is being offered by Banyan Tree Growth Capital LLC, an early shareholder in the company. The issue will be lead managed by ICICI Securities, Nuvama and Centrum.

Popular Vehicles and Services Ltd is a popular auto dealership with a fully integrated business model. They cater to the complete life cycle of vehicle ownership from buying to insurance to repairs and maintenance.

2. Exicom Tele-Systems Ltd

The IPO of Exicom Tele-Systems Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be up to ₹400 crore while the offer for sale (OFS) will entail the sale of 74 lakh shares. The entire OFS is being offered by Nextwave Communications Private Ltd, a promoter shareholder in the company. The issue will be lead managed by Monarch Networth, Unistone Capital and Systematix Group.

Exicom Tele-Systems Ltd is into power management solutions. They operate under the vertical of EV supply equipment and the Critical Power Business vertical. They are leaders in the EV charging market with 60% market share.

3. Azad Engineering Ltd

The IPO of Azad Engineering Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be up to ₹240 crore while the offer for sale (OFS) will entail the sale of shares worth ₹500 crore. The entire OFS is being offered by a mix of investor shareholders and promoter shareholders. The issue will be lead managed by Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi Advisors.

Azad Engineering Ltd is into manufacturing and supplying to OEMs in the defence, aerospace, and energy segment. The company manufactures highly engineered precision products and machine components.

4. Saraswati Saree Depot Ltd

The IPO of Saraswati Saree Depot Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be of 72.45 lakh shares while the offer for sale (OFS) will entail the sale of shares to the tune of 35,55,000 shares. The entire OFS is being offered by the promoter shareholders. The issue will be lead managed by Unistone Capital.

Saraswati Saree Depot Ltd is a major player in the wholesale saree B2B segment in India. They are also into the wholesale business of other women’s textiles like Kurtis, dress materials, blouse pieces, lehengas, bottoms etc.

5. Capital Small Finance Bank Ltd

The IPO of Capital Small Finance Bank Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹450 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 24,12,685 shares. The entire OFS is being offered by the five investor selling shareholders as part of the IPO issue. The issue will be lead managed by Nuvama, DAM Capital and Equirus Capital.

Capital Small Finance Bank Ltd is India’s first small finance bank (SFB) which started operations in 2016. It has a retail deposit proportion of nearly 98% and a CASA ratio of 41.88%. It has among the lowest cost of funds among SFBs at 5.12%. It offers banking products on the asset and liability side.

6. Juniper Hotels Ltd

The IPO of Juniper Hotels Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component. The fresh issue will be to the tune of ₹1,800 crore and as stated earlier, the price would be announced closer to the issue date, once it is finalized. The IPO will be lead managed by JM Financial, CLSA and ICICI Securities.

Juniper Hotels Ltd is a luxury hotel and ownership company and owns the largest number of keys of Hyatt group of hotels. They have a portfolio of 7 hotels and serviced apartments and operate a total of 1,836 keys.

7. Agilus Diagnostics Ltd

The IPO of Agilus Diagnostics Ltd will be entirely an offer for sale (OFS) of shares. The offer for sale (OFS) will entail the sale of shares to the tune of 1,42,33,964 shares. The entire OFS is being offered by the investor shareholders including International Finance Corporation and others. The issue will be lead managed by ICICI Securities, Axis and Citigroup Global.

Agilus Diagnostics Ltd is the largest diagnostics services provider in terms of number of laboratories and the second largest in terms of revenues. They also have a global presence in Middle East, Africa, and the CIS region around Russia.

8. Entero Healthcare Solutions Ltd

The IPO of Entero Healthcare Solutions Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹1,000 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 85,57,597 shares. The entire OFS is being offered by a mix of promoter and investor shareholders as part of the IPO issue. The issue will be lead managed by ICICI Securities, DAM Capital, Jefferies, JM Financial and SBI Capital Markets.

Entero Healthcare Solutions Ltd is among the top 3 distributors of healthcare products in India. The company has created a pan-India electronic and digital platform for the distribution of healthcare products in a systematic and cost-effective manner.

9. Indian Renewable Energy Development Agency Ltd

The IPO of Indian Renewable Energy Development Agency Ltd or IREDA will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of 40.316 crore shares while the offer for sale (OFS) will entail the sale of shares to the tune of 26.878 crore shares. The entire OFS is being offered by the government of India. The issue will be lead managed by IDBI Capital, BOB Caps and SBI Capital Markets.

Indian Renewable Energy Development Agency Ltd is a government owned renewable energy company. It is a systematically important NBFC which finances qualifying renewable projects and has been at the forefront of the non-fossil fuel revolution in India.

10. Stanley Lifestyles Ltd

The IPO of Stanley Lifestyles Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹200 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 91,33,454 shares. The entire OFS is being offered by a combination of promoter shareholders and investor shareholders. The issue will be lead managed by Axis Capital, ICICI Securities, JM Financial and SBI Capital Markets.

Stanley Lifestyles Ltd is one of India’s leading players in the super premium and luxury furniture brand with a 5.6% market share. Its furniture is retailed under the Stanley brand. The company, designs, manufactures, and retails its products for full cycle control.

11. Jyoti CNC Automation Ltd

The IPO of Jyoti CNC Automation Ltd will be entirely by way of a fresh issue of shares with no offer for sale (OFS) component. The fresh issue will be to the tune of ₹1,000 crore. The issue will be lead managed by Equirus Capital, ICICI Securities and SBI Capital Markets.

Jyoti CNC Automation Ltd is one of the world’s leading manufacturers of CNC machines with the second largest market share in India and twelfth globally. It has 8% market share. They are one of the most prominent manufacturers of 5-Axis CNC machines in India. The company also delivers customized solutions to its client base.

12. Medi Assist Healthcare Services Ltd

The IPO of Medi Assist Healthcare Services Ltd will be entirely an offer for sale (OFS) with no fresh issue. The offer for sale (OFS) will be to the tune of 2,80,28,168 shares (280.27 lakh shares approximately). The OFS is being offered by a mix of promoter and investor shareholders as part of the IPO issue. The issue will be lead managed by Axis Capital, IIFL Securities, Nuvama, and SBI Capital Markets.

Medi Assist Healthcare Services Ltd is India’s largest health benefits administrator in terms of revenues for the last 3 years in a row. As a TPA, the company serves as the interface between life insurers, general insurers, and the insured public.

13. JNK India Ltd

The IPO of JNK India Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹300 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 84,21,052 shares. The entire OFS is being offered by a mix of promoter and investor shareholders as part of the IPO issue. The issue will be lead managed by IIFL Securities and ICICI Securities.

JNK India Ltd is one of the major heating equipment companies in India in terms of new order bookings. It has capabilities in thermal designing, engineering, and manufacturing. It also supplies, commissions, and installs process fired heaters and cracking furnaces.

14. DOMS Industries Ltd

The IPO of DOMS Industries Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹350 crore while the offer for sale (OFS) will entail the sale of shares worth ₹850 crore. The entire OFS is being offered by a mix of promoter and investor shareholders; with the Italian parent among the sellers in the OFS. The issue is lead managed by JM Financial, BNP Paribas, ICICI Securities and IIFL Securities.

DOMS Industries Ltd is a holistic creative products company with a leading player in the stationery and art products market. The company develops, designs, and also delivers such products to clients. Apart from India, it is also present in 40 countries globally.

15. Shiva Pharmachem Ltd

The IPO of Shiva Pharmachem Ltd will be entirely an offer for sale (OFS). The offer for sale (OFS) will entail the sale of shares worth ₹900 crore. The entire OFS is being offered by the promoter shareholders. The issue is lead managed by JM Financial and Kotak Mahindra Capital.

Shiva Pharmachem Ltd is the largest manufacturer of acid and alkyl chlorides in India by volumes. Chlorine chemistry remains their core competency. They have manufacturing facilities in Gujarat and also in Hungary in Eastern Europe. Their products are sold in over 22 countries and they have served more than 181 major corporate clients in the sector.

16. Apeejay Surrendra Park Hotels Ltd

The IPO of Apeejay Surrendra Park Hotels Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹650 crore while the offer for sale (OFS) will entail the sale of shares worth ₹400 crore. The entire OFS is being offered by a mix of promoter and investor shareholders. The issue is lead managed by JM Financial, Axis Capital and ICICI Securities.

Apeejay Surrendra Park Hotels Ltd is the eighth largest hotel chain in India and runs the Park chain of hotels. It is an upscale hotel brand with several luxurious offerings across India. The company also operates a total fi 80 restaurants, bars, and night clubs.

17. Cello World Ltd

The IPO of Cello World Ltd will be entirely an offer for sale (OFS). The offer for sale (OFS) will entail the sale of shares worth ₹1,750 crore. The entire OFS is being offered by a mix of promoter and investor shareholders. The issue is lead managed by Kotak Mahindra Capital, ICICI Securities, IIFL Securities, JM Financial and Motilal Oswal Investment Advisors.

Cello World Ltd is a popular Indian consumer products company with presence in houseware, writing products, stationery, and moulded products. The Cello brand has been around in India since 1962. The company offers more than 15,481 stock keeping units (SKU).

18. R K Swamy Ltd

The IPO of R K Swamy Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹215 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 87 lakh equity shares. The entire OFS is being offered by the promoter shareholders. The issue is lead managed by SBI Capital Markets, IIFL Securities and Motilal Oswal Investment Advisors.

R K Swamy Ltd is the largest integrated market service provider in India. It offers a single window solution covering creative, media, data analytics and market research. Its premium clients include Cera, AV Birla group, Reddy Labs, EID Parry, Havells, Hawkins Cookers, Himalaya Wellness, HPCL, ICICI Prudential Life and many more.

19. FedBank Financial Services Ltd

The IPO of FedBank Financial Services will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹750 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 703.23 lakh equity shares. The entire OFS is being offered by Federal Bank and the True North Fund VI LLP. The issue is lead managed by ICICI Securities, BNP Paribas, Equirus Capital and JM Financial.

FedBank Financial Services Ltd is the NBFC arm of Federal Bank. It largely caters to gold loan funding and MSME funding. They are present in 16 states across India. They are also able to leverage the network of the banking parent effectively to cross sell products to the banking customers. Its gross and net NPAs are largely in check.

20. Flair Writing Industries Ltd

The IPO of Flair Writing Industries Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹365 crore while the offer for sale (OFS) will entail the sale of shares to the tune of ₹380 crore. The entire OFS is being offered by the promoter shareholders. The issue is lead managed by Nuvama Wealth and Axis Capital.

Flair Writing Industries Ltd is the largest player in India in the pens segment. In the writing products category overall, they have a 9% market share all-India. While it started off making pens, it has diversified into other stationery products too. It has over 7,700 distributors touching more than 3.20 lakh wholesalers and retailers.

21. Credo Brands Marketing Ltd

The IPO of Credo Brands Marketing Ltd will be entirely an offer for sale (OFS). The offer for sale (OFS) will entail the sale of shares to the tune of 196.35 lakh shares. The entire OFS is being offered by a mix of promoter shareholders and investor shareholders. The issue is lead managed by DAM Capital, ICICI Securities, and Keynote Financial.

Credo Brands Marketing Ltd is one of the largest home grown brands in the mid-premium and premium men’s casual wear clothing brands. They sell under the popular brand of Mufti. It was designed as an alternative dressing option for men. It will tap the rising market share of organized retail in textiles.

22. National Securities Depository Ltd

The IPO of National Securities Depository Ltd or NSDL will be entirely an offer for sale (OFS). The offer for sale (OFS) will entail the sale of shares to the tune of 572.60 lakh shares. The entire OFS is being offered by early investors like NSE, IDBI and Union Bank. The issue is lead managed by ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal and SBI Capital Markets.

National Securities Depository Ltd is India’s oldest depository. While it is the second in terms of the number demat accounts opened, it is the leader in terms of the custody value of assets with more than 75% market share compared to CDSL. The other depository, CDSL, is already listed on the stock exchanges.

23. Muthoot Microfin Ltd

The IPO of Muthoot Microfin Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹950 crore while the offer for sale (OFS) will entail the sale of shares to the tune of ₹400 crore. The entire OFS is being offered by the promoter shareholders with Greater Pacific being the only investor shareholder in the OFS. The issue is lead managed by ICICI Securities, Axis Capital, JM Financial, and SBI Capital Markets.

Muthoot Microfin Ltd is part of the Muthoot group of Kerala and offers microfinance to women entrepreneurs. It is primarily for income generation and focus is on rural areas. They are the fourth largest MFI in India in terms of the gross loan portfolio.

24. ASK Automotive Ltd

The IPO of ASK Automotive Ltd will be entirely an offer for sale (OFS). The offer for sale (OFS) will entail the sale of shares to the tune of 295.71 lakh shares. The entire OFS is being offered by the two promoter shareholders. The issue is lead managed by JM Financial, Axis Capital, ICICI Securities and IIFL Securities.

ASK Automotive Ltd is an auto component player and is the largest manufacturer of brake shoe and advanced braking systems in India. It predominantly caters to 2-wheelers with a market share of over 50%. They cater to the EV engines and also to the internal combustion engines. The entire design and engineering are in-house.

25. Western Carriers (India) Ltd

The IPO of Western Carriers (India) Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹500 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 93,28,995 shares. The entire OFS is being offered by the promoter, Rajendra Sethia. The issue is lead managed by JM Financial and Kotak Mahindra Capital.

Western Carriers (India) Ltd is the largest private multi-modal, rail focused logistics company in India. It handles 7% of the domestic container market share and 3% of the EXIM market share. The company has adopted a scalable and asset light business model. The company provides end to end customized logistics solutions including supply chain integration across rail, road, and air.

26. Fincare Small Finance Bank Ltd

The IPO of Fincare Small Finance Bank Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹625 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 170 lakh shares. The entire OFS is being offered by a mix of promoter and investor shareholders. The issue is lead managed by ICICI Securities, IIFL Securities and Ambit Private Ltd.

Fincare Small Finance Bank Ltd is a digital first small finance bank that targets the unbanked and the under-banked segments of the society. Its focus is largely in rural and semi-urban areas. The funds will be used to spruce up its capital base so as to enable building its asset book in the future.

27. Go Digit General Insurance Ltd

The IPO of Go digit General Insurance Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹1,250 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 10,94,45,561 shares (10.94 crore shares approximately). The entire OFS is being offered by a mix of promoter and investor shareholders. The issue is lead managed by ICICI Securities, Morgan Stanley, Axis Capital, Nuvama Wealth, HDFC Bank and IIFL Securities.

Go digit General Insurance Ltd is a digital full stack insurance company offering a seamless customer experience. The company extensively leverages on technology to offer design, distribution, and customer experience for non-life insurance products. It has a 5.3% share of motor insurance and 2.7% of general insurance overall.

28. SPC Life Sciences Ltd

The IPO of SPC Life Sciences Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹300 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 89,38,870 shares (89.39 lakh shares approximately). The entire OFS is being offered by Snehal Ravjibhai Patel, who is a promoter shareholder of the company. The issue is lead managed by          Ambit and HDFC Bank.

SPC Life Sciences Ltd is one of India’s leading manufacturers of advanced intermediates for certain active pharma ingredients (APIs). It is a R&D driven chemical manufacturing company. Since 2005, the company has developed and commercialized over 50 pharma intermediates for APIs across the gamut of therapeutic applications.

29. TATA Technologies Ltd

The IPO of TATA Technologies Ltd will be entirely an offer for sale (OFS). The offer for sale (OFS) will entail the sale of shares to the tune of 9,57,08,984 shares (957.09 lakh shares approximately). The entire OFS is being offered by Tata Motors as the promoter shareholder while Alpha TC Holdings and Tata Capital Growth Fund will offer as investor shareholders. The issue is lead managed by JM Financial, BOFA Securities and Citigroup Global.

TATA Technologies Ltd is a leading global engineering services company offering product development and digital solutions including turnkey solutions to the OEMs or original equipment manufacturers. They also directly service their Tier-1 suppliers. Their domain expertise is in the automotive industry, but also cater to defence and industrial engineering needs of clients. They prepare clients for the pace of technological change.

30. FirstMeridian Business Services Ltd

The IPO of FirstMeridian Business Services Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹501 crore while the offer for sale (OFS) will entail the sale of shares to the tune of ₹690 crore. The entire OFS is being offered by a combination of promoter shareholders and investor shareholders. The issue is lead managed by JM Financial, DAM Capital, Edelweiss Financial and IIFL Securities. 

FirstMeridian Business Services Ltd is India’s third largest staffing company in terms of revenues. Their offerings include general staffing, contract staffing, workforce automation solutions, and trade marketing solutions. It has a pan India presence with 53 branch offices and over 1.26 lakh associates deployed at over 3,500 client locations.

31. J.G. Chemicals Ltd

The IPO of J.G. Chemicals Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹202.50 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 57 lakh equity shares. The entire OFS is being offered by the promoter shareholders only. The issue is lead managed by Centrum Capital, Emkay Global and Keynote Financial.

J.G. Chemicals Ltd is India’s largest Zinc Oxide manufacturer, using the dominant Frech Process. The company has a market share of 30% in zinc oxide in India and sells over 80 grades of zinc oxide. It is also among the top 10 manufacturers of zinc oxide globally. Their product caters widely to a range of industries including ceramics, paints, cosmetics, electronics, batteries, agrochemicals, lubricants, and oil & gas industry.

32. Survival Technologies Ltd

The IPO of Survival Technologies Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹200 crore while the offer for sale (OFS) will entail the sale of shares to the tune of ₹800 crore. The entire OFS is being offered by the promoter shareholders only. The issue is lead managed by JM Financial and ICICI Securities.

Survival Technologies Ltd is a contract research and manufacturing services (CRAMS) company in the specialty chemicals space. They largely focus on specialty chemicals where the supply chains have shifted from China to India. The company undertakes CRAMS for various domestic and international clients and also undertake custom manufacturing for their clients.

33. Honasa Consumer Ltd

The IPO of Honasa Consumer Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹400 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 4,68,19,635 shares (468.20 lakh shares approximately). The entire OFS is being offered by a mix of promoter shareholders and investor shareholders. The promoters, Varun Alagh, and Ghazal Alagh, are the founders with the latter being part of the Shark Tank series. The issue is lead managed by Kotak Mahindra Capital, Citigroup Global, JM Financial and JP Morgan India.

Honasa Consumer Ltd is known for popular brands like Mamaearth and Bblunt. It is the largest digital beauty and personal care company in India. After launching Mamaearth in 2016, the company has added other brands like Derma, Aqualogica, Aayuga and Bblunt to their portfolio. It caters to an emerging trend where people want to use beauty products made of harmless non-chemical compositions.

34. Indegene Ltd

The IPO of Indegene Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹950 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 3,62,91,497 shares (362.91 lakh shares approximately). The entire OFS is being offered by investor shareholders as the company does not have any identifiable promoter group. The issue is lead managed by Kotak Mahindra Capital, Citigroup Global, JP Morgan India and Nomura Financial.

Indegene Ltd is a digital first commercialization company focused on the global life sciences space. It offers solutions to help biopharma and emerging biotech companies to develop products, test them and also launch them in the market. This combines extensive domain knowledge in the life sciences space with cutting edge technology.

35. IRM Energy Ltd

The IPO of IRM Energy Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component to the IPO. The fresh issue will be to the tune of 1,01,00,000 shares (101 lakh shares) which will also be the total size of the issue. The issue is lead managed by HDFC Bank and BOB Capital.

IRM Energy Ltd is a city gas distribution (CGD) company catering to specific geographies like Banaskantha in Gujarat, with presence in Punjab, and Tamil Nadu too. It is engaged in the business of laying, building, operating, and expanding the natural gas distribution network. This is in sync with the government of India’s larger objective of promoting clean fuels.

36. Oravel Stays Ltd (OYO Rooms)

The IPO of Oravel Stays Ltd (OYO Rooms) will be a combination of fresh issue of shares and an offer for sale (OFS) with the overall issue size at ₹8,430 crore. However, the company is still unsure about the valuations considering the churn in the digital market. The issue is lead managed by Kotak Mahindra Capital, JP Morgan, Citigroup Global, ICICI Securities, Nomura Financial and JM Financial.

Oravel Stays Ltd (OYO Rooms) is a hotel and stay syndicator on the lines of Airbnb in the US. It creates a platform for people to book rooms and also has its own share of budget rooms for frequent business travellers.

37. IndiaFirst Life Insurance Ltd

The IPO of IndiaFirst Life Insurance Ltd will be a combination of fresh issue of shares and an offer for sale (OFS). The fresh issue will be to the tune of ₹500 crore while the offer for sale (OFS) will entail the sale of shares to the tune of 14,12,99,422 shares (1,412.99 lakh shares approximately). The entire OFS is being offered by Bank of Baroda and Carmel Point as promoter shareholders and by Union Bank of India as an investor shareholder. The issue is lead managed by ICICI Securities, Ambit, BNP Paribas, BOB Caps, HSBC, Jefferies, and JM Financials.

IndiaFirst Life Insurance Ltd is one of the fastest growing life insurers in India in the private sector in terms of new business premium accretion. The insurer reported VNB (value of new business) margins of 23.1%, on the back of a balanced portfolio of products. The company has also shown strong persistency ratios. Broadly, the insurer offers 4 categories of products to customers, including; participating products, non-participating protection products, non-participation saving products, and unit linked products.

38. Lohia Corp Ltd

The IPO of Lohia Corp Ltd will be entirely an offer for sale (OFS) with no fresh issue component in the IPO. The offer for sale (OFS) will entail the sale of shares to the tune of 3,16,95,000 shares (316.95 lakh shares). The entire OFS is being offered by 5 promoter shareholders and 1 investor shareholder. The issue is lead managed by ICICI Securities, HSBC Securities, IIFL Securities and Motilal Oswal Investment Advisors.

Lohia Corp Ltd is a leading global manufacturer of machinery and equipment used in the production of technical textiles like Polypropylene (PP), high density poly ethylene (HDPE), woven sacks etc and has a dominant global market share of 17% in this space. For the Raffia industry, it provides end to end solutions. Its products are currently supplied to over 90 countries across the world. It owns and operates 4 machine manufacturing units of which 3 are in India and one is in the US.

Summing up the upcoming IPO story

To sum it up, the coming six months promise to be an interesting story for mainboard IPOs. Anywhere between 45-50 IPOs are slated to hit the market in the second half of the fiscal year FY24. The real litmus test would be when the big IPOs come into the market. That is where investor appetite will get really tested.