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India’s primary market is set to be busy next week with three initial public offerings (IPOs), including two mainboard issues, scheduled to open for subscription next week. Despite the high volatility in secondary markets recently, the pipeline remains steady with three additional companies also slated to debut on the exchanges next week.
Among the upcoming offerings, the eyes of the investors will be on two mainboard IPOs — GSP Crop Science and Central Mine Planning and Design Institute (CMPDI) — while one SME issue will also hit the primary market.
Agrochemical company GSP Crop Science Ltd’s Rs 400-crore initial share-sale will open for public subscription on Monday, March 16 and conclude on Wednesday, March 18.
The price band has been fixed at Rs 304-320 per share for the IPO, valuing the company at Rs 1,489 crore at the higher end.
As per the circular, the company informed the bourses that it allocated 37.50 lakh equity shares at Rs 320 per share to anchor investors.
The Ahmedabad-based company’s initial public offering (IPO) consists of a fresh issue of shares worth Rs 240 crore and an Offer For Sale (OFS) of 50 lakh equity shares valued at Rs 160 crore at the upper end by promoters, aggregating Rs 400 crore.
Proceeds from the fresh issue, totalling Rs 170 crore, will be used for debt payment, and a portion will be utilised for general corporate purposes.
The agrochemical firm will make its stock market debut on March 24.
GSP Crop Science is a research-focused agrochemical company with over 39 years of expertise in developing and manufacturing insecticides, herbicides, fungicides, and plant growth regulators in India.
It provides crop protection solutions that help farmers maximise productivity and agricultural output by producing formulations– precisely composed products combining active ingredients (chemicals targeting pests, weeds, or diseases) and additives (enhancing performance, stability, and usability) and Technicals, which are concentrated active ingredients used to create formulations.
As of September 30, 2024, the company had secured 507 registrations across Formulations and Technicals for manufactured agrochemicals, supported by a robust focus on research and development.
GSP Crop Science operates four manufacturing facilities located in Ahmedabad (Odhav and Kathwada), Vadodara (Nandesari), and Samba (Jammu & Kashmir), with a combined annual installed capacity of 15,120 MTPA for Technicals and 43,672 MTPA for Formulations.
On the financial front, the company’s revenue from operations stood at Rs 1,152.16 crore in fiscal 2024 as compared to Rs 1,203.31 crore in the preceding fiscal. Profit after tax surged to Rs 61.29 crore in fiscal 2024 from Rs 21.55 crore in fiscal 2023.
For the six months ended September 30, 2024, revenue from operations stood at Rs 703.46 crore, and profit after tax at Rs 65.87 crore.
According to the company, half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the issue.
The second mainboard offering next week will come from Coal Central Mine Planning and Design Institute (CMPDIL), an arm of state-owned Coal India. The CMPDIL will launch its initial public offering (IPO) on Friday, March 20.
The company’s maiden public offering will conclude on Tuesday, March 24, while bidding for anchor investors will take place on March 18, according to the red herring prospectus (RHP).
The issue will be entirely an offer for sale (OFS) of 10.71 crore shares by Coal India, with no fresh issue component.
The price band and issue size in rupee terms are yet to be announced, though the shares are scheduled to list on both the BSE and NSE with a tentative listing date of March 30.
CMPDIL renders its consultancy services to CIL and its subsidiaries in the areas of coal exploration, mine planning & design, coal beneficiation and utilisation, allied engineering services, environmental engineering, information and communication technology, laboratory services, and field services.
IPO in the SME segment next week
Alongside the two mainboard offerings, the SME segment will also see one new issue opening next week. Novus Loyalty Limited will launch its IPO on Tuesday, March 17, while the issue will close on Friday, March 20.
Novus Loyalty IPO’s price band is set at Rs 139 to Rs 146 per share and aims to raise around Rs 60.15 crore. The lot size for an application is 1,000.
The shares of the company are expected to be listed on the BSE SME platform, with Smart Horizon Capital acting as the lead manager.
Apart from the three upcoming IPOs, as many as three companies — Rajputana Stainless, Apsis Aerocom and Raajmarg Infra Investment Trust — are also expected to make their debut on the stock market during the next week.
(With inputs from agencies)
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
