IPO calendar: Wari Energy among 8 IPOs to continue rumble in primary market next week

The high profile IPO of Wari Energies along with two other mainboard issues of Deepak Builders and Godavari Biorefinery will keep the primary market buzzing next week. Apart from the above, 5 SME companies will also launch their issues.

Next, the Street will see Hyundai India and 2 other IPOs list next week.

The IPO pipeline for the second half looks promising with 26 companies raising Rs. The proposal to raise Rs 72,000 crore is sitting on SEBI’s approval.

Around Rs. Another 55 companies seeking to raise Rs 89,000 crore are awaiting regulatory approval. According to Prime Database Group’s Haldia, unless there is a black swan event, it could be a record-breaking year for IPOs.

Here’s what to look for next:

Waree Energies IPO

Waaree Energies’ IPO will open for subscription on October 21 and investors can bid for the issue till October 23. The IPO is priced in the range of Rs 1,427-1,503.

Most analysts expect a multibagger listing for the company if current demand is sustained.

The company proposes to use the funds raised from the IPO for key initiatives, including setting up a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells and PV modules in Odisha, as well as supporting general corporate purposes.

Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW by June 2024. For FY2024, the company had the second best operating income among all domestic solar PV module manufacturers in India.

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book running lead managers of the issue.

IPO of Deepak Builders

The initial public offering (IPO) of engineering and construction company Deepak Builders & Engineers will open for subscription on October 21 and close on October 23. The company has fixed a price band of Rs 192-203.

The IPO raised Rs. 217 crore is a combination of new equity sale and offer for sale (OFS) of 21 lakh shares.

About 50% of the offering is reserved for qualified institutional buyers, 35% for retail investors and another 15% for non-institutional investors. Investors can bid for 73 shares in one lot and thereafter in multiples.

Rs. 95 crore of IPO funds will be used to meet the working capital requirements of the company and Rs. 30 crore will be used for debt repayment, besides, a portion will be used for general corporate purposes, according to the draft papers. Entered last week.

Deepak Builders is an integrated engineering and construction company, specializing in implementation and construction of administrative and institutional buildings, hospitals and medical colleges, industrial buildings, historical monuments, stadiums and sports complexes and residential complexes.

Godavari Biorefineries IPO

Godavari Biorefinery has spent its Rs. 555-crore initial public offering (IPO) per share at Rs. 334-352 has announced a price band, which will open for subscription on October 23.

The IPO will close on October 25, with anchor bidding starting on October 22. Allotment will be finalized on October 28 and refund and share credit on October 29, followed by stock listing on October 30.

In the IPO, existing shareholders and promoters raised Rs. 325 crore new issue and offer-for-sale (OFS) of up to 6.53 million shares.

The proceeds from the fresh issue were utilized for Rs. 240 crore will be for debt repayment, the rest will be earmarked for general corporate purposes. As of June 2024, Godavari Biorefineries had consolidated debt of Rs 748.9 crore.

The IPO is being managed by Equirus Capital and SBI Capital Markets, with Link Intime India serving as registrar.

(disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. (These do not represent the views of The Economic Times)