IPO Action: 1 public issue to launch, 13 companies set to make their debut next week

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After several busy weeks, activity in the primary market is expected to remain muted in the first week of November, with only one initial public offering (IPO) opening for subscription. Meanwhile, 13 companies are set to make their stock market debut next week, starting November 2.

The only IPO opening next week belongs to the SME segment, while the mainboard segment will remain inactive.

Flexible packaging materials manufacturer Vedant Poly Fabs is set to open its Rs 56.68-crore IPO for public subscription on November 2. The company has fixed the price band at Rs 88-94 per share. The issue will close on November 4.

The IPO comprises 60.3 lakh shares, including a fresh issue of 54.26 lakh equity shares and an offer for sale (OFS) of 6.03 lakh shares by promoter entity Sethsawaria Poly Fab LLP.

IPOs Closing Next Week

Meanwhile, Bombay Coated & Special Steels, a mainboard company, will close its Rs 183-crore public issue on November 2.

In the SME segment, Antala Industries will also close its IPO on November 2. This will be followed by Johnsoncab Electricals, HGS (India), Vectras Enprocon and Maxwell Engineering Solutions, whose public issues are scheduled to close on November 3.

Among these companies, Bombay Coated & Special Steels' IPO has received subscriptions of 3.78 times, while Antala Industries' issue was subscribed 83 percent over the last two days.

Johnsoncab Electricals, HGS (India), Vectras Enprocon and Maxwell Engineering Solutions also received encouraging responses from investors on their respective opening days. Their IPOs were subscribed 1.07 times, 1.53 times, 1.11 times and 4.17 times, respectively.

Listings Next Week

A total of 13 companies are set to make their stock market debut next week, with alternative investment management platform EAAA India Alternatives scheduled to be the first to list on November 2.

Further, among the mainboard companies, BLS Polymers and SFC Environmental Technologies will list on November 3, followed by M K Sons Fine Jewels on November 4 and Bombay Coated & Special Steels on November 5.

In the SME segment, eight companies are set to make their market debut next week. Wiscon Industries will be the first to list on November 3, followed by Carver Roboweld and Ajwa Projects on November 4, and Antala Industries on November 5. All these companies will be listed on the BSE SME platform.

On November 6, Johnsoncab Electricals and Vectras Enprocon will list on the BSE SME platform, while HGS (India) and Maxwell Engineering Solutions will make their debut on the NSE Emerge platform.

According to market observers, BLS Polymers and Maxwell Engineering Solutions shares were commanding grey market premiums (GMPs) of over 40 percent, while HGS (India) shares were trading at a premium of around 25 percent. Bombay Coated & Special Steels shares were commanding a premium of around 10 percent.

Meanwhile, EAAA India Alternatives, SFC Environmental Technologies, Carver Roboweld, M K Sons Fine Jewels and Johnsoncab Electricals were reportedly trading at grey market premiums of 3-8 percent.