Three IPOs to hit markets in Sept to raise Rs 7,000 cr

Bidding for shares in L&T Technology will open tomorrow, while the same for GNA Axles would begin on Sept 14 and of ICICI Prudential Life on Sept 19

To tap the upbeat investor sentiment, three firms - ICICI Prudential Life Insurance Company, L&T Technology Services and GNA Axles - will hit the markets this month to raise over Rs 7,000 crore through IPO.

Bidding for shares in L&T Technology Services will open tomorrow, while the same for GNA Axles would begin on September 14 and ICICI Prudential Life's public issue would be open for subscription from September 19.

The public issue of ICICI Prudential Life is expected to garner Rs 6,057 crore, L&T Technology (Rs 894 crore) and GNA Axles (Rs 130 crore).

The equity shares offered through the initial public offers (IPOs) are proposed to be listed on the BSE and NSE.

Since the beginning of 2016, as many as 17 companies have already floated their IPOs and got listed on the stock exchanges.

ICICI Prudential Life's public offer comprises up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company.

This would be the first public issue by an insurer in India. It would also be the biggest IPO after Coal India, which had hit the markets in 2010 to raise over Rs 15,000 crore.

The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. ICICI Bank has around 68 per cent stake in the insurer, while Prudential has 26 per cent. Singapore's Temasek and Premji Invest also are shareholders.

The firm has fixed a price band between Rs 300 to Rs 334 per equity share.

L&T Technology Services' IPO comprises an offer for sale of up to 10,400,000 shares by its promoter Larsen and Toubro (L&T). The firm has fixed price band of Rs 850 to Rs 860 per share for the IPO.

The initial public offering of auto components maker GNA Axles comprises an issue of up to 63 lakh shares. The price band has been set at Rs 205-207 per share.