4 IPOs set for market debut: Adroit eyes 40% listing pop; others flat start

Four initial public offerings (IPOs) are gearing up to list on the bourses, with only Adroit Industries expected to deliver double-digit listing gains amid a massive demand for its shares. It will be joined by ArMee Infotech, Swastika Infra and Elevate Campuses. The grey market premium (GMP) signals a flattish start for the others.

 

All four IPOs will list on Wednesday, September 30. They were also open for bidding during the same period, from September 23 to September 25.

 

Adroit Industries IPO listing expectations

Adroit Industries IPO GMP is ₹54, according to websites tracking the unofficial market. At the prevailing GMP, shares could list at ₹188, up 40 per cent from the IPO price of ₹134. 

 

 

The offer was booked a massive 176.85 times as it received bids for 1,392.29 million shares as against 7.87 million shares on offer. The non-institutional investor (NII) portion was booked the most at 332.35 times, followed by the qualified institutional buyer (QIB) segment at 195.04 times. Lastly, the retail portion received bids for 99.81 times.

 

The ₹151-crore Adroit IPO was a mix of fresh issue of ₹132.62 crore and an offer for sale (OFS) of ₹18.09 crore. The vertically integrated manufacturer and supplier of propeller shafts and torque-transmission components used in driveline systems, plans to use the fresh proceeds for funding capital expenditure needs for the procurement of machinery and equipment for enhancement of operations at Dewas facility and investment in the subsidiary.

 

The price band for Adroit IPO was set at ₹126-134 apiece, with lot size of 111 shares.

 

Swastika Infra IPO listing expectations

Swastika Infra IPO GMP was at ₹6 or 3 per cent, signalling a listing price of ₹191 compared with the issue price of ₹185. 

 

Swastika Infra is an EPC company specialising in execution of power transmission & distribution infrastructure projects. Its IPO was booked 7.60 times with the offer garnering bids for 48.15 million as against 6.33 million shares. The NII portion received 18.50 times bids, the QIB segment 3.22 times and the retail portion 5.39 times. 

 

The company was looking to raise ₹161 crore at the upper end. The issue was a mix of fresh issue of ₹128.50 crore and an OFS of ₹32.38 crore. It has earmarked the fresh proceeds for funding working capital needs and general corporate purposes.

 

Swastika Infra IPO was priced at ₹175 to ₹185 apiece and its lot size was 81 shares. 

 

Elevate Campuses IPO listing expectations

Elevate Campuses shares may list at a premium of 1.6 per cent as the GMP for the IPO is at ₹6 currently. The listing price could be ₹368.

 

Elevate Campuses saw a tepid response for its IPO as it received bids for 60.28 million shares compared with 33.67 million shares, resulting in 1.79 times bids. The QIB portion was subscribed 2.52 times, NII quota 0.84 times and the retail segment 1.01 times. 

 

Elevate Campuses, an education infrastructure company, is engaged in owning, operating and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets.

 

Its IPO was entirely a fresh share sale of ₹2100 crore, with the funds raised marked for purchase of K-12 entities and campuses, repayment of debt and funding acquisitions and general corporate purposes. The price band for the offer was set at ₹343-362.  

 

ArMee Infotech IPO listing expectations

ArMee Infotech IPO GMP today is ₹6, suggesting a listing gain of 1.60 per cent and price of ₹381 compared with the offer price of ₹375 apiece.

 

The IPO received bids for 18.15 million shares compared with 7.4 million shares on offer, resulting in a total subscription of 2.44 times. The QIB segment was booked 2.99 times, the NII segment was subscribed 2.09 times, and the retail segment received 2.47 times bids. 

 

The ₹300-crore IPO was entirely a fresh share sale, with the funds raised earmarked for expansion of business by procuring new government and PSU projects, funding working capital needs, repayment of certain outstanding borrowings, and general corporate purposes.

 

ArMee Infotech is an IT infrastructure solutions and managed services company. Its IPO price band was set at ₹350-375 per share.