12 IPOs this week: Pranav Constructions, Rentomojo lead grey market race

Investors have a busy IPO calendar ahead, with 12 public issues opening this week across the mainboard segment. With several issues opening within days of each other, investors are likely to compare not just the companies and valuations but also their grey market premium (GMP) before deciding where to put their money. Among the IPOs this week, Pranav Construction currently has the highest GMP at 35.48 per cent, making it the strongest performer on the unofficial grey market. The issue opened on September 7. Rentomojo follows closely, with a GMP of 34.90 per cent. Investors will also be watching Kanohar Electricals, which has a GMP of 30.38 per cent, indicating strong grey-market interest ahead of its September 8 opening. Three other IPOs opening on September 8 are also commanding notable premiums. Glass Wall Systems (India) has a GMP of 20.88 per cent, while Prasol Chemicals is at 13.31 per cent. The IPO activity picks up further on September 9, when six mainboard issues are scheduled to open. Karamtara Engineering has a GMP of 21.65 per cent, followed by LCC Projects at 17.12 per cent and Manipal Payment & Identity Solutions at 10.03 per cent. Rentomojo has a 34.90 per cent GMP, while Asset Reconstruction Company (India) and Steamhouse India are currently showing a GMP of 0 per cent. On September 10, Veegaland Developers is showing a GMP of 21.43 per cent, while Manika Plastech, opening September 11, has a GMP of 16.28 per cent. While GMP can offer an indication of market sentiment, it is unofficial and can change rapidly. Investors should also assess the IPO’s valuation, financial performance, growth prospects, risks, and subscription trends before making an investment decision. 

6 IPOs opening in a single day

Six mainboard IPOs hit the primary market on September 9, spanning consumer D2C, financial services, industrial gas, payments/identity solutions, EPC/irrigation, and renewable-energy manufacturing.   Rentomojo: The company has fixed a price band of ₹384-404 per equity share for its ₹1,256-crore IPO. The issue comprises a fresh issue of shares worth up to ₹150 crore and an OFS of 2.73 crore shares valued at ₹1,106 crore at the upper end of the price band. Asset Reconstruction Company: Asset Reconstruction IPO is a book build issue of ₹732.97 crores. The issue is entirely an offer for sale of 5.27 crore shares of ₹732.97 crore. The IPO price band is set at ₹132 to ₹139 per share. Manipal Payment & Identity Solutions: The company has fixed a price band of  ₹322-339 per share for its ₹805-crore IPO. The issue comprises a fresh issue of ₹320 crore and an OFS of up to 1.43 crore shares worth ₹485 crore. Steamhouse India: The company will raise ₹414 crore through an IPO comprising a fresh issue of ₹353 crore and an OFS of ₹61 crore. LCC Projects: The company has fixed a price band of ₹139-146 per share for its ₹427-crore IPO. Karamtara Engineering: The company’s ₹875-crore IPO comprises a fresh issue of ₹675 crore and an OFS of shares worth up to ₹200 crore. The price band is ₹241-254 per share.