IPO Watch: List of Upcoming IPOs in 2021

Company Background:

G R Infraprojects Limited is an integrated road engineering, procurement and construction (“EPC”) company with experience in design and construction of various roads/highways projects across 15 States in India and having recently diversified into projects in the railway sector. The company was incorporated in December 1995. The company’s principal business operations are broadly divided into three categories: (i) civil construction activities (ii) development of roads, highways on a Build Operate Transfer (“BOT”) basis, including under annuity and Hybrid Annuity Model (“HAM”); and (iii) manufacturing activities, under which they process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers. The Company has executed over 100 projects since 2006.

IPO Details:

·         The Rs 963 crore initial public offer (IPO) opened for subscription on 07 July 2021- 09 July 2021.

·         The offer is fully comprised of an offer for sale of 11,508,704 shares aggregating up to ₹963 crores at the upper price band.

·         The price band for the issue was ₹828-837.

·    HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal  Oswal Investment Advisor, SBI Capital Markets and Equirus Capital Private Limited were Book Running Lead Managers to the issue.

- Clean Science and Technology Limited

Company Background:

Clean Science and Technology Limited manufactures functionally critical specialty chemicals such as Performance Chemicals, Pharmaceutical Intermediates, and FMCG Chemicals. The company was incorporated in 2003, and within 17 years of incorporation the company has grown to be the largest manufacturer globally of MEHQ, BHA, Anisole and 4-MAP, in terms of installed manufacturing capacities as of March 31, 2021. The company is among the few companies globally which is focused entirely on developing newer technologies using in-house catalytic processes that are eco-friendly and cost competitive. This has enabled the company to emerge as the largest manufacturer globally of certain specialty chemicals in terms of installed manufacturing capacities as of March 31, 2021. Some of these technologies have been developed and commercialized for the first time globally.

IPO Details:

·The Rs 1,546 crore initial public offer (IPO) opened for subscription on 07 July 2021- 09 July 2021.

·The offer is fully comprised of an offer for sale of shares aggregating up to ₹1,546 crores at the upper price band.

·The price band for the issue was ₹880-900.

·JM Financials Limited, Kotak Mahindra Capital Company and Axis Capital Limited were Book Running Lead Managers to the issue.

- Dodla Dairy

Company Background:

Dodla Dairy Limited was incorporated in 1995 and is an integrated dairy company in entire South India. Company is engaged in the procurement, processing, distribution, and marketing of milk and other dairy products. Company processes, sells milk (including standardized, toned, and double toned milk), and produces dairy products such as curd, butter, ghee, ice cream, flavored milk etc. Operations of DDL in India are primarily across the five Indian states of Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra and overseas operations are based in Uganda and Kenya.

Dodla Dairy IPO Details:

• The Rs 520 crore initial public offer (IPO) of Dodla Dairy opens for subscription on 16 June 2021- 18 June 2021.
• The price range is Rs 421-428 per share and comprises a fresh issue worth Rs 50 crore and an offer for sale of Rs 470 crore.
• Book Running Lead Managers are ICICI Securities Limited, Axis Capital Limited.

- Krishna Institute of Medical Science

Company Background:

Krishna Institute of Medical Science Ltd. (KIMS) provides multi-disciplinary integrated healthcare services, with a focus on primary, secondary & tertiary care in Tier 2-3 cities and primary, secondary, tertiary and quaternary healthcare in Tier 1 cities. The company operates 9 multi-specialty hospitals under the “KIMS Hospitals” brand, with an aggregate bed capacity of 3,064, including over 2,500 operational beds as of March 31, 2021, which is 2.2 times more beds than the second largest provider in AP and Telangana.

Krishna Institute of Medical Science IPO Details:

• The Rs 2,144 crore initial public offer (IPO) of KIMS opens for subscription on 16 June 2021- 18 June 2021.
• The offer comprises of a fresh issue and an offer for sale. Out of the fresh issue component of Rs.200cr., Rs.150cr. is proposed to be utilized towards repayment/prepayment of certain debt availed by the company and its subsidiaries and the balance amount is attributable to general corporate purposes. The price range is Rs 815-825 per share.
• Book Running Lead Managers are IIFL Securities Ltd, Axis Capital Ltd, Kotak Mahindra Capital Ltd & Credit Suisse Securities Pvt. Ltd.

- Shyam Metallics

Company Background:

Shyam Metalics and Energy Limited (SMEL) is India's leading integrated metal producer company. The company is primarily engaged in the production of long steel products such as iron pellets, sponge iron, steel billets, TMT, structural products, wire rods, and ferro alloys. As of February 2021, it is among India's largest producers of ferro alloys in terms of installed capacity and the fourth-largest player in the sponge iron industry.

Shyam Metalics IPO Details:

• ICICI Securities Limited, Axis Capital Limited, Iifl Securities Limited, JM Financial Limited and SBI Capital Markets Limited are lead managers to the issue.
• Shyam Metalics and Energy will Issue Equity Shares aggregating up to Rs 909 cr (Fresh Issue of Equity Shares aggregating up to Rs 657 cr and Offer for sale aggregating up to Rs 252 cr).
• Price band of Shyam Metalics and Energy is Rs 303 – Rs 306 and the Bid Lot Size is of 45 Shares and in multiple thereof.
• Steel manufacturing company Shyam Metalics and Energy will launch its Rs 909-crore initial public offer (IPO) on June 14.

- Sona Comstar

Company Background:

Sona BLW Precision Forgings Limited, one of India’s leading automotive technology companies, is primarily engaged in designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs. The company is a leading supplier to the fast-growing global Electric Vehicle (EV) markets and derived 13.8% revenue from the Battery EV market and 26.7% from the Micro Hybrid / Hybrid market in FY21. Its global market share of BEV differential assemblies in calendar year 2020 was 8.7%. The company is among the top ten players globally in the differential bevel gear market and in the starter motor market on the basis of respective volumes supplied to its end segments in calendar year 2020 and has been gaining global market share across products.

Sona BLW Precision Forgings IPO Details:

• The total Offer size is up to Rs. 5,550 crores with a fresh issuance of equity shares, aggregating up to Rs.300 crores and an offer for sale of equity shares aggregating up to Rs. 5,250 crores, by the Selling Shareholder, namely, Singapore VII Topco III Pte. Ltd.
• Kotak Mahindra Capital Company Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.
• The Company intends to utilize the proceeds from the fresh issue to repay/prepay approximately Rs. 241.12 crores of its identified borrowings, besides general corporate purposes.
• Price Band of Rs. 285 – Rs. 291 per equity share of face value of Rs. 10. Bid/Offer Opening Date – Monday, June 14, 2021 and Bid/Offer Closing Date – Wednesday, June 16, 2021. Minimum Bid Lot is 51 equity shares and in multiples of 51 equity shares thereafter.

- Life Insurance Corporation of India (LIC)

Company Background:

In India, there are 24 life insurers currently in operation, with LIC commanding the top spot with a market share of 69% in FY20.  The government of India holds a 95% stake, and LIC has assets worth Rs. 34 trillion.  

LIC IPO Details

• On 1st February 2020, in Union Budget 2020-2021, the country’s finance minister Nirmala Sitharaman has announced the divestment plan of LIC.
• The IPO is expected in the third quarter of the new financial year.
• The government of India is likely to dilute not more than 10% of its entire stake in LIC. According to the estimates made by various analysts, the size of the upcoming LIC IPO would range somewhere between Rs. 70,000 crores to Rs. 80,000 crores.
• According to the government’s estimation, the LIC IPO valuation is pegged at around Rs. 13 lakh crores to Rs. 15 lakh crores. However, most market analysts and experts seem to put the figures somewhere around Rs. 8 lakh crores to Rs. 11.5 lakh crores.

- Nykaa

Company Background:

Nykaa, which was founded in 2012, is India’s top women-centric online marketplace with around 15 million registered users and caters to 1.5 million orders a month. The platform has been able to carve out a niche for itself through excessive focus on the beauty and personal care segment, which differentiates it from horizontal e-commerce companies like Flipkart and Amazon.

IPO Details

• Nykaa plans to go public later this fiscal at a valuation of $4.5 billion.
• The size of the public offering is expected to be between $500 million and $700 million.
• Nykaa has appointed Kotak Mahindra Capital Co. and Morgan Stanley as managers for its initial public offering (IPO).

- Zomato

Company Background:

According to RedSeer, Zomato is one of the leading Food Services platforms in India in terms of value of food sold, as of December31, 2020. During Fiscal 2020, 41.5 million average MAU visited our platform in India. As of December 31, 2020, the company is present in 526 cities in India, with 350,174 Active Restaurant Listings. Zomato mobile application is the most downloaded food and drinks application in India in each of the last three years since 2018 on iOS App store and Google Play combined, as perApp Annie’s estimates. While it has footprint across 23 countries outside India as of December 31, 2020.

Zomato IPO Details

• The issue consists of an offer for sale of ₹375 crores by the company’s early investor—Info Edge—and a fresh issue worth ₹9,000 crores.
• The issue is open for subscription on 14 July 2021- 16 July 2021.
• The price band for the issue is Rs72-76
• The lead managers to the issue are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Credit Suisse Securities (India) Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited.

- India Pesticides

Company Background:

India Pesticides is an R&D driven agro-chemical manufacturer of Technicals with a growing Formulations business. It is also among the fastest growing agro-chemical companies in India in terms of volume in Fiscal 2020 (Source: F&S Report). The company is also the sole Indian manufacturer and among top five manufacturers globally for several Technicals, such as, Folpet and Thiocarbamate Herbicide (Source: F&S Report). Since commencing our operations in 1984, it has diversified into manufacturing herbicide and fungicide Technicals and active pharmaceutical ingredients (“APIs”). India Pesticides also manufacture herbicide, insecticide and fungicide Formulations.

India Pesticides IPO Details:

• Book Running Lead Managers to the issue are Axis Capital Limited and JM Financial Limited.
• The public offer comprises a total of Rs 800 crores. Of the total issue size, Rs 100 crores will be a fresh issue and Rs 700 crores will be an offer for sale.
• The net proceeds from the issue will be utilised for working capital requirements.

- Bajaj Energy

Company Background:

Bajaj Energy along with Lalitpur Power Generation Company Limited (LPGCL) is one of the largest private sector thermal generation companies in Uttar Pradesh (Source: CRISIL Research). The total gross installed capacity of 2,430 MW, comprising 450 MW from five operational plants of 90 MW each, owned and managed by BEL (the "BEL Power Plants") and 1,980 MW from the power plant owned and managed by LPGCL (the "LPGCL Power Plant").

IPO Details:

• The company has said that it is looking to acquire Lalitpur Power’s 1,980 MW from the proceeds of the IPO.
• The company is one of the largest private thermal generation companies.
• Book Running Lead Managers to the issue are Edelweiss Financial Services Limited, IIFL, SBI Capital Markets Limited and Co-Book Running Lead Manager is IDBI Capital Markets & Securities Limited.
• The IPO size of the company is expected to be around Rs 5,450 crores, of which Rs 5,150 crores will be a fresh issue.

- Aditya Birla Sun Life Asset Management Company

Company Background:

Aditya Birla Sun Life Mutual Fund is one of the largest fund houses in India. Aditya Birla Sun Life Mutual Fund is a joint venture between the Aditya Birla Group and Sun Life Financial, Canada based international financial company.  Aditya Birla MF offers in-house mutual funds across different asset classes.

Aditya Birla Sunlife AMC IPO Details

• Aditya Birla Capital will sell up to 2.88 million shares held by it in the asset management business, while Sun Life (India) AMC will sell up to 36.03 million shares. Aditya Birla Capital holds 51% stake in the AMC, and the remaining 49% is held by Sun Life.
• Kotak Investment Banking, Bofa Securities, Citigroup Global markets India, Axis Capital, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Banking, SBI Capital and Yes Securities are the book running lead managers to the issue.
• Aditya Birla Capital Ltd and Sun Life (India) AMC will together sell a 13.5% stake in their asset management joint venture - Aditya Birla Sun Life AMC Ltd.
• The IPO size could be around Rs 2,000 crore

- Apeejay Surrendra Park Hotels:

Company Background:

They are one of India’s top 10 hospitality companies in the upscale segment and they have pioneered the concept of luxury boutique hotel in India under “THE PARK” brand, which has since been extended to their upper-midscale brand “Zone by The Park”, according to the Horwath HTL Report.

This Company operates hotels under three brands, namely “THE PARK, “THE PARK Collection” and “Zone by The Park”. They are part of the Apeejay Surrendra group which is a leading Indian conglomerate. The group’s business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education.

IPO Details:

• The hotel chain may raise up to Rs 1,000 crores in its IPO.
• The IPO may comprise a fresh issue of up to Rs 400 crores and an offer-for-sale (OFS) of up to Rs 600 crores.
• Axis Capital Limited, JM Financial Limited and ICICI Securities Limited are lead managers to the issue.

- Annai Infra Developers:

Company Background:

Tamil Nadu-based engineering, procurement and construction company Annai Infra Developers is mainly engaged in engineering, procurement and construction (EPC) activities of water management and irrigation projects. Business operations of the company involve: (i) equipment procurement (ii) project management and (iii) construction and commissioning of the projects.

IPO Details:

• Pantomath Capital Advisors is the book running lead manager.
• Annai may raise around Rs 200-225 crore through the public issue.

 SAMHI Hotels

Company Background:

It is one of India’s leading hotel owner and asset manager. The company have a portfolio of 27 operating hotels comprising of 4,048 keys across India, as of June 30, 2019. SAMHI have a diverse geographic presence as our hotels span 12 of India’s key urban consumption centres, including Delhi, Bengaluru, Hyderabad, Chennai and Pune, which together accounted for 52.6% of India’s air passenger traffic during the Financial Year 2019 (Source: HVS Report). For operating hotels, the company have long-standing relationships with three of the well-established and leading hotel operators, namely, Marriott, IHG and Hyatt.

IPO Details:

• The IPO size is around Rs 1,800-2000 crores.
• This comprises a fresh issue of Rs 1,100 crores.
• The company may be using the proceeds to pay off the indebtedness and for general corporate purposes.
• Kotak Mahindra Capital Company Limited, CLSA India Private Limited, DSP Merrill Lynch Limited and Goldman Sachs (India) Securities Private Limited are the lead managers to the issue.

- GoFirst (erstwhile GoAir)

Company Background:

Wadia Group-backed GoAir has been rebranded as 'Go First' as the airline is betting big on its ultra-low-cost business model to tide over the impact of the COVID-19 pandemic. Go Air is the third Indian carrier to be listed on the bourses after SpiceJet and IndiGo. The airline, which was launched in 2005, has a market share of more than 9.5% in India currently. The Go First as ULCC (ultra-low-cost carrier) would operate narrow-body aircraft type across its fleet, which comprises Airbus A320 and A320 Neos (new engine option) planes in operation.

Go Airlines IPO Details

• The IPO will be worth Rs 3,600 crores.
• They aim to repay the debt of around Rs 2,000 crores owned to Indian Oil Corp for jet fuel.
• The global coordinators and book running lead managers to the issue are ICICI Securities, Citigroup Global Markets India Pvt Ltd, and Morgan Stanley India Company Pvt Ltd.

- Penna Cements

Company Background:

Hyderabad-based Penna Cement has a strong brand recall in southern and western states of the country. It operates out of four integrated manufacturing facilities and two grinding units across Andhra Pradesh, Telangana and Maharashtra with an aggregate capacity of 10 MMTPA as of March, 2021

IPO Details:

• The company is planning to raise Rs 1,550 crores through its IPO.
• The fresh issue is Rs 1,300 crores and Rs 250 crores is through an offer for sale.
• The company wants to repay borrowings, up-grade raw materials and set up a waste heat recovering plant.
• The global coordinators and book running lead managers to the issue are Edelweiss Financial Services Limited, Axis Capital Limited, ICICI Securities Limited, JM Financial Limited and YES Securities (India) Limited.

- CarTrade Tech

Company Background:

CarTrade.com is an online auto marketplace providing buyers and sellers a structured platform for transacting in new and used vehicles. Since its inception, it has expanded its offerings across India with a network of more than 4,000 dealers. Currently, over 4 million unique consumers visit CarTrade.com every month according to its website.

The firm’s business can be divided into two parts: CarTrade.com, the consumer portal where the users can visit to buy and sell used/new cars and CarTradeExchange, the dealer portal which helps them manage their business operations.

Cartrade Tech IPO Details

• The Warburg-Pincus-backed company expects to raise Rs 2,000 crores through an offer for sale.
• Axis Capital, Kotak Mahindra Capital, Nomura and Citi are the investment banks works on the CarTrade IPO

- Tatva Chintan Pharma Chem Ltd

Company Background:

Tatva Chintan Pharma Chem Limited is a specialty chemicals manufacturing company engaged in the manufacture of a diverse portfolio of structure directing agents (“SDAs”), phase transfer catalysts (“PTCs”), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (“PASC”).  The company is the largest and only commercial manufacturer of SDAs for zeolites in India. It also enjoys the second largest position globally. (Source: F&S Report) In addition, Tatva Chintan Pharma Chem is one of the leading global producers of an entire range of PTCs in India and one of the key producers across the globe. (Source: F&S Report). Considering the wide application of our products, the company serve customers across various industries, including the automotive, petroleum, pharmaceutical, agro chemicals, paints and coatings, dyes and pigments, personal care and flavour and fragrances industries. Apart from the company’s customers in India, it also export our products to over 25 countries, including the USA, China, Germany, Japan, South Africa, and the UK.

Tatva Chintan Pharma IPO Details

• The Rs 500 crore initial public offer (IPO) opens for subscription on 16 July 2021- 20 July 2021.
• The offer consists of Fresh Issue of Equity Shares aggregating upto ₹225 Crore and Offer for sale of Equity Shares aggregating upto ₹275Cr.
• The price band for the issue is ₹1,073-₹1,083
• Book Running Lead Managers are JM Financials Limited and ICICI Securities

- Chemplast Sanmar Limited

Company Background:

Chemplast Sanmar Limited (CSL) is a specialty chemicals manufacturer in India with focus on specialty paste PVC resin and custom manufacturing of starting materials and intermediates for pharmaceutical, agro-chemical and fine chemicals sectors. CSL is the leading manufacturer of specialty paste PVC resin in India, on the basis of installed production capacity as of December 31, 2020. In addition, CSL is also the 3 rd largest manufacturer of caustic soda and the largest manufacturer of hydrogen peroxide, each in South India region, on the basis of installed production capacity as of December 31, 2020 and one of the oldest manufacturers in the chloromethanes market in India.

Chemplast Sanmar IPO Details

•    The issue opened on 10 August 2021 and closes on 12 August 2021.
•    The offer consists of fresh issue of equity shares aggregating up to Rs 1,300 Crore and Offer for sale aggregating up to Rs 2,550 Crore.
•    The price band is fixed at Rs 530-541per equity share for the public issue. The lot size is of 27 equity shares.
•    GCBRLMs are Axis Capital, ICICI Securities, Credit Suisse, IIFL Securities, Ambit Pvt Ltd., BOB Capital Markets, HDFC Bank. BRLMs are Indusind Bank, Yes Securities.

- Aptus Value Housing Finance India Limited

Company Background:

Aptus Value Housing Finance India Limited (Aptus) is an entirely retail focussed housing finance company primarily serving low and middle income self-employed customers in the rural and semi-urban markets of India.

Aptus Value Housing Finance India IPO Details

•    The issue opened on 10 August 2021 and closes on 12 August 2021.
•    The offer consists of fresh issue of equity shares aggregating up to Rs 500 Crore and Offer for sale of  64,090 equity shares.
•    The price band is fixed at Rs 346-353 per equity share for the public issue. The lot size is of 42 equity shares.
•    ICICI Securities, Citigroup global, Edelweiss Financial, kotak Mahindra Capital are the book running lead managers to the issue.

See detailed Video on Upcoming IPOs: 

_{Disclaimer: The above report is compiled from information available on the public platforms.}