IPO Market Outlook

The Indian equity market witnessed a record bull run in CY2021 with Sensex and Nifty hitting fresh all-time highs throughout the year till October when they peaked. Thereafter, the market witnessed some corrections from the higher levels more so after the discovery of the new Omicron Covid-19 variant in November. CY2021 has been an excellent year for public offerings in India. The market witnessed a record number of businesses getting listed through IPOs in 2021. This has been possible due to the pro-business policies of the government along with rapid digitization. There has also been a significant rise in participating investors.
CY2022 is also expected to set to see a similar momentum in the IPO segment. 

Top Listed IPOs in 2022: 

1. Adani Wilmar Ltd: Adani Wilmar is an FMCG company that offers a substantial amount of kitchen essentials that are required by an Indian household and the company also supplies industry essentials like castor oil, oleochemicals, and de-oiled cakes. The company has a product portfolio that is categorized into 3 parts- edible oil, FMCG and packaged foods, and industry essentials. The IPO subscribed by 17.37 times.

2. AGS Transact Technologies: AGS Transact Tech is an integrated omnichannel payment solutions provider in India in terms of providing digital and cash-based solutions to banks and corporations. The IPO subscribed by 7.79 times.
 

3. Uma Exports: Uma exports are engaged in trading and marketing agricultural produce and commodities such as sugar, spices like dry red chillies, turmeric, coriander, cumin seeds, food grains like rice, wheat, corn, sorghum and tea, pulses, and agricultural feed like soyabean meal and rice bran de-oiled cake. It imports lentils, faba beans, black urad dal, and tur dal in India in bulk quantities. The major imports are from Canada, Australia, and Burma. The company was subscribed by 4.64 times.
 

4. Vedant Fashions Ltd: Vedant Fashion Pvt Ltd is the largest company in the country in the men’s Indian wedding and celebration wear segment. This is in terms of revenue, EBITDA, and PAT in FY20. Their Manyavar brand is a leader in the branded Indian wedding and celebration wear market. The company was subscribed by 2.57 times.
 

5. Veranda Learning Solutions: Veranda Learning Solutions Ltd provides comprehensive long-term and short-term preparatory courses simply and lucidly for students preparing for UPSC Exams, State Public Service Commission, Staff Selection Commission, Banking, Insurance, Railways, and Chartered Accountancy. The company was subscribed by 2.24 times.

IPO where Offer Documents filed to SEBI and waiting for its  Observations:
 
1. Hemani Industries Ltd: Hemani Industries Limited is an Indian chemical company focused on the manufacturing and marketing of a range of agrochemicals and specialty chemicals. They have a presence across the entire value chain, Technicals, Formulations, and Intermediates. The end uses of their products include crop protection (insecticides, herbicides, and fungicides) as well as products used for wood protection, veterinary, household, and public health applications. 
Date of SEBI filing: 29th March 2022
Offer Details: Fresh issue of Equity Shares aggregating up to ₹ 500 Cr and Offer for Sale of Equity Shares aggregating up to ₹ 1,500 Cr; Pre-IPO Placement of ₹ 100 Cr.
 
2. Gujarat Polysol Chemicals Ltd: Gujarat Polysol Chemicals Limited is among the leading chemicals manufacturers for the Infra-tech (Construction), agro, dyes, and leather industries in India. They are amongst the leading suppliers of dispersing agents in the Infra-tech, dye and pigments, and textile and leather industries and a leading supplier of powder surfactants in India. They are amongst the leading manufacturers of polycarboxylate ether (PCE) liquid in India. 
Date of SEBI filing: 29th March 2022
Offer Details: Fresh issue of Equity Shares aggregating up to ₹ 87 Cr and Offer for Sale of Equity Shares aggregating up to ₹ 327 Cr.
 
3. Joyalukkas India Ltd: Joyallukkas India Limited is one of the leading jewellery companies in India in terms of revenue in Fiscal 2021. Their jewellery business includes the sale of jewellery made of gold, studded and other jewellery products that include diamond, platinum, silver, and other precious stones. It operates 85 showrooms under the “Joyalukkas” brand across 68 cities in India with an area aggregating approximately 344,458 square feet, as of January 31, 2022. 
Date of SEBI filing: 28th March 2022
 
Offer details: Fresh issue of Equity Shares aggregating up to ₹2,300 Cr.
 
4. Yatra Online Ltd: Yatra Online Limited is India’s largest corporate travel services provider and the 2nd largest online travel company in India among key OTA players in terms of gross booking revenue and operating revenue, for Fiscal 2020. 
Date of SEBI filing: 25th March 2022
Offer details: Fresh issue of Equity Shares aggregating up to ₹ 750 Cr and Offer for Sale of 9,328,358 Equity Shares.
Pre-IPO placement of ₹145 Cr
 
5. HMA Agro Industries: HMA Agro Industries Limited is a star export house and one of the largest exporters of buffalo meat in India accounting for more than 10% of India’s export of frozen buffalo meat. The company only deals in buffalo meat and allied products. Company’s products are self-branded, packaged and exported to over 40 countries.
Date of SEBI filing: 24th March 2022
 Offer details: Fresh issue of Equity Shares aggregating up to ₹ 150 Cr and Offer for Sale of Equity Shares aggregating up to ₹ 330 Cr.
 
IPO issues where SEBI observations received and still valid:
 
1. Campus Activewear Ltd: Campus Activewear Limited is the largest sports and athleisure footwear brand in India in terms of value and volume in Fiscal 2021. India’s largest sports and athleisure footwear brand.
Date of SEBI filing: 27th December 2021
Date of SEBI approval: 17th March 2022
 Offer details: Offer for sale of 51,000,000 Equity Shares by Selling Shareholders; Reservation for Employee.
 
2. Maini Precision Products Ltd: Maini Precision Products Limited is an end-to-end solutions provider engaged in process design, engineering, manufacturing, testing, and supply of a variety of precision products and assemblies.
Date of SEBI filing: 14th December 2021
Date of SEBI approval: 17th March 2022
Offer details: Fresh Issue of Equity Shares aggregating up to ₹ 150 Cr and Offer for Sale of 25,481,705 Equity Shares

3. Sresta Natural Bioproducts Ltd: Sresta Natural Bioproducts Limited’s brand, ‘24 Mantra’, is the largest brand in the packaged organic food segment (excluding organic packaged food market beverage and packaged tea and coffee) by market share with approximately 29% market share in Fiscal 2020ort). They are engaged in the business of procuring, processing, manufacturing, marketing, and research and development of organic food products.
Date of SEBI filing: 11th January 2022
Date of SEBI approval: 15th March 2022
Offer details: Fresh Issue of Equity Shares aggregating up to ₹ 50 Cr and Offer for Sale of 7,030,962 Equity Shares.
 
4. eMudhra Ltd: eMudhra Limited is the largest licensed Certifying Authority in India with a market share of 37.9% in the digital signature certificates market space in Financial Year 2021 has grown from 36.5% in Financial Year 2020. They are engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organizations functioning in various industries.
Date of SEBI filing: 12th November 2021
Date of SEBI approval: 11th March 2022
Offer details: Fresh Issue of Equity Shares aggregating up to ₹ 200 Cr and Offer for Sale of 8,510,638 Equity Shares. Pre-IPO Placement of ₹ 39 Cr.
 
5. Rainbow Children’s Medicare Ltd: It s a leading multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,500 beds, as of September 30, 2021.
Date of SEBI filing: 27th December 2021
Date of SEBI approval: 9th March 2022
Offer details: Fresh Issue of Equity Shares aggregating up to ₹ 280 Cr and Offer for Sale of 24,000,900 Equity Shares; Reservation for Employees.