India’s primary market is heading into a packed week, with five companies set to tap investors through initial public offerings worth a combined Rs 7,443 crore. The line-up includes Dhoot Transmission, Molbio Diagnostics, Milky Mist Dairy Food, Shiprocket and Behari Lal Engineering. The companies will open their issues between August 10 and August 12.Dhoot Transmission and Molbio Diagnostics will be the first to hit the market on August 10. Milky Mist Dairy Food will follow on August 11, while Shiprocket and Behari Lal Engineering will open their issues on August 12.The funds raised through the five offerings are largely earmarked for expansion, capital expenditure, repayment of debt and other corporate purposes.With these five issues, the number of companies launching their IPOs this year will rise to 47. Meanwhile, the maiden public offerings of KKR-backed LEAP India and Technocraft Ventures are currently open for subscription.The IPO pipeline is also set to remain active, with Blackstone-backed Horizon Industrial Parks, Gaja Capital-backed firm and Shankesh Jewellers, among others, currently expected to announce their IPO price bands next week.
Dhoot Transmission, Molbio open on August 10
Dhoot Transmission will offer its shares in the price range of Rs 829-871 apiece through an IPO worth Rs 3,067 crore.The offering consists of a fresh issue of up to Rs 1,400 crore, while promoters BC Asia Investments XV Ltd, an entity of Bain Capital, and Mangalam Capital Private Ltd will sell up to 1.91 crore shares through an offer for sale.Molbio Diagnostics, the Goa-based point-of-care diagnostics company backed by Temasek and Motilal Oswal Private Equity, has set a price band of Rs 768-807 per share for its Rs 904-940 crore IPO.Its issue includes a fresh issue of up to Rs 200 crore and an OFS of up to 91.66 lakh shares.The company has also drawn an investment from the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group. IFC has invested Rs 20 crore as an anchor investor in Molbio, marking its return to India’s mainboard IPO market after five years.IFC’s previous investment in a mainboard IPO was in June 2021, when it invested Rs 10 crore as an anchor investor in Dodla Dairy.Molbio has also seen secondary share transactions involving leading AIFs and institutional investors worth Rs 160 crore, at Rs 807 per share, which is the upper end of its IPO price band.Among these transactions, 360 ONE Asset invested Rs 30 crore. 3P Investment Managers, Neo Alternative Asset Managers, Kotak Mahindra Life Insurance and Susquehanna International Group invested Rs 25 crore each. WhiteOak Capital Asset Management invested Rs 20 crore, while Motilal Oswal Asset Management invested Rs 10 crore.
Milky Mist IPO
Milky Mist Dairy Food is set to enter the market on August 11 with a Rs 1,553-crore IPO. The company has fixed the price band at Rs 133-140 per share.The issue will comprise a fresh issue of up to Rs 1,428 crore and an OFS of up to Rs 125 crore. It will be the largest IPO by an Indian dairy company.
Shiprocket, Behari Lal Engineering to follow
Shiprocket will also seek to raise funds from the public market, with its Rs 1,617.5-crore IPO opening on August 12.The e-commerce enablement platform has fixed the price band at Rs 92-97 per share. Its IPO consists of a fresh issue of up to Rs 885.50 crore and an OFS of up to Rs 732 crore by existing shareholders, including Lightrock, Tribe Capital and Moore Strategic Ventures.Also opening on August 12 will be Behari Lal Engineering, which is looking to raise Rs 302 crore.The engineering castings and alloy steel products manufacturer has set a price band of Rs 271-285 per share. The IPO comprises a fresh issue of up to Rs 93 crore and an OFS of up to 73.20 lakh shares by existing shareholders.
