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IPO market heats up; 3 dozen cos line up Rs 35,000-cr public offers

Monday, May 28, 2018

The IPO lane seems to get busier as three dozen companies have lined up initial share sale plans worth Rs 35,000 crore in the coming months, largely to fund their expansion projects and working capital requirement.

These include six state-run entities -- Indian Renewable Energy Development Agency, Rail Vikas Nigam, IRCON International, RITES, Garden Reach Shipbuilders and Engineers and Mazagon Dock -- as the government intends to unlock the real value of such PSUs and bring in greater accountability.
Of these three dozen firms, most of these companies plan to utilise initial public offer (IPO) proceeds for business expansion as well as working capital requirements, as per the draft papers filed with the Securities and Exchange Board of India.

Besides, some of the firms believe the listing of equity shares on bourses will enhance their brand name and provide liquidity to existing shareholders. "After raising record funds through IPOs in 2017, the primary markets in this year will also witness healthy fund raising activity driven by improving utilisation levels across industries and tightening of credit availability on account of poor state of affairs in banking industry," Equirus Capital Director Capital Market Munish Aggarwal said. In this year, Barbeque-Nation Hospitality, TCNS Clothing Company, Nazara Technologies and Devi Seafoods are among the 12 companies that have secured Sebi's nod to float their public offers. In addition, 24 companies including Route Mobile, CreditAccess Grameen, Sembcorp Energy India, Flemingo Travel Retail and Lodha Developers are awaiting the regulator's approval to float IPOs. Together, these companies are expected to raise about Rs 35,000 crore, merchant banking sources said.

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