The other major issues include the Rs 5,000-crore issue from the Blackstone-backed Adhaar Housing (which will mostly be an OFS like Bharti Hexacon which was fully OFS) and the Rs 3,000-crore issue from the Bengaluru-based pharma services player Indegene, besides a small issue of Rs 125 crore from the fintech player Akme Fintrade.
Other issues in the pipeline for the current quarter, according to an Axis Capital note, include standalone insurance player Digit, Fincare Small Finance Bank, water technology player Denta, piping systems player Dee Development Engineers, CJ Darcl Logistics, developer Arkade, Ebixcash, SPC Lifesciences, Stanley Lifestyles, JNK India and Indo Farm Equipment, Western Careers India, and Survical Technologies among others.
Barring Akme Fintrade, which is a fully fresh issue, all others issues are mostly OFS with a minor portion of the issue being a fresh issue of shares.
More than 40 issue applications are pending with Sebi, according to the Axis Capital note, which includes a Rs 7000 crore issue (Rs 1250 fresh issue and the rest OFS) from the construction major Pallonji group’s Afcons, another Rs 7,000 crore issue from Ola Electric, Rs 1,200 crore issue from PN Gadgil Jewellers; Rs 1,000 crore issue from Northern Arc Capital, Rs 1,500 crore issue from the liquor major Allied Blenders & Distillers, Rs 1200 crore issue from Emcure Pharma, Rs 1,500 crore issue from Ashirwad Microfinance, Kerala-based jewellery major Joy Allukas, a mega issue from NSDL which will be fully an OFS, among others.
According to Mahavir Lunawat of Pantomath Capital Advisors, the IPO rush is spawned by the impressive economy, which has captured investors’ attention. Moreover, a wave of optimism has swept across the nation, drawing retail investors to invest, as they want to be part of the growth story.