IPO Update: January 2024 Likely To See 5 Public Offerings

Even as the last few months of 2023 saw an increased number of initial public offerings (IPO), the primary market activities are expected to continue as the ongoing month of January 2024 is expected to witness as many as 5 IPOs.

Jyoti CNC Automation IPO

The IPO is going to open for public subscription on January 9 and will continue will January 11. Its price band of the mainboard IPO has been fixed at Rs 315-Rs 331 per share. The minimum lot size for an application is 45 shares. The minimum amount of investment required by retail investors is Rs 14,895.

Medi Assist Healthcare IPO

The IPO is expected to be launched in the second week of January. It is a book-built issue of 2.8 crore shares, which is entirely an offer for sale of 2.8 crore shares.

Mukka Proteins IPO

The Mukka Proteins IPO has got markets regulator Sebi’s approval in November last year. It is likely to be launched later this month. The issue is entirely a fresh issue of 8 crore shares.

SPC Life Sciences IPO

The initial public offering of pharmaceutical ingredients maker SPC Life Sciences comprises is expected to be launched at the end of the month. It is a fresh equity issue worth Rs 300 crore and an offer for sale of 89.39 lakh shares.

Allied Blenders IPO

The IPO is also expected to be opened for public subscription this month. The IPO will comprise a fresh issue of Rs 1,000 crore and an OFS by promoters up to Rs 1,000 crore.

On the IPO market, Mahavir Lunawat, managing director of Pantomath Capital Advisors, said, “CY2023 turned out to be an eventful year for the Indian primary market. Although the start to the year was a bit bumpy, a lift in secondary market sentiments resulted in a pick-up in fund raising activity from Q2CY23 onwards. Market is likely to gain further momentum as more number of companies are now queuing up, the estimated raise is a cumulative amount of at least Rs 1 lakh crore, which is more than double the amount raised in 2023.”

He added that so far, as many as 28 companies have already received a green signal from SEBI for their IPOs, aimed at raising over Rs 30,000 crore. Meanwhile, 36 other companies have submitted their draft red herring prospectuses (DRHP) with Sebi for approval. These companies plan to raise a cumulative amount of Rs 50,000 crore.