4 IPOs to hit the street this week: Here’s what to expect

The primary market will remain in action as four initial public offerings (IPOs) hit the street this week. The IPOs of Archean Chemical Industries, Five Star Business Finance, Kaynes Technology India, and Inox Green Energy Services will open for subscription this week. The companies will cumulatively look to raise around Rs 5,020 crore.

The IPOs of Archean Chemical, and Five Star Business will open for subscription on November 9 and close on November 11. Kaynes Technology IPO will open on November 10 and close on November 14, while Inox Energy Services IPO will open on November 11 and remain open for subscription till November 15.

Let’s take a quick look at the details of these IPOs:

Archean Chemical Industries IPO

Archean Chemical Industries, a specialty chemical company, will launch its IPO on November 9. The Rs 1,462.3-crore public issue, which closes on November 11, comprises a fresh issue of shares worth Rs 805 crore and an offer-for-sale of 1.61 crore equity shares by promoters and investors. The price band for the issue has been fixed at Rs 386-407 per share. Archean Chemical IPO lot size is 36 shares.

The company proposes to utilise its fresh issue funds for redemption of non-convertible debentures and general corporate purposes.

Five Star Business Finance IPO

Five Star Business Finance IPO will open for subscription on November 9 and close on November 11. The Rs 1,960-crore issue is a pure offer for sale (OFS), and the price band is fixed at Rs 450 to Rs 474 per share.

The Five Star Business Finance IPO lot size is 31 shares, and a retail-individual investor can apply for up to 13 lots. The post-issue implied market cap would be Rs 13,111 – 13,811 crore.

ICICI Securities, Edelweiss Financial, Kotak Mahindra Capital, and Nomura Financial are the book-running lead managers (BRLM), while KFin Technologies is the registrar to the issue.

Kaynes Technology

The IPO of Kaynes Technology, an IoT solutions-enabled integrated electronics manufacturing company, will remain open between November 10 and 14. The price band for the issue is Rs 559-587 per share and comprises a fresh issue of shares worth Rs 530 crore and an OFS of 55.84 lakh shares by the promoter and investor. At the upper price band, the company plans to raise Rs 857.8 crore from the issue.

The company proposes to utilise the issue proceeds for repayment/prepayment of certain borrowings, funding capital expenditure towards the expansion of the existing manufacturing facilities and investment in the wholly owned subsidiary.

Inox Green Energy Services

Wind power operation and maintenance service provider Inox Green Energy Services will launch its IPO on November 11. It will remain open for subscription till November 15. The Rs 740-crore IPO comprises of a fresh issue and an offer for sale of Rs 370 crore each. The fresh issue will be utilised by the company for repaying debts and general corporate purposes.

The IPO lot size is 230 shares, and a retail-individual investor can apply for up to 13 lots, making his total investment of 2,990 shares at Rs 194,350. Link Intime India is the registrar for the IPO. The shares of the company are proposed to be listed on BSE and NSE on November 23.

Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.