It is an action packed week for primary markets with a lot of actions lined for primary market investors. The current week will witness listings of companies like Swiggy and ACME Solar Holdings, followed by allotment and listing of Niva Bupa Health Insurance. Also, a new Zinka Logistics Solutions will open for bidding today.
Shares of Swiggy and ACME Solar Holdings shall be listed at the bourses on Wednesday, November 13. Both the issues ran for bidding between November 6 and November 8 but received a muted response from investors during the three-day bidding process.
The IPO of Bengaluru-based Swiggy offered its shares in the fixed price band of Rs 371-390 per share with a lot size of 38 shares. The company raised a total of Rs 11,327.43 crore from its IPO, which included a fresh share sale of Rs 4,499 crore and an offer-for-sale (OFS) of up to 175,087,863 equity shares. The issue was overall booked 3.59 times.
Shivani Nyati, Head of Wealth at Swastika Investmart recommended a cautious approach on Swigg. "Investors with a high-risk tolerance and a long-term perspective may consider the IPO, but it's essential to acknowledge the potential risks associated with the company's current financial position and the broader market uncertainties," she said.
Similarly, ACME Solar Holdings offered its shares in the price band of Rs 275-289 per share with a lot size of 51 shares in the IPO. The Gurugram-based company raised a total of Rs 2,900 crore from its IPO, which included a fresh share sale of Rs 2,395 crore and an offer-for-sale (OFS) of up to 1,74,74,049 equity shares. The issue saw a subscription of only 2.75 times.
Nyati has a similar view on ACME Solar as well; she anticipates potential for volatility in the short term. "While the company's long-term growth prospects are encouraging, the near-term market dynamics and the impact of external factors could influence the stock's performance post-listing," she added.
Niva Bupa Health Insurance is likely to finalize the basis of allotment of its shares on Tuesday, November 12. The Rs 2,200 crore IPO ran for subscription between November 7-11, fetching overall subscription of just 1.80 times. The company will be listed on Thursday, November 14 and the basis of allotment shall be finalized in a day or two.
Also, investors who still have an appetite for the primary market will get a chance to apply for the IPO of Zinka Logistics Solutions (Blackbuck), which opens for bidding on Wednesday, November 13. It is offering its shares in the range of Rs 259-273 apiece, where investors can apply for a minimum of 54 equity shares and its multiples thereafter.
Founded in April 2015, Zinka Logistics Solution is a digital platform for truck operators, through its app 'The BlackBuck'. Three-day bidding for the Rs 1,114.72 crore issue closes on Monday, November 18 as markets will observe a holiday on Friday, November 15 on the account of Guru Purnima.