Tata Tech, IREDA, Flair & 2 more IPOs to raise Rs 7,400 crore this week; check latest grey market premia

Primary markets will be in party mode in the current week, particularly from November 21-24 as five IPOs are hitting the street during the given period to raise a total of Rs 7,378.67 crore. However, the grey market is giving mixed signals to each of the companies as majority of the players are commanding a healthy premia in the unofficial markets.

PSU player Indian Renewable Energy Development Agency (IREDA), backed by Ministry of New and Renewable Energy, is raising Rs 2,150.21 crore via IPO route by selling its shares in the price band of Rs 30-32 per equity share. The issue will be open for bidding between November 21-23.

IREDA is commanding a grey market premium of Rs 7 per shares, signaling a listing pop of 22 per cent for the investors. The category-I  Mini-Ratna was commanding a premium 8 in the unofficial market a couple of days ago.

Tata Technologies, the much-awaited IPO on Dalal Street will open for subscription on November 22-24 as the Tata Groups aims to raise a total of Rs 3,042.51 crore via IPO route. The company will be selling 6,08,50,278 equity shares in the price band of Rs 475-500 per share.

The Tata Group entity is commanding a hefty premium of Rs 350 per share in the grey market, suggesting an upside of 70 per cent on the debut. However, the premium saw its peak at Rs 370, when the price band for the issue was announced. This is a primary offering by Tata Group in about two decades, after Tata Consultancy Services (TCS).

Flair Writing Industries, the stationary player is also raising Rs 593 crore via IPO route. The company is selling its share in the range of Rs 288-304 per share, which includes a fresh share sale of Rs 292 crore and offer-for-sale (OFS) of up to 99,01,315 equity shares during the primary offering.

The writing instruments player was commanding a premium of Rs 60 per share in the grey market, about 20 per cent higher than the upper end of the price band. However, the premium of the company has retreated to from Rs 67-70 over the weekend.

Other two companies, Gandhar Oil Refinery India and Fedbank Financial Services, will be raising Rs 500.69 crore and Rs 1,092.26 crore, respectively, via IPO route. The former one is selling its shares in the range of 160-169 apiece with a lot size of 88 equity shares, while the latter is offering the shares in the range of Rs 133-140 with a lot size of 107 shares.
 

Gandhar Oil Refinery India is commanding a premium of Rs 57 per share, signaling a listing pop of 34 per cent, while Fedbank Financial Services is trading at a premium of 6 per cent, or Rs 8 above the upper end of the price band, in the unofficial market. Both IPOs can be subscribed between November 22-24.

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