Upcoming IPOs: Garuda Construction, Shiv Texchem To Open This Week, Two SMEs To List

In the coming week, India's primary market will see two issues opening for subscription, including Garuda Construction and Engineering Ltd.'s mainboard IPO and Shiv Texchem Ltd.'s offer to be listed on BSE SME.

While there won't be any companies listed on the mainboard in the upcoming week, Saj Hotels Ltd. and HVAX Technologies Ltd. will be on the NSE's SME platform on Monday.

Garuda Construction and Engineering Ltd., the only mainboard IPO this week, will open for retail subscription on Tuesday and close on Thursday. The anchor book of the issue will happen on Monday.

On Thursday, it fixed the price band of its Rs 264 crore Initial Public Offering, or IPO, at Rs 92-95 per share, with a lot size of 157 shares.

The IPO is a mix of a fresh issue of 1.83 crore equity shares and an offer-for-sale of 95 lakh equity shares by promoter PKH Ventures. In its DRHP, the company said that proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirements and balance towards general corporate purposes, including unidentified inorganic acquisitions.

Another issue that will open for subscription on Tuesday is of SME Shiv Texchem Ltd., which imports and distributes hydrocarbon-based secondary and tertiary chemicals.

The company with an offer of up to Rs 101.35 crore through the IPO will be listed on BSE SME. The price band for the issue has been set at Rs 158 to 166 per share, and investors can subscribe to it in lots of 800 shares.

The company's DRHP said it intends to utilise the gross proceeds raised through the issue to meet long-term working capital requirements and general corporate purposes.

Shares of Saj Hotels Ltd. will be listed on the NSE SME platform on Monday. The IPO was subscribed 5.46 times on its final day, Oct. 1. The public issue subscribed 8.65 times in the retail category, 2.12 times in other categories.

HVAX Technologies, also to be listed on NSE SME on Monday, was subscribed 34.16 times on October 1, its final day. The public issue subscribed 26.69 times in the retail category, 14.02 times in the QIB category, and 77.92 times in the NII category.