IPOs This Week: Hyundai Motor India To Enter Primary Market, Two SMEs Offers In Pipeline

The primary market is gearing up for its biggest IPO yet as Hyundai Motor India Ltd. is set to launch an offering next week, aiming to raise over Rs 27,000 crore. This marks the largest IPO in India’s history, surpassing Life Insurance Corporation of India's Rs 21,000-crore issue in 2022, and the biggest global IPO of 2024 so far. Hyundai will be the first automaker to list in India in over two decades.

• IPO Dates: Oct. 15–17, 2024

• Price Band: Rs 1,865−1,960 per share

• Total Issue Size: Rs 27,870 crore (Offer for Sale: 14.2 crore shares)

• Minimum Lot Size: 7 shares

The proceeds will go entirely to selling promoter Hyundai Motor Company, as the IPO is an entirely offer for sale play, meaning Hyundai Motor India will not receive any direct funds from the issue.

In addition to Hyundai, two SME IPOs will also open for subscription:

• Dates: Oct. 16–18, 2024

• Price Band: Rs 171 to Rs 180 per share

• Total Issue Size: Rs 49.91 crore (Fresh issue of 27.73 lakh shares)

• Minimum Lot Size: 800 shares (Rs 1,44,000 for retail investors)

Lakshya Powertech, providing EPC services for power generation and the oil & gas sector, will use the funds for debt repayment, working capital, and general corporate purposes. They currently have orders worth Rs 265+ crore.

• Dates: October 17–21, 2024

• Price Band: Rs 110 to Rs 116 per share

• Total Issue Size: Rs 75.39 crore (Fresh issue of 64.99 lakh shares)

• Minimum Lot Size: 1,200 shares (Rs 1,39,200 for retail investors)

Freshara Agro specialises in exporting preserved gherkins and pickled goods. The company plans to utilise the funds for capital expenditures, working capital, and general corporate purposes.

Three companies are set to make their debut on the stock market in the coming days—one is a mainboard listing, while two are small and midsize enterprises listings.

Garuda Construction and Engineering

Garuda Construction and Engineering Ltd.'s tentative listing date is Oct. 15, 2024. The IPO was subscribed 7.55 times on its third and final day. It was subscribed 1.91 times on the first day and 4.10 times on the second. The subscription was led by retail investors.

Pranik Logistics

Pranik Logistics' ongoing IPO opened for subscription on Oct. 10 and will close on Monday, that is, Oct. 14. The allotment for this IPO is scheduled on Oct. 15, with tentative listing date set as Oct. 17.

Shiv Texchem

Shiv Texchem Ltd.'s IPO also attracted considerable interest. The bidding for this issue took place from Oct. 8 to Oct. 10, with allotment finalised on Oct. 11. Similar to Garuda, Shiv Texchem's shares are expected to debut on Oct. 15.

The SME issue was subscribed 3.79 times on the first day and 11.58 times on the second. On its final day, the SME IPO of Shiv Texchem was subscribed more than 150 times.