List of Upcoming IPOs In India – Forbes Advisor INDIA

An initial public offering or an IPO is an offer made by a company for investors to invest in that company  by purchasing their shares for the first time, and is a way to raise capital from the public investors. A transparent IPO is a sign of a healthy economy and can instill trust in the stock market of the country.

What is the Process of Investing in an IPO Online?

Here’s the step-by-step process to invest in an IPO.

Contacting a Broker

You need to contact a SEBI-registered broker to invest in the stock market and register first as an investor by submitting the know-your-customer (KYC) documents. 

Trading Account

After registering with a broker, investors need to open a trading account. This account operates between the bank and the demat account. It gives the investor a trading number, which is used to buy and sell shares. Money from the bank account is transferred to the trading account in order to purchase a share and that share is stored in a digital form in the demat account. 

Demat Account

A Demat account is where shares belonging to an individual investor are stored in an electronic format. Shares are not in a physical form but in a digital format for ease of trading. 

Procedure

The broker or the brokerage firm executes the buying and selling of the shares at the request of the investors. The money is deducted from the trading account and the purchased shares are deposited in the Demat account.

How to Enhance the Chances of IPO Allotment

The following are the things to be taken into consideration in order to increase the chances to get an allotment:

Team Work

There is a lottery system for the selection of investors in an IPO. Hence, one can put applications in the names of various members of your family or partners. 

Pan Number

One Pan cardholder can not put in multiple applications for an IPO allotment. 

Understanding the Price Range: The face value of a stock is in most cases lower than the price range at which the stock is offered. Companies give a lower cutoff and an upper cutoff to purchase stocks in an IPO. It is advisable to go for the upper limit.

Current Details

One must enter and crosscheck all the details currently while applying for it as any mistake in the details will lead to rejection of the application.

Prerequisites for an IPO

A company must fulfill a few requirements before going for an IPO, These guidelines are set by the Securities and Exchange Board of India (SEBI) a Government of India-run body to keep a check on the markets.

Minimum Capital

A company must have a minimum paid-up capital of INR 500,000 to apply for an IPO.

Profits

 An organization must have a minimum of three years of profit before applying for an IPO.

Registration

 The organization must be registered with the Securities and Exchange Board of India.

Number of shareholders

Must have a minimum number of shareholders, which is seven.

List of upcoming IPOs in 2023

Here are the detailed company-wise insights into the upcoming IPOs in India:

ESAF Small Finance Bank Limited

ESAF Small Finance Bank recently concluded its IPO, which ran from November 3 to November 7, 2023, offering its shares at a price range of INR 57 to INR 60 per share. This IPO was characterized by strong demand and investor participation, with an oversubscription rate of 73.15 times during the three-day bidding period. Notably, the portion allocated for qualified institutional bidders (QIBs) witnessed an exceptional oversubscription of 173.52 times, while non-institutional investors showed robust interest with a subscription rate of 84.37 times. Retail investors and employees also actively participated, with subscription levels of 16.97 times and 4.36 times, respectively. The IPO was available in a lot size of 250 shares, offering investors a unique opportunity to become part of ESAF Small Finance Bank’s journey.

Key Features:

• Strong Investor Response: The remarkable oversubscription of 73.15 times underlines the high demand for ESAF Small Finance Bank’s shares, indicating investor confidence in the bank’s growth prospects.
• The IPO price range of INR 57 to INR 60 per share allowed investors to consider a range of entry points, making it accessible for a broad spectrum of investors.
• The gray market premium (GMP) for ESAF Small Finance Bank surged, reaching INR 21 per share, indicating a potential listing pop of around 35 percent for investors, a significant increase from the initial single-digit GMP levels.
• Analysts from brokerage firms were positive on the IPO, citing the bank’s sound fundamentals, growing business, attractive valuations, and its established presence in Southern India’s markets.
• ESAF Small Finance Bank has a substantial network with 700 outlets, 743 customer service centers, 20 business correspondents, 481 business facilitators, and 581 ATMs spread across 21 states in India.
• The IPO was managed by lead managers ICICI Securities, DAM Capital Advisors, and Nuvama Wealth Management, ensuring a well-organized offering.
• The shares of ESAF Small Finance Bank are scheduled to be listed on both BSE and NSE on Friday, November 10, 2023, providing investors with a platform to trade the bank’s shares in the secondary market.

InCred Financial Services Limited

InCred Financial Services Limited IPO Overview:

InCred Financial Services Limited (IFSL) is set to launch its 3rd debt offer in January 2022, offering Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) with a face value of INR 1000 each. The IPO’s base size is INR 150 crore, with a green shoe option that allows the company to retain oversubscription up to INR 150 crore, resulting in a total issue size of INR 300 crore. The subscription period for this NCD issue began on October 25, 2023, and is slated to close on or before November 7, 2023. After allotment, the NCDs will be listed on BSE. The company’s previous debt issue was in January 2023.

Key Features:

• IFSL’s IPO comprises Secured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) with a face value of INR 1000 each, offering an array of investment options for participants.
• The IPO’s base size is INR 150 crore, with an option to retain oversubscription up to INR 150 crore, making it a substantial total issue size of INR 300 crore.
• Investors had the opportunity to subscribe to the IPO from October 25, 2023, and the subscription period is set to close on or before November 7, 2023.
• Out of the net proceeds generated, IFSL plans to utilize a minimum of 75% for onward lending, financing, and repayment of certain borrowings, with a maximum allocation of up to 25% for general corporate purposes.
• The IPO is jointly led and managed by JM Financial Ltd. and InCred Capital Wealth Portfolio Managers Pvt. Ltd., with Link Intime India Pvt. Ltd. serving as the registrar of the issue. Catalyst Trusteeship Ltd. is the appointed Debenture Trustee for the offering.
• The minimum application for the NCDs is set at 10 units, equivalent to INR 10,000, with additional units available in multiples of 1 unit, equivalent to INR 1,000 each.
• Investors can select the interest payment frequency from options including Monthly, Quarterly, or Annual, catering to varying preferences.
• The NCDs offer a coupon rate that spans from 9.48% to 10.30%, providing potential investors with various interest rate options.
• The NCDs come with tenors of 18 months, 24 months, and 36 months, catering to different investment horizons.
• The allocation for the IPO is divided among different categories, with 5% reserved for Institutional Investors, 10% for Non-Institutional Investors, 40% for High Net Worth Individuals (HNIs), and 45% for Retail investors.

Protean eGOV Technologies Limited

Protean eGov Technologies IPO is a book-built issue with a total worth of INR 490.33 crores. Notably, the entire issue consists of an offer for sale of 0.62 crore shares. The bidding for the IPO commenced on November 6, 2023, and concluded on November 8, 2023. The allotment process for the Protean eGov Technologies IPO is anticipated to be completed by Monday, November 13, 2023. The IPO is set to list on the BSE, with a tentative listing date established for Friday, November 17, 2023.

Key Features:

• The Protean eGov Technologies IPO is entirely an offer for sale (OFS) of 0.62 crore shares, presenting an exit opportunity for existing shareholders.
• The IPO’s price band has been set at a range of INR 752 to INR 792 per share, offering investors the flexibility to choose from a spectrum of entry points.
• The minimum lot size for an application is 18 shares, providing investors with a relatively low threshold for participation.
• Retail investors are required to make a minimum investment of INR 14,256 in the IPO.
• For Super Non-Institutional Investors (sNII), the minimum lot size investment is set at 15 lots, equivalent to 270 shares, with a total amount of INR 213,840. Bulk Non-Institutional Investors (bNII) have a minimum lot size investment of 71 lots, equal to 1,278 shares, amounting to INR 1,012,176.
• The IPO includes a reservation of up to 150,000 shares for employees, offered at a discounted rate of INR 75 compared to the issue price.
• ICICI Securities Limited, Equirus Capital Private Limited, Iifl Securities Ltd, and Nomura Financial Advisory And Securities (India) Pvt Ltd serve as the book running lead managers for the Protean eGov Technologies IPO.

ASK Automotive Ltd

ASK AUTOMOTIVE LTD is set to launch its initial public offering (IPO) in the equity market. The IPO period spans from November 7, 2023, to November 9, 2023. The company is offering 20,699,974 shares to potential investors, with a price band of INR 268.00 to INR 282.00 per share. The market lot is 53 shares, and the minimum bid quantity is also set at 53 shares, providing flexibility for both individual and institutional investors.

This IPO is spearheaded by multiple Book Running Lead Managers, including JM Financial Limited, AXIS CAPITAL LIMITED, ICICI Securities Limited, and IIFL Securities Ltd. The Registrar for this IPO is LINK INTIME INDIA PRIVATE LIMITED, and it is sponsored by Axis Bank Limited and ICICI Bank Limited. The company’s security type is equity, with the symbol ASKAUTO, and a face value of INR 2.00.

Key Highlights:

• The ASK AUTOMOTIVE LTD IPO presents an issue size of 20,699,974 shares, providing a significant investment opportunity.
• The issue period is from November 7, 2023, to November 9, 2023, allowing investors a limited timeframe to participate.
• The price band for this IPO falls within the range of INR 268.00 to INR 282.00 per share, offering a variety of entry points for potential investors.
• The market lot is set at 53 shares, making it accessible for a broad range of investors, and the minimum bid quantity is 53 shares.
• Qualified Institutional Investors can bid for a maximum of 20,699,945 shares, whereas Non-Institutional Investors have the opportunity to bid for up to 14,785,675 shares.
• Multiple Book Running Lead Managers, along with the Registrar and Sponsor Banks, are overseeing this IPO, ensuring a smooth and efficient process for all participants.

Kalyani Cast Tech Ltd

Kalyani Cast Tech Limited, an equity-focused company with the symbol KALYANI, is all set to launch its initial public offering (IPO) from November 8, 2023, to November 10, 2023. The IPO will comprise 1,626,000 shares with a price band of INR 137.00 to INR 139.00 per share, allowing investors to participate in this significant financial opportunity. With a face value of INR 10.00 per share, the market lot is set at 1,000 shares, and the minimum bid quantity is 1,000 shares, providing flexibility for both individual and institutional investors.

BSE Bid Details (Cumulative) and Demand Schedule (Cumulative)

The demand for Kalyani Cast Tech Limited’s IPO will be reflected in the BSE Bid Details and Cumulative Demand Schedule graphs. These visuals will illustrate how investors’ interest accumulates throughout the IPO period, offering valuable insights into the level of demand for this equity opportunity.

Key Highlights

• Kalyani Cast Tech Limited is offering an equity IPO with an issue size of 1,626,000 shares.
• The issue period is from November 8, 2023, to November 10, 2023.
• The price band for the IPO is set at INR 137.00 to INR 139.00 per share.
• The market lot is 1,000 shares, and the minimum bid quantity is 1,000 shares.
• Qualified Institutional Investors have a maximum bid quantity of 1,264,000 shares, while Non-Institutional Investors can bid for a maximum of 903,000 shares.
• The Book Running Lead Manager for this IPO is Gretex Corporate Services Pvt Ltd, and the Registrar is BIGSHARE SERVICES PRIVATE LTD.

CL Educate Limited – Buyback Details

CL Educate Limited is currently engaged in a significant buyback program with notable implications for its shareholders. This open offer, which commenced on August 21, 2023, and is set to conclude on November 28, 2023, underscores the company’s intention to repurchase its own shares, providing an attractive exit opportunity for existing shareholders.

Key Highlights:

• The buyback program began on August 21, 2023, and is scheduled to run until November 28, 2023.
• It is executed as an open offer, allowing shareholders to participate in the buyback.
• The maximum buyback price per share is capped at INR 94.00, which can have a significant impact on shareholders’ returns.
• The total funds allocated for this buyback program reflect the company’s commitment to enhancing shareholder value.
• As of November 6, 2023, a cumulative total of 4,93,710+ shares have been bought back under this program.
• KUNVARJI FINSTOCK PVT. LTD. (Scrip Code: 3087) is one of the key buying members involved in facilitating this buyback.