Upcoming IPO: The primary market is set to witness a flurry of activity as three companies are poised to launch their Initial Public Offerings (IPOs) concurrently.
Scheduled for Friday, June 23, these companies are taking the SME (Small and Medium Enterprises) route, aiming to raise approximately Rs 134 crore in total.
Bidding for the IPOs will commence on June 23 and conclude on June 27. The companies in question are Essen Specialty Films, Greenchef Appliances, and Magson Retail and Distribution.
- Essen Specialty Films IPO
Leading the trio is Essen Specialty Films, primarily engaged in the export of specialized plastic products.
The company seeks to raise a total of Rs 66.33 crore through its IPO. With a total of 61.99 lakh equity shares on offer, 46.99 lakh shares constitute a fresh issue, while the remaining 15 lakh shares will be up for sale by the company’s promoters.
The IPO is priced in the range of Rs 101 to 107 per share.
The lot size for Essen Specialty Films is set at 1,200 equity shares. Retail investors can bid for a minimum and maximum of one lot, requiring an investment of Rs 1,28,400 for a single lot.
High net worth individuals, on the other hand, can bid for a maximum of 2 lots, with a maximum investment amount of Rs 2,56,800.
The funds generated from the IPO will be allocated towards debt reduction, working capital requirements, and other corporate purposes.
Essen Specialty Films is a part of the Rajoo Group, with Raju Engineers, another group company, already listed on BSE.
- Greenchef Appliances IPO
The second IPO belongs to Greenchef Appliances, a renowned kitchen appliance manufacturer. The company intends to raise Rs 53.62 crore by issuing 61.63 lakh shares through its IPO.
This offering consists entirely of fresh shares, ensuring that the company receives the full amount (excluding issue expenses) generated from the IPO. Greenchef Appliances has set a price band of Rs 82-87 per share for the IPO.
Investors can bid for Greenchef Appliances shares on a lot-wise basis, with each lot comprising 1,600 shares.
Retail investors can bid for a minimum and maximum of one lot, requiring an investment of approximately Rs 1,39,200.
High net worth individuals can invest a maximum of 2 lots or approximately Rs 2,78,400. The funds raised will be utilized for setting up additional plant and machinery, constructing factory buildings, and meeting working capital requirements.
- Magson Retail IPO
The third IPO is from Magson Retail and Distribution, a company specializing in frozen foods supply.
The company aims to raise around Rs 13.74 crore through its fixed-price IPO, offering 21.14 lakh fresh issue shares.
Proceeds from the IPO will be utilized to establish organizations and stores under the franchisee model, secure partnerships with key suppliers, and meet working capital requirements.
Similar to the other IPOs, bidding for Magson Retail shares will be conducted on a lot-wise basis, with each lot consisting of 2,000 shares.
Retail investors can bid for a minimum and maximum of one lot, requiring an investment of approximately Rs 1.3 lakh.
High net worth individuals can invest a maximum of 2 lots or approximately Rs 2.6 lakh.
Magson Retail and Distribution operates 26 retail outlets across western India, with 16 company-operated stores, 7 franchise-owned stores, and 3 joint ventures, all operating under the Magson brand name.
Investors eagerly anticipate these IPOs as they present enticing opportunities to participate in the growth potential of these SMEs and reap the associated financial rewards.
