India’s Primary Market Braces for IPO Bonanza: Five Companies to Raise Over Rs 7,400 Crore This Week

Mumbai, India – India’s primary market is gearing up for an exceptionally busy week as five diverse companies prepare to launch their Initial Public Offerings (IPOs). These offerings are collectively poised to raise a substantial Rs 7,443 crore, signaling robust investor appetite and a dynamic capital market environment.

The lineup of companies includes Dhoot Transmission, Molbio Diagnostics, Milky Mist Dairy Food, Shiprocket, and Behari Lal Engineering. Their issues are scheduled to open sequentially between August 10 and August 12, offering investors a diverse portfolio of opportunities across manufacturing, diagnostics, dairy, logistics, and engineering sectors.

The capital raised through these five offerings is primarily earmarked for strategic initiatives such as expansion projects, capital expenditure, debt repayment, and other general corporate purposes, underscoring a forward-looking growth trajectory for these firms.

This week’s IPO spree will elevate the total number of companies launching their maiden public offerings this year to 47, demonstrating a sustained momentum in India’s IPO market. Concurrently, the IPOs of KKR-backed LEAP India and Technocraft Ventures remain open for subscription, further engaging the market.

Looking ahead, the IPO pipeline remains vibrant, with prominent names like Blackstone-backed Horizon Industrial Parks, a Gaja Capital-backed firm, and Shankesh Jewellers expected to announce their IPO price bands in the coming week, promising continued activity for investors.

Dhoot Transmission and Molbio Diagnostics Kick Off on August 10

Leading the charge on August 10, Dhoot Transmission is set to offer its shares within a price range of Rs 829-871 apiece, aiming to raise a significant Rs 3,067 crore. This offering comprises a fresh issue of up to Rs 1,400 crore, alongside an Offer for Sale (OFS) of up to 1.91 crore shares by promoters BC Asia Investments XV Ltd (an entity of Bain Capital) and Mangalam Capital Private Ltd.

Joining Dhoot Transmission on the same day is Molbio Diagnostics, the Goa-based point-of-care diagnostics company backed by prominent investors such as Temasek and Motilal Oswal Private Equity. The company has fixed its IPO price band at Rs 768-807 per share for an issue sized between Rs 904-940 crore. Molbio’s IPO includes a fresh issue of up to Rs 200 crore and an OFS of up to 91.66 lakh shares.

Notably, the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, has returned to India’s mainboard IPO market after a five-year hiatus, investing Rs 20 crore as an anchor investor in Molbio. IFC’s last mainboard anchor investment was in Dodla Dairy in June 2021. Molbio has also seen secondary share transactions totaling Rs 160 crore at the upper end of its IPO price band (Rs 807 per share), involving key AIFs and institutional investors including 360 ONE Asset, 3P Investment Managers, Neo Alternative Asset Managers, Kotak Mahindra Life Insurance, Susquehanna International Group, WhiteOak Capital Asset Management, and Motilal Oswal Asset Management.

Milky Mist Dairy Food Targets Record IPO on August 11

On August 11, Milky Mist Dairy Food will step into the market with its substantial Rs 1,553-crore IPO. The company has set its price band at Rs 133-140 per share. This issue is segmented into a fresh issue of up to Rs 1,428 crore and an OFS of up to Rs 125 crore. This IPO is poised to become the largest by an Indian dairy company, marking a significant milestone for the sector.

Shiprocket and Behari Lal Engineering Conclude the Week on August 12

The week culminates on August 12 with two more offerings. Shiprocket, the e-commerce enablement platform, aims to raise Rs 1,617.5 crore through its IPO. With a price band of Rs 92-97 per share, its offering comprises a fresh issue of up to Rs 885.50 crore and an OFS of up to Rs 732 crore by existing shareholders, including Lightrock, Tribe Capital, and Moore Strategic Ventures.

Finally, Behari Lal Engineering will also open its issue on August 12, seeking to raise Rs 302 crore. The manufacturer of engineering castings and alloy steel products has established a price band of Rs 271-285 per share. This IPO includes a fresh issue of up to Rs 93 crore and an OFS of up to 73.20 lakh shares by existing shareholders.

This packed schedule underscores the vibrancy and depth of India’s capital markets, providing ample opportunities for investors while fueling the growth ambitions of these promising companies.