Top Upcoming IPOs in India: Dates, GMP & Should You Apply?
The primary market of India is still receiving immense interest from investors, as some mainboard as well as SME IPOs are expected in the upcoming weeks. Firms from various industries such as manufacturing, infrastructure, finance, and technology plan to access the capital markets, providing opportunities for investors.
Although Grey Market Premium (GMP) is one of the most sought-after indicators before the opening of an IPO, it is always advised by experts that GMP should not be considered alone when making investment decisions.
Kusumgar IPO
Most anticipated IPO of the week among mainboard IPOs would be that of Kusumgar Ltd.
A public offer worth ₹650 crore commenced on July 8 and will continue till July 10. Kusumgar Ltd has set a price band of ₹398-₹419 per share. Reports suggest that the issue has been met with an enthusiastic reception from investors, while its Grey Market Premium is at 33-40%.
Kusumgar Ltd IPO has been considered by many to be a better IPO opportunity for those investors looking to invest in India’s manufacturing industry. However, please note that GMP is unofficial and can vary quickly before listing.
Laser Power & Infra IPO
Another key event that is anticipated to catch the attention of investors is the IPO of Laser Power and Infra Limited.
The IPO will be going live from July 9 to July 13 with a price range of ₹203-₹214 per share. This is one of the most significant IPOs of the week and is bound to generate investor interest due to its infrastructure and engineering focus.
Given the nature of the firm being an infrastructure company, investors need to look into order books, debts, and execution abilities.
Devson Catalyst IPO
The SME sector too continues to be dynamic. The Devson Catalyst Limited is having its IPO in the period from 9th July to 13th July at an issue price range of ₹112 – ₹118 per share.
Currently, the Grey Market Premium estimates suggest that there is strong interest on the part of investors despite the fact that SME IPOs are more volatile and illiquid compared to those on the main board.
Happy Steels IPO
One of the other SME issues that will commence this week is Happy Steels Limited. This IPO will stay open from July 9 till July 13, with an offer price range of ₹62-₹66 per share. Though the IPO size is small compared to regular mainboard IPOs, demand for steel and spending on infrastructure continues to make the sector attractive for investors.
SBI Mutual Fund IPO
Maybe one of the biggest IPOs that is awaited soon can be that of SBI Mutual Fund. It
has been stated that the largest mutual fund company in India will be launching its IPO on or around July 13 and will have a fundraising target of approximately $1.2 billion. The pricing details will be disclosed close to the launch date.
Due to its dominant presence and brand name, this IPO is already one of the most awaited ones for this year.
Major IPOs Expected Later This Year
In addition to currently scheduled issuances, a number of large enterprises continue to be watched by investors.
They include proposed IPOs of Reliance Jio, National Stock Exchange of India, and Manipal Health Enterprises, even though not all these offerings have finalized their respective timelines yet.
The coming larger IPOs are expected to draw heavy participation from institutional and retail investors.
What Does GMP Actually Mean?
The Grey Market Premium (GMP) is the unregulated premium at which IPO shares are traded before listing on the stock exchange.
A high GMP generally indicates high demand from investors and expectations of success after the listing. It is crucial, however, to note that GMP is an unregulated factor and must never be regarded as an indication of future success.
Some IPOs with very high GMPs have listed poorly, while some IPOs with moderate GMPs have performed well.
Should You Apply for an IPO?
Rather than relying only on Grey Market Premium, investors should evaluate several important factors before applying.
These include the company’s revenue growth, profitability, valuation compared to listed peers, debt position, industry outlook, promoter background, and intended use of IPO proceeds.
Short-term investors looking for listing gains may pay closer attention to subscription numbers and GMP, whereas long-term investors should focus on business fundamentals and future growth potential.
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Conclusion
The initial public offerings (IPOs) in India continue to stay active as there are several IPOs available for both main board as well as SME segments.
While companies such as Kusumgar and SBI Mutual Fund (coming up) are attracting many eyes, it is pertinent to note here that successful IPO investing is not only about trying to benefit from Grey Market Premium.
It is advisable to take an approach which involves the right combination of market sentiments along with sound fundamentals.
While Grey Market Premium can create enthusiasm, the most successful IPO investments are those which have good underlying business, valuation, and growth prospects.
