India's primary market is heading into a packed week, with five companies — Dhoot Transmission, Molbio Diagnostics, Milky Mist Dairy Food, Shiprocket and Behari Lal Engineering — set to raise a combined Rs 7,443 crore through initial public offerings, according to Business Today. The issues will open between August 10 and August 12, and the funds raised are largely earmarked for expansion, capital expenditure, repayment of debt and other corporate purposes, the report said.
The week's IPO line-up
Business Today reported that Dhoot Transmission and Molbio Diagnostics will be the first to hit the market on August 10, followed by Milky Mist Dairy Food on August 11, while Shiprocket and Behari Lal Engineering will open their issues on August 12.
The funds raised through the five offerings are largely earmarked for expansion, capital expenditure, repayment of debt and other corporate purposes.
| Company | Opening date | IPO size | Price band | Offer structure |
|---|---|---|---|---|
| Dhoot Transmission | August 10 | Rs 3,067 crore | Rs 829-871 | Fresh issue up to Rs 1,400 crore; OFS of up to 1.91 crore shares |
| Molbio Diagnostics | August 10 | Rs 904-940 crore | Rs 768-807 | Fresh issue up to Rs 200 crore; OFS of up to 91.66 lakh shares |
| Milky Mist Dairy Food | August 11 | Rs 1,553 crore | Rs 133-140 | Fresh issue up to Rs 1,428 crore; OFS up to Rs 125 crore |
| Shiprocket | August 12 | Rs 1,617.5 crore | Rs 92-97 | Fresh issue up to Rs 885.50 crore; OFS up to Rs 732 crore |
| Behari Lal Engineering | August 12 | Rs 302 crore | Rs 271-285 | Fresh issue up to Rs 93 crore; OFS up to 73.20 lakh shares |
Dhoot Transmission and Molbio Diagnostics open August 10
Dhoot Transmission will offer its shares in the price range of Rs 829-871 apiece through an IPO worth Rs 3,067 crore, according to Business Today. The offering consists of a fresh issue of up to Rs 1,400 crore, while promoters BC Asia Investments XV Ltd — an entity of Bain Capital — and Mangalam Capital Private Ltd will sell up to 1.91 crore shares through an offer for sale.
Molbio Diagnostics, the Goa-based point-of-care diagnostics company backed by Temasek and Motilal Oswal Private Equity, has set a price band of Rs 768-807 per share for its Rs 904-940 crore IPO. Its issue includes a fresh issue of up to Rs 200 crore and an OFS of up to 91.66 lakh shares.
The company has also drawn an investment from the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group. Business Today reported that IFC has invested Rs 20 crore as an anchor investor in Molbio, marking its return to India's mainboard IPO market after five years. IFC's previous investment in a mainboard IPO was in June 2021, when it invested Rs 10 crore as an anchor investor in Dodla Dairy.
Molbio has also seen secondary share transactions involving leading AIFs and institutional investors worth Rs 160 crore, at Rs 807 per share — the upper end of its IPO price band. Among these transactions:
- 360 ONE Asset invested Rs 30 crore.
- 3P Investment Managers, Neo Alternative Asset Managers, Kotak Mahindra Life Insurance and Susquehanna International Group invested Rs 25 crore each.
- WhiteOak Capital Asset Management invested Rs 20 crore.
- Motilal Oswal Asset Management invested Rs 10 crore.
Milky Mist: India's largest dairy IPO
Milky Mist Dairy Food is set to enter the market on August 11 with a Rs 1,553-crore IPO, having fixed the price band at Rs 133-140 per share. The issue will comprise a fresh issue of up to Rs 1,428 crore and an OFS of up to Rs 125 crore. According to Business Today, it will be the largest IPO by an Indian dairy company.
Shiprocket and Behari Lal Engineering open August 12
Shiprocket, the e-commerce enablement platform, will seek to raise Rs 1,617.5 crore through its IPO opening on August 12. The company has fixed the price band at Rs 92-97 per share. Its IPO consists of 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.
Also opening on August 12 is Behari Lal Engineering, which is looking to raise Rs 302 crore. The engineering castings and alloy steel products manufacturer has set a price band of Rs 271-285 per share. The IPO comprises a fresh issue of up to Rs 93 crore and an OFS of up to 73.20 lakh shares by existing shareholders.
IPO pipeline stays active
With these five issues, the number of companies launching their IPOs this year will rise to 47, Business Today reported. The maiden public offerings of KKR-backed LEAP India and Technocraft Ventures are currently open for subscription.
The IPO pipeline is also set to remain active, with Blackstone-backed Horizon Industrial Parks, a Gaja Capital-backed firm and Shankesh Jewellers, among others, currently expected to announce their IPO price bands next week, according to the report.
Sources:
