Ather Energy IPO, 2 other issues to revive primary market momentum this week
After a two-month lull period in the Indian
IPO
market,
Ather Energy
will revive the momentum with a public offer launch today (April 28). Apart from this, two other SME IPOs are also scheduled later this week. There are no listings for the week.
The
primary market
sentiments are likely to be revived in the next few days, given that the secondary markets are their recovery path. However, the tensions between India and Pakistan could play a dampener.
Here's what to look forward to in the IPO market:
Ather Energy IPO
Ather Energy's IPO will open for subscription on April 28 and be available for investors to bid till April 30. The company has priced the IPO in the range of Rs 304-321 per share. In the unlisted market, ever since the price band has been announced, the GMP has gone down.
The company is planning to raise around Rs 3,000 crore through the public offer, which is a combination of fresh equity sale and OFS. Under the OFS, Tiger Global, Promoters Tarun Sanjay and Swapnil Babanla among others will offload shares.
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Proceeds from the IPO will be channeled toward setting up a new electric two-wheeler manufacturing facility in Maharashtra, debt repayment, R&D investments, marketing, and general corporate purposes.
Ather Energy designs, develops, and assembles electric scooters and battery packs in-house, with two key product lines—the Ather 450 and Ather Rizta. The company, which holds an 11% market share in India's electric two-wheeler space, relies heavily on its southern markets, contributing 68% of its FY24 volumes.
SME segment
Two SME IPOs --
Arunaya Organics
and
Kenrik Industries
-- will open for subscription April 29. The issue of Arunaya will close on May 2, while that of Kenrik will be available till May 6.
Arunaya Organics has fixed a price band of Rs 55 to 58 per share, where investors can bid for 2,000 shares in one lot. The company is planning to raise Rs 34 crore from the IPO. Kenrik Industries, meanwhile, priced the IPO at a meagre Rs 25.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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