Muted IPO Activity This Week as Only One New Public Issue Opens
Limited Primary Market Action Despite Strong Market Recovery
The primary market is expected to witness subdued activity in the week starting April 20, even as overall market sentiment shows improvement. Benchmark indices have surged nearly 10 percent from their April lows, while broader markets have gained over 15 percent in a short span. Despite this recovery, IPO activity remains limited with only one new public issue scheduled for launch.Leapfrog Engineering Services IPO to Open on April 22
Bengaluru-based Leapfrog Engineering Services, an SME player, will launch its initial public offering on April 22. The company has set a price band of Rs 21 to Rs 23 per share.The company operates as an engineering, procurement, construction, and commissioning provider, offering services across electrical systems, instrumentation, industrial automation, fire safety, HVAC, and modular substation solutions.
The IPO aims to raise Rs 88.51 crore through the issue of 3.84 crore equity shares. This includes a fresh issue of 3.46 crore shares and an offer for sale of 38.76 lakh shares by promoter Prabhav Narasimha Rao.
Ongoing IPOs Near Closure
In addition to the new launch, two ongoing public issues are set to close this week.Rajkot-based Mehul Telecom, a multi-brand mobile retail chain, will close its Rs 27.73 crore IPO on April 21. The issue received a healthy response, with a subscription of 3.38 times on the first day of bidding on April 17.
Meanwhile, the Rs 1,105 crore public issue of Citius Transnet Investment Trust in the mainboard segment will also close on April 21. The IPO was subscribed 69 percent as of the first day of bidding.
Two Listings Scheduled This Week
On the listing front, only two companies are set to debut on the stock exchanges during the week.Property Share Investment Trust’s third scheme, Propshare Celestia, will list on the BSE on April 24 after its IPO was subscribed 1.33 times and closed on April 16.
On the same day, shares of Mehul Telecom are also scheduled to commence trading on the BSE SME platform.
Grey Market Trends Indicate Mixed Sentiment
In the unofficial market, Mehul Telecom shares are commanding a premium of over 4 percent, indicating moderate investor interest. In contrast, Propshare Celestia units are not reflecting any premium, suggesting muted demand in the grey market segment.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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