IPOs next week: Ola Electric and Akums Drug to hit Dalal Street this week; two listings expected, check full list here | Stock Market News

Indian stock market after the Union Budget 2024 announcement is set to witness the launch of two new initial public offerings (IPOs) and the listing of two companies in the coming week. Dalal Street is expected to witness the issue of the two pharmaceutical sector IPOs, one EV maker IPO, and one SME IT company IPO in this coming week.

List of IPOs to look out for next week:

Akums Drugs and Pharmaceuticals Limited IPO

Akums Drugs and Pharmaceuticals Limited IPO will open for subscription on Tuesday, July 30, and is set to close for subscription on Thursday, August 1. The public offer is set with a price band of 646 to 679 per share with a face value of 2 each share. The IPO is scheduled to be open for its anchor investors for subscription on Monday, July 29, as per Bombay Stock Exchange filings.

Also Read | Akums Drug IPO: Price band set at ₹646-679 apiece; check details

The pharmaceutical company plans to issue 2,78,82,283 or more than 2.78 crore shares though this public issue’s book building process.

ICICI Securities Ltd., Axis Capital Ltd., Citigroup Global Market India Pvt. Ltd., Ambit Private Limited, are the book runners for this public issue.

Akums Drugs IPO has reserved not more than 75 per cent shares for the qualified institutional buyers (QIB), 15 per cent shares for the non-institutional Institutional Investors (NII), and 10 per cent for the retail investors for the public issue.

Ola Electric IPO

SoftBank backed Ola Electric IPO will open for subscription on Friday, August 2 according to the announcement from the company. The public issue offer is set to value the company at $4.2 billion to $4.4 billion. The IPO will likely be opened for subscription from anchor investors on Thursday, August 1, as per a Reuters report.

Also Read | Ola Electric IPO | SoftBank-backed IPO to open for subscription on Aug 2: Report

Founder and Chief Executive Officer Bhavish Aggarwal is set to dilute 37.9 million shares in the IPO listing. However the valuation expectation is about 18.5 per cent to 22 per cent lower compared to the last funding round in September 2023.

Ola Electric competes with other market operators like TVS Motors, Bajaj Auto, and Ather Energy as the company aims to use the funds raised from the IPO into company capex, debt repayment, and research and development (R&D).

Clinitech Laboratory IPO

Clinitech Laboratory IPO opened for subscription on Thursday, July 25, and is set to close on Monday, July 29. The IPO has set a price band of 96 per share with a face value of 10 each share to raise 578.30 lakhs. A minimum of 1,200 shares, as well as multiples of those, are up for purchase.

Also Read | Clinitech Laboratory IPO to open for subscription tomorrow; check details

The IPO has been valued at 5.78 crore which includes a fresh issue of 602,400 equity shares with a face value of 10 per share. The company plans to finance general corporate purposes and the expansion of diagnostic centers with the money raised from the issue. There is no “offer for sale” component, likely to get listed in the coming week.

S A Tech Software India IPO

S A Tech Software India opened for public subscription on Friday, July 26, and is set to close for public subscription on Tuesday, July 30. S A Tech Software India is a small and medium enterprise (SME) IT company listing on the exchange.

S A Tech Software India IPOs grey market premium (GMP) on Friday rose to 70 per share, according to stock market experts, Mint reported earlier. The software company has set the price band between 56 to 59 per share and the company wants to raise 23.01 crore from the public issue. The company is likely to be listed at the end of the coming week on Friday, August 2.

Also Read | S A Tech Software India IPO subscribed 6.4 times so far on Day 1

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