IPOs galore: 5 companies to make street debut this week; Rs 7,000 cr likely to be raised | Business News


Five companies, including Tata Technologies, Indian Renewable Energy Development Agency Ltd (IREDA) and Fedbank Financial Services Ltd (Fedfina), are set to raise over Rs 7,000 crore through initial public offerings (IPO) this week. Of the five IPOs, Tata Technologies, an engineering solutions provider, is planning to raise up to Rs 3,042 crore through the public issue. The price band for the IPO has been set at Rs 475-500. The issue will open on November 22 and the closing date is November 24.

Tata Technologies is a subsidiary of Tata Motors Ltd, which currently holds 64.79 per cent of the total equity share capital in the company. IREDA, a systematically important non-deposit taking non-banking financial company (NBFC)), is looking to raise up to Rs 2,150 crore via IPO. The price band for the issue is Rs 30-32 per equity share. The issue opened on November 21 and will close on November 23.

IREDA is a government of India enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). It is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency and conservation.

Another NBFC, Fedfina plans to raise up to Rs 1,092 crore through the public issue. The price band of Fedfina IPO is Rs 133-140 per equity share.

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Fedfina, a subsidiary of Federal Bank, offers products such as gold loans, home loans, loans against property (LAP) and business loans. Flair Writing Industries, a manufacturer of writing instruments, is looking to raise up to Rs 593 crore through the IPO. The price band of the issue has been fixed at Rs 288-304 per equity share.

Festive offer

Mumbai-based Gandhar Oil Refinery (India) plans to raise up to Rs 500 crore via a share sale process. The price band for the issue is Rs 160-169 per equity share. The IPOs of Fedfina, Flair Writing and Gandhar Oil will open for subscription on November 22 and close on November 24.

So far in 2023, 96 companies have launched their IPOs, as per the Bombay Stock Exchange.


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