6 IPOs open today: Rentomojo vs Manipal Payment vs Karamtara Engineering vs LCC Projects vs ARCIL vs…

The latest market report highlights that Six mainboard IPOs open for subscription today, September 9, giving market participants a busy primary market slate spanning digital payments, consumer rentals, engineering, asset reconstruction and infrastructure. The issues will stay open until September 11.

At the centre of the action are Manipal Payment and Identity Solutions and online furniture and appliance rental platform Rentomojo, which are among the largest offerings in the lot.

Manipal Payment and Identity Solutions is looking to mobilize Rs 805 crore through its IPO, which opened for subscription on September 9 and will close on September 11. The price range has been set at Rs 322-339 per share.

The offering was subscribed 0.07 times overall by 11:38 am on the first day of bidding, with 8.91 lakh shares bid for against 1.31 crore shares on offer. The retail portion was subscribed 0.30 times, while the non-institutional investor (NII) category was subscribed 0.05 times. Qualified institutional buyers (QIBs) had not placed any bids at the time.

The latest grey market premium (GMP) stood at Rs 37, indicating an estimated stock-exchange debut price of Rs 376 at the upper price range and a potential stock-exchange debut gain of 10.91%. GMP is an unofficial indicator and can change during the subscription period.

Manipal Payment and Identity Solutions Day 1 Subscription Status

71,23,894

0

0.00x

35,61,947

1,84,536

0.05x

23,74,631

7,07,432

0.30x

1,30,60,472

8,91,968

0.07x

The Rs 805-crore offering comprises a fresh offering of Rs 320 crore and an offer for sale of Rs 485 crore.

Rentomojo, in the meantime, is raising Rs 1,255.57 crore through its IPO, which comprises a fresh offering and an offer for sale (OFS). The firm is offering 37.15 lakh fresh shares worth Rs 150 crore, while the OFS component is worth Rs 1,105.57 crore. The price range has been set at Rs 384-404 per share.

Proceeds from the fresh offering will be used to repay debt, pay lease rentals or licence fees for warehouses and experience stores, and meet general corporate requirements.

The offering was subscribed 0.64 times, with 1.40 crore shares bid for against 2.18 crore shares on offer.

Rentomojo Day 1 Subscription Status

62,05,779

24,94,207

0.40x

46,54,335

37,94,572

0.82x

1,08,60,114

76,62,626

0.71x

52,083

35,002

0.67x

2,17,72,311

1,39,86,407

0.64x

The non-institutional investor (NII) category was subscribed 0.82 times, followed by retail market participants at 0.71 times. The employee portion was subscribed 0.67 times, while the qualified institutional buyers (QIBs) portion was subscribed 0.40 times.

The rest of the mainboard slate includes LCC Projects, Karamtara Engineering, Asset Reconstruction Firm and Steamhouse India, giving market participants four more issues to choose from.

LCC Projects has priced its Rs 427.14-crore IPO in the range of Rs 139-146 per share. The offering comprises a fresh offering and an offer for sale (OFS), with a lot size of 102 shares. Retail market participants will need to invest a minimum of Rs 14,892, while 35% of the offering has been reserved for them.

LCC Projects Day 1 Subscription Status

58,54,205

32,04,228

0.55x

45,21,923

9,51,558

0.21x

1,05,51,153

66,22,044

0.63x

2,09,27,281

1,07,77,830

0.52x

The offering was subscribed 0.52 times, with 1.08 crore shares bid for against 2.09 crore shares on offer.

The retail portion was subscribed 0.63 times, followed by qualified institutional buyers (QIBs) at 0.55 times. The non-institutional investor (NII) portion was subscribed 0.21 times.

Karamtara Engineering is looking to mobilize Rs 875 crore through a fresh offering and OFS. The IPO has a lot size of 59 shares, putting the minimum retail investment at Rs 14,986. Retail market participants have been allocated 35% of the offering.

The Asset Reconstruction Firm's Rs 733-crore IPO is entirely an OFS, with the price range set at Rs 132-139 per share. The lot size is 107 shares, requiring a minimum investment of Rs 14,873 for retail market participants. The firm's post-offering market capitalisation is estimated at Rs 4,516 crore.

Steamhouse India rounds off the day's mainboard offerings. Its IPO, which combines a fresh offering and OFS, has a price range of Rs 77-81 per share and a lot size of 185 shares. The minimum retail investment is Rs 14,985, with 35% of the offering reserved for retail market participants.