LIST OF SOME IMPORTANT UPCOMING IPO in 2021
While we do not have a final list of IPOs for the year 2021. However, here are some companies likely to file or have drafted DRHP with SEBI for Initial Public Offer (IPO) to change their company identity from Private Limited to Limited. The company needs to file DRHP (draft red herring prospectus) and then final RHP (red herring prospectus) for IPO. SEBI approves the Initial Public Offer for the companies and then they go for the IPO. Here are the upcoming IPOs which might hit the primary market in 2021:
– Devyani International
It is largest franchisee of Yum Brands in India and are among the largest operators of chain quick service restaurants (“QSR”) in India (Source: Global Data Report), on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 50,000 restaurants in over 150 countries, as of December 31, 20201. In addition, the company has a franchisee for the Costa Coffee brand and stores in India. The business is broadly classified into three verticals that includes stores of KFC, Pizza Hut and Costa Coffee operated in India.
Devyani International IPO Details
• They plan to raise Rs 1,400 crores through the IPO, out of which Rs 400 crores will be a fresh issue, 12.5 crore shares will be sold through an offer for sale.
• The purpose is to repay all borrowings of around Rs 360 crores.
• The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Edelweiss Financial Services Limited and Motilal Oswal Investment Advisors Limited.
– Utkarsh Small Finance Bank IPO
Utkarsh Small Finance Bank provides affordable banking services – loans, accounts, deposits and investments across India.
Utkarsh Small Finance Bank IPO Details:
• Utkarsh Small Finance Bank, is looking to raise ₹1,350 crore through IPO.
• The IPO consists of a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹600 crore by promoter Utkarsh CoreInvest.
• The bank intends to utilise the net proceeds from IPO towards expansion of its tier-1 capital base.
– Windlas Biotech Pvt. Ltd. IPO
Windlas Biotech is among the top five players in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) industry in India in terms of revenue. The IPO consists of fresh issue of ₹440 crore and an offer for sale of 15,53,33,330 equity shares by existing shareholders and promoters.
Windlas Biotech IPO Details:
• The issue opens on 4 August 2021 and closes on 6 August 2021.
• The offer comprises of a fresh issue of shares worth₹165 crore and an offer for sale of shares of 51,42,067 equity shares by existing selling shareholders.
• SBI Capital Markets, DAM Capital Advisors, and IIFL Securities are the BRLM to the issue.
• The price band is fixed at ₹448-460 per equity share for the public issue. The lot size is of 30 equity shares.
• The company proposes to utilise the net proceeds from the issue for the purchase of equipment required for capacity expansion of existing facility at Dehradun Plant, to meet working capital requirements and repaying of certain borrowings.
– Fincare Small Finance Bank
Fincare Small Finance Bank has a suite of banking products such as savings accounts, current accounts, fixed deposits, NRI fixed deposits, recurring deposits, microloans, cash overdraft, loans against gold, loan against property, institutional finance, and two-wheeler loan.
Fincare Small Finance Bank IPO Details
• Fincare Small Finance Bank has filed draft papers for its initial public offering (IPO) with the Securities and Exchange Board of India (SEBI). It plans to raise Rs 1,330 crore from the primary market.
• The IPO of Bengaluru-based microfinance company comprises a fresh issue of Rs 330 crore by the bank and an offer for sale of Rs 1,000 crore by promoter Fincare Business Services.
• Book running lead managers to the issue are ICICI Securities, Axis Capital, IIFL Securities, and SBI Capital Markets.
– Nuvoco Vistas
Nuvoco Vistas is the fifth largest cement company in India and the largest cement company in East India in terms of capacity. (Source: CRISIL Report). As of December 31, 2020, the company’s cement production capacity constituted approximately 4.2% of total cement capacity in India, 17% of total cement capacity in East India, and 5% of total cement capacity in North India, and we are one of the leading ready-mix concrete manufacturers in India (Source: CRISIL Report).
Nuvoco Vistas Cement Plants are in the states of West Bengal, Bihar, Odisha, Chhattisgarh, and Jharkhand in East India and Rajasthan and Haryana in North India, while our RMX Plants are located across India. As of December 31, 2020, the Cement Plants have an installed capacity of 22.32 MMTPA.
Nuvoco Vistas IPO Details
• Book Running Lead Managers to the issue are ICICI Securities, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited and J.P. Morgan India Private Limited.
• Nuvoco Vistas is the cement arm of the household brand Nirma Ltd.
• The issue size of the IPO is around Rs 5,000 crores of which Rs 1,500 crores will be a fresh issue and the rest an offer for sale.
– ESAF Small Finance Bank Ltd. IPO
ESAF Small Finance Bank is one of the leading small finance banks in India in terms of client base size, yield on advances, net interest margin, assets under management CAGR, total deposit CAGR, loan portfolio concentration in rural and semi-urban areas and ratio of micro loan advances to gross advances.
ESAF Small Finance Bank IPO Details:
• The company is planning to raise ₹ 998 crores through its public issue.
• The IPO consists of a fresh issue of Rs 800 crore and an OFS of ₹197.78 crores by existing selling shareholders.
• The bank intends to utilize the net proceeds from IPO towards the expansion of its tier-1 capital base.
• Axis Capital, Edelweiss Financial Services, ICICI Securities, and IIFL Securities are merchant bankers to the issue.
– Glenmark Life Sciences LTD.
Glenmark Life Sciences is one of the leading manufacturers of Active Pharmaceuticals Ingredients (APIs). The company was incorporated in 2011 as a wholly-owned subsidiary of Glenmark Pharma. Glenmark Life is a key player in the API space and in India, it competes with other names like Divi’s Labs, Laurus Labs, Aarti Drugs, Granules, etc. Glenmark Life Sciences is engaged in the manufacturing and supply of high-quality APIs to multiple counties in Europe, North America & Latin America.
Glenmark Life Sciences IPO Details
• The Rs. 1,513.60 crore initial public offer (IPO) will open for subscription from 27 July 2021- 29 July 2021.
• It will consist of a fresh issue of Rs. 1,060 crore and an offer for sale of Rs. 454 crore.
– Paytm IPO
The Paytm ecosystem covers payments (wallet/UPI), merchant acquiring, credit saving, asset management, insurance, and broking services to complement its ecommerce/e-ticketing platforms. “Paytm has over 350 million installed base, 50 million active user base, and over 20 million merchant base. Around 100 million of those users are KYC-compliant as per media reports.
Paytm IPO Details:
• Paytm has filed a draft prospectus for its initial public offering of ₹16,600 crores.
• As per the draft prospectus, JPMorgan Chase, Morgan Stanley, ICICI Securities, Goldman Sachs, Axis Capital, Citi, and HDFC Bank are among the lead book-running managers for Paytm IPO.
• Paytm IPO comprises fresh issue of up to ₹8,300 crores, offer for sale of up to ₹8,300 crores.
• Paytm shareholders comprise Alibaba’s Ant Group (29.71 percent), Softbank Vision Fund (19.63%), SAIF Partners (18.56%), and Vijay Shekhar Sharma (14.67%). AGH Holding, T Rowe Price, Berkshire Hathaway, and Discovery Capital are other shareholders in the company.
– GR Infraprojects Limited
G R Infraprojects Limited is an integrated road engineering, procurement, and construction (“EPC”) company with experience in design and construction of various roads/highways projects across 15 states in India and has recently diversified into projects in the railway sector. The company was incorporated in December 1995. The company’s principal business operations are broadly divided into three categories: (i) civil construction activities (ii) development of roads, highways on a Build Operate Transfer (“BOT”) basis, including under annuity and Hybrid Annuity Model (“HAM”); and (iii) manufacturing activities, under which they process bitumen, manufacture thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers. The Company has executed over 100 projects since 2006.
· The Rs 963 crore initial public offer (IPO) opened for subscription on 07 July 2021- 09 July 2021.
· The offer is fully comprised of an offer for sale of 11,508,704 shares aggregating up to ₹963 crores at the upper price band.
· The price band for the issue was ₹828-837.
· HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisor, SBI Capital Markets, and Equirus Capital Private Limited were Book Running Lead Managers to the issue.
– Dodla Dairy
Dodla Dairy Limited was incorporated in 1995 and is an integrated dairy company in entire South India. The company is engaged in the procurement, processing, distribution, and marketing of milk and other dairy products. Company processes sells milk (including standardized, toned, and double toned milk), and produces dairy products such as curd, butter, ghee, ice cream, flavored milk, etc. Operations of DDL in India are primarily across the five Indian states of Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Maharashtra and overseas operations are based in Uganda and Kenya.
Dodla Dairy IPO Details:
- The Rs 520 crore initial public offer (IPO) of Dodla Dairy opens for subscription on 16 June 2021- 18 June 2021.
- The price range is Rs 421-428 per share and comprises a fresh issue worth Rs 50 crore and an offer for sale of Rs 470 crore.
- Book Running Lead Managers are ICICI Securities Limited, Axis Capital Limited.
– Sona Comstar
Sona BLW Precision Forgings Limited, one of India’s leading automotive technology companies, is primarily engaged in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs. The company is a leading supplier to the fast-growing global Electric Vehicle (EV) markets and derived 13.8% revenue from the Battery EV market and 26.7% from the Micro-Hybrid / Hybrid market in FY21. Its global market share of BEV differential assemblies in the calendar year 2020 was 8.7%. The company is among the top ten players globally in the differential bevel gear market and in the starter motor market on the basis of respective volumes supplied to its end segments in the calendar year 2020 and has been gaining global market share across products.
Sona BLW Precision Forgings IPO Details:
- The total Offer size is up to Rs. 5,550 crores with a fresh issuance of equity shares, aggregating up to Rs.300 crores and an offer for sale of equity shares aggregating up to Rs. 5,250 crores, by the Selling Shareholder, namely, Singapore VII Topco III Pte. Ltd.
- Kotak Mahindra Capital Company Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.
- The Company intends to utilize the proceeds from the fresh issue to repay/prepay approximately Rs. 241.12 crores of its identified borrowings, besides general corporate purposes.
- Price Band of Rs. 285 – Rs. 291 per equity share of face value of Rs. 10. Bid/Offer Opening Date – Monday, June 14, 2021 and Bid/Offer Closing Date – Wednesday, June 16, 2021. Minimum Bid Lot is 51 equity shares and in multiples of 51 equity shares thereafter.
– Life Insurance Corporation of India (LIC)
In India, there are 24 life insurers currently in operation, with LIC commanding the top spot with a market share of 69% in FY20. The government of India holds a 95% stake, and LIC has assets worth Rs. 34 trillion.
LIC IPO Details
- On 1st February 2020, in Union Budget 2020-2021, the country’s finance minister Nirmala Sitharaman has announced the divestment plan of LIC.
- The IPO is expected in the third quarter of the new financial year.
- The government of India is likely to dilute not more than 10% of its entire stake in LIC. According to the estimates made by various analysts, the size of the upcoming LIC IPO would range somewhere between Rs. 70,000 crores to Rs. 80,000 crores.
- According to the government’s estimation, the LIC IPO valuation is pegged at around Rs. 13 lakh crores to Rs. 15 lakh crores. However, most market analysts and experts seem to put the figures somewhere around Rs. 8 lakh crores to Rs. 11.5 lakh crores.
Nykaa, which was founded in 2012, is India’s top women-centric online marketplace with around 15 million registered users and caters to 1.5 million orders a month. The platform has been able to carve out a niche for itself through excessive focus on the beauty and personal care segment, which differentiates it from horizontal e-commerce companies like Flipkart and Amazon.
- Nykaa plans to go public later this fiscal at a valuation of $4.5 billion.
- The size of the public offering is expected to be between $500 million and $700 million.
- Nykaa has appointed Kotak Mahindra Capital Co. and Morgan Stanley as managers for its initial public offering (IPO).
According to RedSeer, Zomato is one of the leading Food Services platforms in India in terms of value of food sold, as of December31, 2020. During Fiscal 2020, 41.5 million average MAU visited our platform in India. As of December 31, 2020, the company is present in 526 cities in India, with 350,174 Active Restaurant Listings. Zomato mobile application is the most downloaded food and drinks application in India in each of the last three years since 2018 on iOS App store and Google Play combined, as perApp Annie’s estimates. While it has footprint across 23 countries outside India as of December 31, 2020.
Zomato IPO Details
- The issue consists of an offer for sale of ₹375 crores by the company’s early investor—Info Edge—and a fresh issue worth ₹9,000 crores.
- The issue is open for subscription on 14 July 2021- 16 July 2021.
- The price band for the issue is Rs72-76
- The lead managers to the issue are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Credit Suisse Securities (India) Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited.
– India Pesticides
India Pesticides is an R&D driven agro-chemical manufacturer of Technicals with a growing Formulations business. It is also among the fastest growing agro-chemical companies in India in terms of volume in Fiscal 2020 (Source: F&S Report). The company is also the sole Indian manufacturer and among top five manufacturers globally for several Technicals, such as, Folpet and Thiocarbamate Herbicide (Source: F&S Report). Since commencing our operations in 1984, it has diversified into manufacturing herbicide and fungicide Technicals and active pharmaceutical ingredients (“APIs”). India Pesticides also manufacture herbicide, insecticide and fungicide Formulations.
India Pesticides IPO Details:
- Book Running Lead Managers to the issue are Axis Capital Limited and JM Financial Limited.
- The public offer comprises a total of Rs 800 crores. Of the total issue size, Rs 100 crores will be a fresh issue and Rs 700 crores will be an offer for sale.
- The net proceeds from the issue will be utilised for working capital requirements.
– Bajaj Energy
Bajaj Energy along with Lalitpur Power Generation Company Limited (LPGCL) is one of the largest private sector thermal generation companies in Uttar Pradesh (Source: CRISIL Research). The total gross installed capacity of 2,430 MW, comprising 450 MW from five operational plants of 90 MW each, owned and managed by BEL (the “BEL Power Plants”) and 1,980 MW from the power plant owned and managed by LPGCL (the “LPGCL Power Plant”).
- The company has said that it is looking to acquire Lalitpur Power’s 1,980 MW from the proceeds of the IPO.
- The company is one of the largest private thermal generation companies.
- Book Running Lead Managers to the issue are Edelweiss Financial Services Limited, IIFL, SBI Capital Markets Limited and Co-Book Running Lead Manager is IDBI Capital Markets & Securities Limited.
- The IPO size of the company is expected to be around Rs 5,450 crores, of which Rs 5,150 crores will be a fresh issue.
– Aditya Birla Sun Life Asset Management Company
Aditya Birla Sun Life Mutual Fund is one of the largest fund houses in India. Aditya Birla Sun Life Mutual Fund is a joint venture between the Aditya Birla Group and Sun Life Financial, Canada based international financial company. Aditya Birla MF offers in-house mutual funds across different asset classes.
Aditya Birla Sunlife AMC IPO Details
- Aditya Birla Capital will sell up to 2.88 million shares held by it in the asset management business, while Sun Life (India) AMC will sell up to 36.03 million shares. Aditya Birla Capital holds 51% stake in the AMC, and the remaining 49% is held by Sun Life.
- Kotak Investment Banking, Bofa Securities, Citigroup Global markets India, Axis Capital, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Banking, SBI Capital and Yes Securities are the book running lead managers to the issue.
- Aditya Birla Capital Ltd and Sun Life (India) AMC will together sell a 13.5% stake in their asset management joint venture – Aditya Birla Sun Life AMC Ltd.
- The IPO size could be around Rs 2,000 crore
– Apeejay Surrendra Park Hotels:
They are one of India’s top 10 hospitality companies in the upscale segment and they have pioneered the concept of luxury boutique hotel in India under “THE PARK” brand, which has since been extended to their upper-midscale brand “Zone by The Park”, according to the Horwath HTL Report.2
This Company operates hotels under three brands, namely “THE PARK, “THE PARK Collection” and “Zone by The Park”. They are part of the Apeejay Surrendra group which is a leading Indian conglomerate. The group’s business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education.
- The hotel chain may raise up to Rs 1,000 crores in its IPO.
- The IPO may comprise a fresh issue of up to Rs 400 crores and an offer-for-sale (OFS) of up to Rs 600 crores.
- Axis Capital Limited, JM Financial Limited and ICICI Securities Limited are lead managers to the issue.
– GoFirst (erstwhile GoAir)
Wadia Group-backed GoAir has been rebranded as ‘Go First’ as the airline is betting big on its ultra-low-cost business model to tide over the impact of the COVID-19 pandemic. Go Air is the third Indian carrier to be listed on the bourses after SpiceJet and IndiGo. The airline, which was launched in 2005, has a market share of more than 9.5% in India currently. The Go First as ULCC (ultra-low-cost carrier) would operate narrow-body aircraft type across its fleet, which comprises Airbus A320 and A320 Neos (new engine option) planes in operation.
Go Airlines IPO Details
- The IPO will be worth Rs 3,600 crores.
- They aim to repay the debt of around Rs 2,000 crores owned to Indian Oil Corp for jet fuel.
- The global coordinators and book running lead managers to the issue are ICICI Securities, Citigroup Global Markets India Pvt Ltd, and Morgan Stanley India Company Pvt Ltd.
– CarTrade Tech
CarTrade.com is an online auto marketplace providing buyers and sellers a structured platform for transacting in new and used vehicles. Since its inception, it has expanded its offerings across India with a network of more than 4,000 dealers. Currently, over 4 million unique consumers visit CarTrade.com every month according to its website.
The firm’s business can be divided into two parts: CarTrade.com, the consumer portal where the users can visit to buy and sell used/new cars and CarTradeExchange, the dealer portal which helps them manage their business operations.
Cartrade Tech IPO Details
- The Warburg-Pincus-backed company expects to raise Rs 2,000 crores through an offer for sale.
- Axis Capital, Kotak Mahindra Capital, Nomura and Citi are the investment banks works on the CarTrade IPO
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