Akash Jha
JSW Group company JSW Infrastructure and jewelry retailer Vaibhav Jewellers will debut on the bourses on October 3, significantly earlier than their designated listing dates.
According to the IPO schedule, both companies were scheduled to list their shares on October 6. In June of this year, the Securities and Exchange Board of India (Sebi) changed the listing timeline for initial public offerings (IPOs) from T+6 to T+3 (issue closing date plus three working days).
With this, the market regulator has requested that companies debuting IPOs on or after September 1 of this year use the new timeline voluntarily, but has made it mandatory for companies launching IPOs on or after December 1 of 2023.
Consequently, Vaibhav Jewellers will list on the T+3 timeline, while JSW Infrastructure will make its debut on the T+2 timeline, becoming the second company after RR Kabel to do so. Several states’ banks were shuttered on September 28, and a few states’ banks remained closed on September 29.
Both companies have set September 28 as the date for the distribution of IPO shares.
JSW Infrastructure, a port-related infrastructure company, closed its Rs 2,800-crore public offering on September 27 with a massive 37.37-times subscription propelled by a positive response from all investor categories. Qualified institutional buyers (QIB) have bid 57.09 times the allotted quota, while high-net-worth individuals have bid 15.99 times and retail investors have purchased 10.32 times the allotted quota.
The offer, which had a price range of Rs 113-119 per share, consisted entirely of new issues.
The second-largest commercial port operator in India will use the proceeds from a new issue to reduce its debt by Rs 880 crore, invest Rs 1,029.04 crore in expansion or upgradation works at Jaigarh Port, and spend Rs 151.05 crore on Mangalore Container Terminal. The remaining funds will be used for routine business purposes.
The ultimate issue price per share has been set at Rs.
On September 26, Manoj Vaibhav Gems N Jewellers, also known as Vaibhav Jewellers, concluded its initial public offering. The offer received a tepid response from investors, with a subscription rate of 2.25 times demand.
Individuals with a high net worth have purchased 5.18 times the allotted quota, compared to 1.66 times for retail investors and 1.10 times for QIB.
Promoter Grandhi Bharata Mallika Ratna Kumari (HUF) raised Rs 60.20 crore through an offer-for-sale (OFS).
The hyperlocal jewelry retail chain with 13 showrooms and a presence in the micromarkets of Andhra Pradesh and Telangana will use the net proceeds from the fresh issue to establish eight new showrooms and the remainder for general corporate purposes.
The company has set the ultimate offering price at the upper end of its price range, between Rs 204 and Rs 215 per share.
Since the start of September, five companies launched their IPOs in the mainboard segment – namely Ratnaveer Precision Engineering, Samhi Hotels, Zaggle Prepaid Ocean Services, Signature Global, and Sai Silks Kalamandir – listed shares in T+3 timeline, while RR Kabel became the first to make it successful debut in T+2 timeline, which means completed entire process of allotment finalisation, share transfer and refunds in T+1.
