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Stock market ahead: 2 IPOs worth 1000 getting launched this week

The market maintained its upward trajectory, with the BSE Sensex rising 0.034% to close at 62,294 and the Nifty50 climbing by 0.16% to 18,513 on Friday’s closing session, amid domestic and international cues from the impending quarterly GDP numbers, the Fed meeting, crude oil prices, the sinking dollar index, and FII inflow. Despite the instability around the globe, Dalal Street may stay buzzing this week as two IPOs totalling more than 1,000 crore are being launched.

Agrochemical company Dharmaj Crop Guard Ltd., with headquarters in Ahmedabad, is all set to raise Rs. 251 crores via an initial public offering (IPO). The offering consists of an offer-for-sale (OFS) of up to 14.83 lakh equity shares by existing shareholders as well as a fresh issuance of equity shares with a face value of Rs. 10 each, up to a maximum of Rs. 216 crores. The offer’s price range is 216-237 per share, and the subscription period for the offering will run from November 28 to 30. On December 6, 2022, the shares will be allocated to the investor’s Demat account. 

The minimum order size for retail investors in the Dharmaj Crop Guard IPO is 60 shares since one lot would comprise 60 shares. On December 8, 2022, the Dharmaj Crop Guard IPO will list on the exchange. Insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics are just a few of the many agrochemical formulations that the firm manufactures, distributes, and markets to both B2C and B2B clients. With this, Dharmaj Crop Guard Ltd. is one of the top businesses in India that manufactures and sells agrochemicals.

On the other hand, in order to raise money through an IPO, the provider of engineering systems and solutions Uniparts India Ltd. has submitted the initial paperwork to SEBI. According to the Draft Red Herring Prospectus (DRHP), the company plans to raise 836 crore through a public offering, and the initial share sale is just an Offer for Sale (OFS) of 15,731,942 equity shares by promoter group companies and current investors. The promoter group companies offering shares in the OFS are The Meher Soni 2018 CG-NG Nevada Trust, The Karan Soni 2018 CG-NG Nevada Trust, Pamela Soni, and investors Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd. The price range for the public offering is Rs. 548 to Rs. 577 per share. The IPO will begin on November 30 and end on December 2 of next week. Each lot in the Uniparts India Limited IPO has 25 shares, and the allocation will be finalised by December 7, 2022. The size of Uniparts India Limited’s initial public offering is between 794 and 836 crore, and the company’s shares will be traded on both the BSE and the National Stock Exchange (NSE).

Amid optimistic global clues over the last week, domestic markets closed marginally higher. The Nifty gained by 0.16%, while broader markets outperformed the major indexes, with gains of 1% apiece for the Nifty Mid Cap and Nifty Small Cap. Except for Nifty Bank (-0.2%), Nifty Fin Service (-0.3%), and Nifty FMCG (-0.3%), all sectors’ indexes ended on a positive note. The biggest gainer was Nifty Media, up 2.5%, followed by Nifty Reality and Nifty Auto, up 1.2% and 0.9%, respectively.

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