The primary market seems to have got its mojo back, geared up by sudden rush by companies to list their shares on the domestic bourses and improving investors’ appetite for new stocks, thanks to strong rally in secondary market. Last week, five IPOs, including Belrise Industries, Leela Palaces Hotels & Resorts operator Schloss Bangalore, and Aegis Vopak Terminals, unveiled their listing plans.
The ₹2,150-crore IPO of Belrise Industries, which opened for subscription between May 21-23, garnered an overwhelming response from investors, with the issue subscribing 41.3 times. Today, the stock made its debut on the BSE and NSE, listing at a premium of 11% over the issue price.
While big ticket IPOs of Schloss Bangalore (₹3,500 crore) and Aegis Vopak Terminals (₹2,800 crore), which hit Dalal Street this week, are set to debut on the domestic bourses next week. Both the public issues closed today, sailing through on the final day of bidding as qualified institutional buyers (QIBs) rescued them.
