Three companies, Kalpataru Projects International, Ellenbarrie Industrial Gases, and Globe Civil Projects, are set to open their initial public offerings (IPOs) for subscription on Tuesday, June 24. All three public issues will remain open till Thursday, June 26.
The IPO action has heated up in June with Arisinfra Solutions, Oswal Pumps, already making their debut on stock exchanges.
The combined size of these IPOs stands at over Rs 2,500 crore, and all three are expected to list on the stock exchanges on July 1. Here’s a look at the details of each IPO.
KALPATARU PROJECTS IPO
Kalpataru Projects International, a real estate company based in Mumbai, is looking to raise Rs 1,590 crore through a fresh issue of equity shares. The price band has been set at Rs 387 to Rs 414 per share, and investors can apply in lots of 36 shares.
The company plans to use around Rs 1,192 crore from the net proceeds to repay outstanding borrowings and for general corporate purposes. Kalpataru Projects is part of the Kalpataru Group and develops residential, commercial, retail and township projects in the Mumbai Metropolitan Region and Pune.
In the nine months ending December 2024, the company reported revenue of Rs 1,624 crore, down from Rs 1,930 crore in the same period a year ago. It turned profitable during the period after posting losses in the past.
According to market analysts, the grey market premium (GMP) for Kalpataru shares is currently flat, indicating cautious investor sentiment.
ELLENBARRIE INDUSTRIAL GASES IPO
Ellenbarrie Industrial Gases is planning to raise Rs 852.5 crore through a combination of fresh issue and offer for sale (OFS). The IPO price band is Rs 380 to Rs 400 per share, with a lot size of 37 shares.
Based in Kolkata, the company has been in the industrial and medical gases business for over 50 years. It operates eight plants across India and is the largest 100% Indian-owned industrial gas company by capacity in East and South India.
The funds raised will be used to repay debt and to set up a new 220 tonnes per day air separation unit.
However, the IPO has drawn attention for being priced steeply. The issue values the company at nearly 68 times its earnings, which is much higher than the industry average of about 14 times.
The allotment for Ellenbarrie’s IPO is expected to be finalised on June 27, with listing set for July 1.
GLOBE CIVIL PROJECTS IPO
Infrastructure services firm Globe Civil Projects will also open its IPO on June 24, aiming to raise Rs 119 crore through a complete fresh issue. The price band has been fixed at Rs 67 to Rs 71 per share, and the minimum application size is 211 shares.
The company is involved in engineering, procurement and construction (EPC) work and has shown steady financial growth. It reported revenue of around Rs 335 crore in FY24, up from Rs 235 crore in FY23. Net profit jumped from Rs 4.85 crore to Rs 15 crore during the same period.
The GMP for Globe Civil Projects is around Rs 13, indicating a premium of nearly 19% over the upper price band, suggesting strong interest from investors.
The basis of allotment is expected by June 27, with the listing scheduled for July 1
All three IPOs offer different sectoral exposure such as real estate, industrial gases, and infrastructure services. Investors are advised to read the red herring prospectus (RHP) and assess their risk appetite before applying.