Apart from the highly anticipated public offering of Tata Technologies, three other IPOs (Fedbank Financial, Flair Writing, and Gandhar Oil Refinery) are set to open for public subscription on Wednesday. Let’s take a look at how the shares of these companies are performing in the unlisted (grey) market.
Gandhar Oil Refinery
Gandhar Oil Refinery shares are currently trading at a premium of Rs 61 in the unlisted market, as per market analysts. The price range for this public offering is set at Rs 160-169.
If this trend continues, the stock is expected to have a healthy premium of 36% upon listing.
The IPO consists of a fresh equity issue of Rs 357 crore and an offer for sale (OFS) of Rs 143 crore. As part of the OFS, selling shareholders Kailash Parekh, Gulab Parekh, and others, including Green Desert Real Estate and Fleet Line Shipping, will sell shares.
Approximately 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.
Gandhar Oil is a leading manufacturer of white oil with a growing focus on consumer and healthcare industries. Its product range includes over 350 items primarily in personal care, healthcare, and performance oils, lubricants, process, and insulating oils divisions under the Divyol brand.
Flair Writing
In the grey market, Flair Writing shares are trading at a premium of Rs 60 ahead of the IPO opening, compared to the upper price band of Rs 304.
The IPO comprises a fresh issue of Rs 292 crore and an OFS of Rs 301 crore. Selling shareholders include Khubilal Jugraj Rathod and Vimalchand Jugraj Rathod, as well as others such as Nirmala Khubilal Rathod and Manjula Vimalchand Rathod.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.
Flair Writing is one of the top three players in the overall writing instruments industry and holds approximately 9% market share in India as of March 2023. Its flagship brand “Flair” has been present in the market for over 45 years.
Fedbank Financial
Prior to the IPO launch on Wednesday, Fedbank Financial is trading with a slight premium of Rs 5 in the unlisted market.
Fedbank Financial is one of the five private bank-promoted NBFCs in India, focusing on serving MSMEs and the emerging self-employed sector.
The IPO consists of a fresh equity issue worth Rs 600 crore along with an OFS of 3.51 crore equity shares. Parent company Federal Bank and True North Fund VI LLP are part of the OFS segment, selling 54.7 lakh shares and 2.96 crore shares, respectively.
The price band for this public offering is set at Rs 133-140, with the company aiming to raise Rs 1,092 crore at the upper end of the range.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.
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