These public issues will open in India next week
What's the story
The primary market is set to witness a flurry of activity next week with four public issues opening for subscription. These include the ₹5,000 crore InvIT public issue of Cube Highways Trust and the initial public offerings (IPOs) of Indo MIM, Lohia Corp, and Xtranet Technologies. The Cube Highways Trust's InvIT issue will open on July 22 and close on July 24 with a price band of ₹151-152 per share.
Transition details
Cube Highways Trust's InvIT issue
The Cube Highways Trust's issue is a complete book-built offer for sale by existing shareholders as it moves from a privately listed InvIT to a publicly listed platform.
Before the public issue, the trust had raised ₹1,250 crore from strategic investors through unit subscription agreements.
Anchor investor bidding for this issue will be held on July 21.
IPO specifics
IPOs of Indo MIM, Lohia Corp, and Xtranet Technologies
The IPOs of Indo MIM, Lohia Corp, and Xtranet Technologies will open on July 23 and close on July 27.
Anchor investor bidding for these mainboard issues is scheduled for July 22.
The Indo MIM IPO includes a fresh issue of shares worth ₹500 crore along with an offer for sale (OFS) of up to 6.82 crore shares by existing shareholders.
Company overview
Fresh issue to go toward repayment of borrowings
The company plans to use ₹400 crore from the fresh issue to repay its borrowings, with the rest for general corporate purposes.
Established in 1996, Indo MIM has 15 manufacturing facilities across India, the US, UK, and Mexico. It caters to various sectors including automotive, defense, as well as medical.
Additional offerings
Lohia Corp's IPO is a complete OFS
Lohia Corp's IPO is a complete OFS of up to 2.59 crore equity shares.
The company won't receive any proceeds from this issue. It manufactures machinery for technical textiles, especially polypropylene (PP) and high-density polyethylene (HDPE) woven fabrics and sacks.
On the other hand, Xtranet Technologies is launching a ₹170 crore fresh issue with no OFS component.
The proceeds will be used for debt repayment, purchase of systems/hardware, among other purposes.