3 IPOs hitting the market next week
What's the story
After a two-week lull, the primary market is gearing up for action with three initial public offerings (IPOs). The upcoming issues include two mainboard IPOs: Crystal Crop Protection and Mahanadi Coalfields, and one small and medium-sized enterprise (SME) issue of Watrana Rentals. They are expected to hit Dalal Street next week on November 16 onward.
IPO details
Crystal Crop Protection's IPO to open on November 18
The first to hit the market will be International Finance Corporation-backed agrochemicals and seeds company, Crystal Crop Protection.
The company's public issue will open for subscription on November 18 with a price band of ₹259-272 per share.
It aims to raise ₹455.7 crore at a valuation of ₹4,438.1 crore at the upper end of the price band through this IPO.
Fund allocation
Details of the upcoming issue
The upcoming IPO of Crystal Crop Protection consists of a fresh issue of shares worth ₹355 crore and an offer for sale (OFS) by promoter Ankur Aggarwal.
The OFS will see him offload shares worth ₹100.7 crore, translating to 37.02 lakh equity shares.
The net proceeds from the fresh issue will mainly be used to repay debt worth ₹270 crore as of August 2026, with the remaining funds allocated for general corporate purposes.
Second issue
Mahanadi Coalfields's public offer to open on November 19
The second mainboard IPO is from Mahanadi Coalfields, a subsidiary of Coal India.
The company will open its public issue for subscription on November 19 and close it on November 23.
The IPO consists of an OFS of 66.18 crore equity shares by promoter Coal India, accounting for 10% of Mahanadi Coalfields's total paid-up equity capital.
All proceeds from the offer will go to the selling shareholder, Coal India.
SME offering
Watrana Rentals to also launch IPO on November 19
SME company Watrana Rentals will also open its public issue on November 19, with a price band of ₹232-245 per share.
The Delhi-based material handling equipment provider hopes to raise ₹120 crore through this IPO at the upper end of the price band.
The offer consists of an entirely fresh issue of 49.02 lakh equity shares, with plans to use ₹98.12 crore for purchasing material handling equipment, aerial work platforms, and batteries.