Three IPOs to hit Indian markets in September
Three Indian firms are set to be listed this month, helping raise a whopping Rs.7,000 crore during their initial public offering (IPO). The three companies looking to hit the markets are ICICI Prudential Life Insurance Company, L&T Technology Services and GNA Axles. ICICI Prudential's public issue is touted to be the first for an insurer in the country.
Where will the stocks be listed?
The stocks for all the three firms - ICICI Prudential Life Insurance, L&T Technology Services and GNA Axles, are looking to be listed on both the BSE and NSE.
Specifics: L&T Technology Services
L&T Technology Services' big IPO launch is scheduled for 12 September, when the company will open public issue of its shares for subscription. This is the second IPO for the L&T Group. The subscription is scheduled to close on 15 September, and each share is priced around Rs.860. The company looks to raise nearly Rs.894.4 crore through the sale of 10.4 million shares.
Manufacturer GNA Axles IPO on 14 September
Manufacturer of mechanics for commercial vehicles, GNA Axles is set to launch its IPO in the upcoming week. The IPO will start on 12 September and close on 16 September. The firms will issue fresh shares of up to 63,00,000, out of which an exclusive 2,00,000 shares are issued specifically for its employees. The company is looking to raise nearly Rs.130 crore.
GNA Axles' IPO plans
With the capital from the IPO, GNA plans to revamp its heavy plant and machinery and meet capital expenses. Its clients include automotive giant Mahindra & Mahindra, John Deere India, amongst others.
ICICI scripts India's first insurance IPO
ICICI Prudential Life Insurance is set to become the country's first insurer to hit the equity markets on 19 September. The insurance company is looking to sell nearly 18.13 crore shares during the IPO. The IPO will enable the company to raise a massive Rs.6,057 crore if the shares sell at the upper band of the share price, pitched at Rs.334.