India’s primary markets really took off in September with over 50 IPOs being launched. Leading the charge were SME IPOs where 36 companies initiated their maiden offers during the month. The market is red hot and this augurs well for the upcoming IPOs in October 2023. We have compiled this list of forthcoming IPOs in October based on the information collected from various sources.
Tata Technologies – Among the Most Anticipated Upcoming IPOs in October 2023
This Tata Motors subsidiary offers engineering, digital services, product development, and outsourcing services to its global clients. There are very high expectations from Tata Technologies IPO as far as investors are concerned. Since a Tata Group IPO is coming after a long time, high demand among investors is warranted. Such demand usually leads to poor allotment chances but thankfully, there is special reservation for shareholders of Tata Motors.
Investors can simply buy at least one share of Tata Motors and boost their chances of allotment in this IPO.
SPC Life Sciences
This Vadodara-based API manufacturer plans to raise INR 300 crore by issuing fresh shares. In addition, there will be an Offer For Sale (OFS) of 8,938,870 shares by existing shareholders.
SPC Life Sciences is the world’s largest manufacturer of 6-Chloro-Hexane-2-One (an intermediate for cardiovascular (hemorheological) drug Pentoxifylline) with over 90% market share. It is also the only supplier for 2-N-Butyl-3-(3,5-Diiodo-4-Hydroxy Benzoyl) Benzofuran (which is a key structural component of Amiodarone HCL) and associated sub products in India with 20% global market share in Fiscal 2022. The company has a global market share of 13% in another key component 2-Di Ethyl Amino Ethyl Chloride Hydrochloride.
Financially, the company is on a strong footing with rising top and bottom-line. For the six months ended in September 2022, the company posted a 26.2% growth in topline to INR 88.5 crore while profits grew 2.5% to INR 10.1 crore.
EbixCash – Leading Name Among the Upcoming IPOs in October 2023
EbixCash IPO has been in the works for quite some time now. It was originally expected to be launched in September but certain market conditions and the deluge of IPOs forced the bankers to choose another spot. Nevertheless, the company is quite hopeful of attaining stock market listing and has also filed addendum.
EbixCash offers technology-enabled digital products and services in the B2C, B2B and financial technology domains and utilizes a “phygital” strategy that combines over 650,000 physical agent distribution outlets for payment solutions, remittance, travel and insurance products throughout India and Southeast Asia.
The IPO is likely to raise around INR 6,000 crore through an issue of fresh shares.
IRM Energy – High-growth City Gas Distribution Player
Ahmedabad-based IRM Energy is also a strong candidate among upcoming IPOs in October 2023. The company is a city gas distribution (CGD) player with operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu).
City gas distribution is largely an annuity-based and mature business but IRM Energy has demonstrated high-growth in its key financial parameters. Its revenues grew from INR 166.1 crore in FY 2020 to INR 549.2 crore in FY 2022 and surpassed INR 506 crore in H1 FY 2023. Similarly, profits surged from INR 21 crore in FY 2020 to INR 128 crore in FY 2022.
The company counts Cadila Pharmaceuticals among its promotors with a 49.5% equity shareholding.
IRM Energy filed prospectus with SEBI in December 2022 and received approval in February 2023. It is looking to raise as much as INR 700 crore by issuing 10,100,000 fresh shares.
Protean eGov Technologies – IT-enabled Solutions from NSDL
Protean eGov Technologies – earlier known as NSDL e-Governance Infrastructure Limited – specializes in establishing public digital infrastructure and has played crucial role in various projects for the government of India. This includes PAN issuance, revamping the Tax Information Network (TIN), building the core IT infrastructure as a Central Recordkeeping Agency (CRA) for the National Pension System (NPS) and Atal Pension Yojana APY.
Protean eGov IPO will involve sale of 12,080,140 shares which will be sold by existing shareholders including IIFL, NSE, Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank, Punjab National Bank and Union Bank of India.
Flair Writing Industries
Another interesting name among forthcoming IPOs in October includes Flair Writing Industries. This is the company’s second attempt in tapping primary markets following filing of DRHP in 2018. The company is among the top three players in the writing instruments industry and makes and retails pens under Flair, Hauser and Pierre Cardin brands.
Flair Writing has posted very impressive financial performance in the last few years with revenues more than tripling in the last three years. A similar trend is visible in the profit which grew from INR 1.2 crore in FY 2021 to INR 118 crore in FY 2023.
More Players to Join Upcoming IPOs in October 2023
Since the stock markets are quite dynamic, this list of upcoming IPOs in October 2023 is subject to change.
Meanwhile, some other players like Balaji Speciality Chemicals and Medi Assist Healthcare are reported to be looking at tapping the primary markets again and in some cases, have already filed fresh documents with the market regulator SEBI. This IPO pipeline includes Popular Vehicles and Services, Capital Small Finance Bank, and Inox India.
