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The final lap of Primary market for FY18-19

Published on Friday, February 22, 2019 by Chittorgarh.com Team

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Well, we are now in the second half of February 2019 and are left with just one month to conclude FY2018-19. This financial year has seen secondary market making new highs for Sensex and Nifty. Even when indices are at the level of around 35.8K for Sensex and 10.8K for Nifty, we saw over 55% erosion in major Mid and Small cap market cap. That is keeping everybody concerned with the primary market on their toes.

There was only one main board IPO in last quarter of FY18-19 so far (i.e. Chalet Hotels Ltd). This IPO garnered just 1.6 times overall subscription with QIBs around 5 times and under-subscription from HNIs and Retail. WE marked around half a dozen SME IPOs, but sudden withdrawal of Aartech Solonics on the eve of its opening has brought even SME LMs running here and there to garner support from investors.

As we know that General Election programme is likely to be announced by Election commission in the first fortnight of March 2019, all eyes will be on it and thereafter on election manifesto of major parties will keep the secondary market in high volatile mode. And the primary market too will feel the tremors. Amidst such a scenario there are few IPOs being lined up for entry before FY18-19 end? Let us take a look at it at a glance:

5 PSUs to tap the primary market before this fiscal end

According to market sources, there are 5 PSU IPOs under Government of India's disinvestment programme waiting for final approval of HLC (High-Level Committee) and are set to tap the market before March 2019 end. This bandwagon includes:

  1. Mazagon Dock Shipbuilders Ltd.
  2. MSTC Ltd.
  3. Rail Vikas Nigam Ltd
  4. IRFC (Indian Railway Finance Corp. Ltd.)
  5. ITI Ltd

Upcoming Mainboard IPO

For the main board, there are reports that the following companies are seating on the fence to jump in at the opportune time:

  1. Narmada Bio-chem Ltd.
  2. Zircon Technologies (India) Ltd.
  3. Metropolis Healthcare Ltd.

Upcoming SME IPO

While on SME front, there are around 8 IPOs are queuing up to enter before the fiscal end. This pack includes:

  1. Jai Hanuman Irrigation Ltd.
  2. Bhadra Paper Mills Ltd.
  3. Novus Green Energy Systems Ltd.
  4. Winwin Maritime Ltd.
  5. Texaco Synthetics Ltd.
  6. Rlabs Enterprise Services Ltd.
  7. Humming Bird Education Ltd.
  8. Northern Spirits Ltd.
  9. Khator Technical Textiles Ltd.
  10. Inscribe Graphics Ltd.

Few surprise wild card entry too not ruled out either for main board or SME IPOs. Perhaps a maiden Start UP issue too may join the bandwagon before fiscal end. According to market reports, while over three dozen main board IPOs have SEBI node, perhaps their greed for pricing is keeping them on a back foot, opines seasoned market observers. What spans out finally is just awaited.

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About Author

DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published here. Any reader taking decisions based on any information published here does so entirely at own risk. Investors should bear in mind that any investment in stock markets are subject to unpredictable market related risks. Above information is based on RHP and other documents available as of date coupled with market perception. Author has no plans to invest in this offer.

(SEBI registered Research Analyst-Mumbai).


About Dilip Davda

Dilip Davda, a freelance journalist

Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.

Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detail fundamental and financial analysis of companies coming up with IPO helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.

Email: dilip_davda@rediffmail.com


User Comment

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1. Dilip Davda  Friday, February 22, 2019 Reply
Well, in my this article, I overlooked by oversight a very small just Rs. 23 crore main board IPO of Xelpmoc. With this, we had a total of two mainboard IPO so far in the last quarter of FY 2019.



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