The IPO space is heating up, with as many as four companies including Larsen and Toubro's IT services unit today filing draft papers to fund their business expansion and meet working capital requirements.
Besides, Quick Heal Technologies, Parag Milk Foods and Narayana Hrudayalaya are expected to file IPO papers soon.
Larsen & Toubro's IT services unit, L&T Infotech, and GNA Axles have filed their draft documents with markets regulator Sebi to float their initial public offers (IPOs) while Narayani Steels and Ganga Pharmaceuticals have submitted their papers on BSE's SME platform.
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The proceeds of the issues will be utilised for business expansion plans, working capital requirements and other general corporate purposes.
L&T Infotech's IPO comprises an offer for sale of up to 1.75 crore shares of face value of Rs 1 each by L&T.
The public issue of GNA Axles consists of up to 63 lakh shares with a face value of Rs 10 each. It has reserved 2 lakh shares for its employees.
These two companies are proposed to be listed on both NSE and BSE.
Since the start of the year, 29 companies have already approached Sebi to float their IPOs. In the same period, the regulator has given approval to 27 to launch their initial share sale plans, some of which had been pending from the previous year.
In addition, IPO papers of 10 firms are "under process" and the regulator has sought clarifications from them.
Moreover, 15 companies have already hit the market so far this year as against a total of six and three in 2014 and 2013, respectively.
The Andhra Pradesh-based Narayani Steels plans to raise Rs 11.52 crore while the Mumbai-based Ganga Pharmaceuticals looks to mobilise Rs 1.53 crore. These two firms are eyeing a listing on BSE's small and medium enterprises platform.
That apart, a total of seven SMEs (small and medium enterprises) are coming out with their initial share sale this week to collectively raise over Rs 28 crore.
The IPOs of Vaksons Automobiles, Bella Casa Fashion & Retail and Vishal Bearings opened today while Cawasji Behramji Catering Services will unveil its public issue tomorrow.
Furthermore, public offerings of Tejnaksh Healthcare, Patdiam Jewellery and Franklin Leasing and Finance will open for subscription on Wednesday.
Some 110 companies are estimated to have been listed on the BSE's SME platform, of which six have migrated to the main board of BSE.
These 110 firms have raised more than Rs 832 crore, with a total market capitalisation of over Rs 7,733 crore.
