<ul><li>The stock listed at ₹304 as compared to its issue price of ₹282.</li><li>Its marketcap is at ₹6,010 crore, as per Bombay Stock Exchange.</li><li>The ₹834 crore IPO was a complete offer for sale and was subscribed 51X. </li></ul><keyword id="2901405" type="General" weightage="20" keywordseo="ask-automotive" source="Orion">ASK Automotive</keyword>’s stock debuted on the D-street at an 8% premium on Wednesday. The grey market was expecting 11% listing gains. The stock listed at ₹304 as compared to its issue price of ₹282.<br /><br />The stock gained during the session to close the day with 10% listing gains.<br /><br />The company's market cap stands at ₹6,010 crore, as per Bombay Stock Exchange. The ₹834 crore IPO was subscribed 51 times, with qualified institutional buyer (QIB) being subscribed by 142 times. <br /><br />The listing gains of the last few market debuts have been largely positive but there have been a few hits and misses too. <br /><br />Here are the listing gains of the last few market debuts.<br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company<br /><br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains<br /><br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ESAF Small Finance Bank<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">15%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Honasa Consumer<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">4%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Cello World <br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">22%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Blue Jet Healthcare<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">14.4%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">IRM Energy <br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">-5%<br /><br /></th></tr></thead><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><strong>High-entry barrier business <br /></strong><br />ASK Automotive’s price band has been set at ₹268-282 per share. It’s a book-built issue of ₹834 crore, and is completely an offer-for-sale with no net proceeds going back to the company. <br /><br />It has raised ₹250 crore from anchor investors like Goldman Sachs Fund, Morgan Stanley Asia (Singapore), Copthall Mauritius Investment, BNP Paribas Arbitrage, Societe Generale and SBI Life Insurance. <br /><br />The company’s promoters are Kuldip Singh Rathee and Vijay Rathee, and started operations in 1989. Its listed peers in the market are Uno Minda, Bharat Forge, Endurance Technologies and Suprajit Engineering. <br /><br />ASK Automotive is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India. It has a market share of approximately 50% in FY23 in terms of production volume for original equipment manufacturers and the branded independent aftermarket, on a combined basis.<br /><br />The company has in-house design and engineering capabilities that allows them to deliver complex precision components. Also, the business they’re in is a high-entry barrier business. <br /><br />“ASK Automotive is a well-established manufacturer of safety systems and critical engineering solutions with an extensive suite of systems and solutions for electric vehicle as well as internal combustion engine sectors and long-standing customer relationships with both Indian and global OEM players,” says a report by Anand Rathi, which gave it a ‘subscribe-long term’ rating as it believes the issue is fairly priced. <br /><br />SEE ALSO <br /><a href="https://www.businessinsider.in/business/news/foreign-brands-bet-big-on-bharats-bulging-wallets/articleshow/105071211.cms">Foreign brands bet big on Bharat’s bulging wallets</a><br /><br /><a href="https://www.businessinsider.in/business/news/bitten-by-inflation-indians-buying-fewer-clothes-this-season/articleshow/105179140.cms">Bitten by inflation, Indians buying fewer clothes this season</a><br />

ASK Automotive closes debut day with 10% listing gains

<ul><li><strong>The stock listed on D-Street at ₹1,400 as compared to an issue price of ₹790 per share. </strong></li><li><strong>The grey market had expected a 62% listing gain from the stock. </strong></li><li><strong>The market cap of the company is at ₹8,496.21 crore according to BSE.</strong></li></ul>Stationary major <keyword id="7268674" type="General" weightage="100" keywordseo="doms-industries" source="Orion">Doms Industries</keyword> made its D-street debut at a 77% premium on Wednesday. The stock has listed at ₹1,400 as compared to the issue price of ₹790 per share. The grey market had expected a 62% listing gain from the stock.<br /><br />The market cap of the company is at ₹8,496.21 crore according to BSE. <br /><br />The ₹1,200 crore offer was subscribed as subscribed 93 times the shares on offer. Qualified Institutional Buyer (QIB) portion of the issue was subscribed 115 times the shares on offer. Retail investor portion was subscribed 69 times, and non-institutional investor (NII) portion was subscribed 66x.<br /><br />The issue had a price band of ₹750-790 per share. The company raised ₹537.7 crore from 55 anchor investors before opening it for the public.<br /><br />The issue is a combination of fresh equity to the tune of ₹350 crore and offer for sale component is at around ₹850 crore. The company intends to use net proceeds from the fresh issue to set-up a new manufacturing facility in addition to general corporate purposes.<br /><br /><table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><thead><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company<br /><br /><br /></th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains<br /><br /><br /></th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Technologies<br /><br /></th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">162%<br /><br /></th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gandhar Oil<br /><br /></th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78%<br /><br /></th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fedbank Financial Services<br /><br /><br /><br /></th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0%<br /><br /></th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IREDA<br /><br /></th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">87%<br /><br /></th></tr><tr><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ASK Automotive<br /><br /></th><th style="border-left:solid #000000 0.9999974999999999pt;border-right:solid #000000 0.9999974999999999pt;border-bottom:solid #000000 0.9999974999999999pt;border-top:solid #000000 0.9999974999999999pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10%<br /><br /></th></tr></thead></table><br /><cmsannotation type="cmsannotation" annotationid="Dominant player with high brand recall" comment="subhead" text="Dominant player with high brand recall"><span data-til="noop">Dominant player with high brand recall</span></cmsannotation><br /><br />The Gujarat-based stationery and art product maker is one of India’s largest such players with a wide distribution reach. It has a 12% market share in the organised stationery market with around 30% share in pencils and ‘mathematical instrument boxes’.<br /><br />“Doms in a different league altogether. Its distribution is good, and has shown a phenomenal growth since the Covid pandemic and its fundamentals are in place,” Arun Kejriwal, founder at Kejriwal Research &amp; Investment Services, tells Business Insider India.<br /><br />It also sells other scholastic stationery, art material, paper stationery, office supplies and more.<br /><br />“They have the widest breadth of product categories amongst their peers in India. Their presence across multiple categories and price points has enabled them to be the fastest growing such company in terms of revenue,” said a report by Anand Rathi. <br /><br />Its listed peers in the market are <keyword id="1889881" type="General" weightage="80" keywordseo="kokuyo-camlin" source="Orion">Kokuyo Camlin</keyword>, Linc and Pidilite Industries.<br />

Doms Industries lists at over 77% premium exceeding grey market expectations

<ul><li>The stock closed at ₹59 as compared to the issue price of ₹32 on opening day.</li><li>The grey market was expecting 31% listing gains from the stock.</li><li>The market cap of the company is at ₹11,920 crore, according to Bombay Stock Exchange. </li></ul>State-run green financier IREDA’s stock made a dream debut on the bourses, providing its investors with 87% listing gains. It became one of the most successful PSU market debuts, second only to IRCTC’s stellar debut of over 100% listing gains. <br /><br />IREDA’s stock closed at ₹59 after gaining through the day – beating grey market expectations of 31% listing gains — by a large margin. The market cap of the company stood at ₹16,123 crore, according to Bombay Stock Exchange. <br /><br />Its ₹2,150 crore initial public offer (IPO) was subscribed 38.8 times the shares on offer, with substantial interest from institutional investors. The qualified institutional buyer (QIB) portion was subscribed 104 times. Due to the high number of applications, investors who missed the IPO allotment scrambled for the stock on listing day. <br /><br />“We believe post listing there would be decent demand for the shares as it had received overwhelming response from all kinds of investors especially from long term funds. while those who failed to get allotments can accumulate on every dip for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential,” said Prashanth Tapse, senior VP of research at Mehta Equities. <br /><br />The last few market debuts saw mixed results ranging from muted debuts to sharp listing gains. <br /><br />Here are the listing gains of the last few market debuts<br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><thead><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Company<br /><br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Listing gains<br /><br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ASK Automotive<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">10%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ESAF Small Finance Bank<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">15%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Honasa Consumer<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">4%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Cello World <br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">22%<br /><br /></th></tr><tr><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Blue Jet Healthcare<br /><br /></th><th style="border-width: 0.999997pt; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">14.4%<br /><br /></th></tr></thead><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><br /><strong>‘Potential to upgrade to a Navratna’ <br /></strong><br />IREDA is positioned as India's largest green financing NBFC. It has over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects. It also serves energy efficiency and conservation projects. <br /><br />Tapse says that IREDA has the potential to upgrade to a Navratna company. “The NBFC's financial autonomy is expected to boost its competitive edge,” he adds. <br /><br />The public financing institution (PFI) intends to use the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements and onward lending. <br /><br />It provides financial products and related services, from project conceptualisation to post-commissioning, for and other value chain activities like equipment manufacturing and transmission. As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to ₹47,514 crore.<br /><br />Its revenue from operations grew 24% in FY23, as compared to the year before. Its net profit grew 36% during the same period. Its capital to risk-weighted asset ratio (CRAR) stood at 18.8% for FY23. Its gross non-performing assets (NPA) stood at 3.21% by the end of FY23. <br /><br />SEE ALSO <br /><br /><a href="https://www.businessinsider.in/policy/economy/news/rupee-hits-a-new-low-in-november-despite-fall-in-dollar-index/articleshow/105551439.cms">Rupee hits a new low in November despite fall in dollar index</a><br /><br /><a href="https://www.businessinsider.in/stock-market/news/november-rain-for-primary-market-great-ipo-party-helps-companies-mop-up-of-1-5-lakh-crore/articleshow/105470997.cms">November Rain For Primary Market: Great IPO party helps companies mop up ₹1.5 lakh crore</a><br />

Dream debut: IREDA’s stock zooms ahead with 87.4% listing gains

<ul><li>The QIB portion of the IPO was subscribed 200 times over on the last day. </li><li>In the last three days, Tata Tech’s grey market premiums went up to 78% from 70%.</li></ul><keyword id="194006" type="General" weightage="20" keywordseo="tata-technologies" source="Orion">Tata Technologies</keyword> initial public offer (IPO) was subscribed 69 times the shares on offer on the last day — with outsized interest from qualified institutional buyers (QIBs). The ₹3,042 crore issue from the House of Tatas has attracted a record number of applications. <br /><br />The QIB portion of the issue was subscribed 200 times over the shares on offer. In comparison, non-institutional and retail investors’ interest paled in comparison as these quotas were subscribed 62 times and 16 times respectively. <br /><br />The issue, which was backed by<a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-the-price-is-right-say-analysts/articleshow/105373686.cms"> most market gurus and brokerages</a>, also saw its grey market premiums climb up from 70% to 78% in the last three days. It’s expected to make its debut on the bourses next week. <br /><br />It also raised ₹791 crore from 67 anchor investors at the upper price band of ₹500 per equity share; before opening the issue for public. Top foreign investors like Fidelity Funds, Government Pension Fund Global and Goldman Sachs and Indian mutual funds like Aditya Birla MF, Nippon MF, Sundaram MF and more bought into the issue.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of investor<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">203.41<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">62.11<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.50<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">69.43<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><em>Source: BSE</em><br /><br /><strong>Investor-friendly pricing, say analysts <br /></strong><br />The issue marks the debut of a Tata group company in the stock markets after a gap of 19 years, after TCS listed in 2004. The issue which opened today closes on November 24, and has fixed a price band of ₹475-500. Investors can bid for a minimum of 30 shares and in multiples thereof. <br /><br />The engineering research and development (eR&amp;D) company is a subsidiary of Tata Motors, which is its promoter as well as an anchor client along with Jaguar Land Rover. Its expertise goes beyond automotive where it has skills, and caters to all manufacturing clients. It’s keen on the aviation and the EV sector too. <br /><br />This market of global outsourced ER&amp;D market was estimated to be around $105-110 billion in 2022. Most analysts are undeterred by the fact that it’s a complete offer for sale, as they believe investors are keen on taking part in a high-quality growth business. <br /><br />“At upper price band of ₹500 and based on annualised earnings and fully diluted post-IPO paid-up capital, the issue is asking for a market cap of ₹20,283 crore with P/E of 29x on consolidated basis, which seems the issue is reasonably priced when compared industry peers which are trading 60x. Despite 100% OFS offer investors are keen to own the share based on group legacy,” said Prashanth Tapse, Sr VP of research at Mehta Equities. <br /><br />IDBI Capital too said that the company has good earnings growth potential. “With the gradual recovery in the global economy, rising manufacturing capex and shift in manufacturing from US/Europe/China to India due to cost inflation and China+1 strategy, we are expecting strong in the TTECH’s financial performance in the coming years,” said a report by Ventura.<br /><br />The grey market too is expecting 70% listing gains from its debut. <br />

Tata Technologies IPO breaks all records, issue subscribed 69x

<ul><li>The stock debuted at ₹460 with a 4% premium to its IPO price of ₹441.</li><li>The grey market was expecting 15% gains from the stock.</li><li>Its market capitalization is ₹1,537 crore, as per BSE. </li></ul>The stock of Nashik-based <keyword id="1878218" type="General" weightage="20" keywordseo="rishabh-instruments" source="Orion">Rishabh Instruments</keyword> made its market debut at ₹460 on the bourses on Monday – with a 4% premium to its IPO price of ₹441. However, it fell around during the day, ending with flat listing gains of 0.18%. <br /><br />The grey market had expected listing gains of 15%. Its market capitalization is ₹1,677 crore, as per BSE. <br /><br />The ₹490.7 crore initial public offer was subscribed 31.65 times the shares on offer on the last day of the issue. Qualified institutional buyers (QIBs) bid aggressively for the shares and their portion was subscribed by 72.5 times over the shares on offer. <br /><br />The price band for the IPO was fixed at ₹418-441 per equity share. The company provides energy efficiency solutions, and supplies a wide range of electrical measurement and process optimization equipment to a variety of industries. <br /><br />Here are the listing gains of the last six market debuts <br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Company<br /><br /></strong></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><strong>Listing gains</strong><br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishnu Prakash R Punglia<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">47%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aeroflex <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">83%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pyramid Technoplast<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Supply Chain<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBFC<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Concord Biotech<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><strong>‘Listing gains to be tepid’ <br /></strong><br />Most analysts believe that the IPO offers investors an opportunity to invest in a global leader in energy efficiency products, but believe that it’s expensively priced. <br /><br />SBI Securities says that its valuations are stretched taking into consideration weak cash flows and low return ratios. “However, being a unique business, the business may command a scarcity premium and long-term investors are recommended to subscribe to the issue. Listing gains are likely to remain tepid,” it said. <br /><br />Prashanth Tapse, research analyst and senior VP research at Mehta Equities said that the issue is asking for a marketcap of ₹1,674 crore with price to earnings ratio (P/E) of 33.69x on consolidated basis. <br /><br />“It sees the issue is fully priced-in looking at growth and expected outlook. We are inclined to recommend risk taking investors to ‘Subscribe with Risk’,” Tapse added. <br /><br />Arihant Capital however believes that Rishabh Instruments' IPO presents an opportunity to invest in a well-established company with a history of growth and innovation. “We are recommending ‘Subscribe for listing gains’ for this issue,” he said. <br /><br />The company founded by Narendra Joharimal Goliya, has over 40 years of experience in the manufacturing and electrical industry. Its energy efficiency solutions include automation, metering and measurement, precision engineered products and others to industries like power, automotive and industrial sectors. <br /><br />The company raised ₹147 crore from anchor investors like HDFC Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Tata Mutual Fund and more. <br /><br />The net proceeds from the offer will be utilised towards the expansion of its Nashik facility. DAM Capital Advisors, Mirae Asset Capital Markets and Motilal Oswal Investment Advisors are the book running lead managers of the issue while KFin Technologies is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.<br />

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