These four companies set to release IPOs this week; details here

The primary market is still active as four companies, including Archean Chemical Industries, Kaynes Technology India, Inox Green Energy Services, and Five Star Business Finance, are scheduled to launch their initial public offerings (IPOs) this week in an attempt to raise a combined total of about Rs 5,000 crore. According to their Red Herring Prospectus (RHP), Archean Chemical and Five Star Business’ IPOs will open for public subscription on 9 November and close on 11 November, while Kaynes Technology and Inox Green are slated to start trading on 10 November and 11 November, respectively.

Archean Chemical: 

The speciality marine chemical manufacturer Archean Chemical’s initial public offering (IPO) consists of a fresh issue of equity shares with a maximum value of Rs 805 crore and an offer for sale (OFS) of up to 1.61 crore shares by the promoter and investors, such as the India Resurgence Fund, a partnership between the Piramal Group and Bain Capital. Investors Piramal Natural Resources and India Resurgence Fund will sell 38.35 lakh shares each and promoter Chemikas Speciality will sell 20 lakh shares via the OFS. India Resurgence Fund II will sell shares of 64.78 lakh.

The issue’s price range has been set at Rs 386-407 per share, with the upper end of the range anticipated to bring in Rs 1,462.3 crore. The company intends to redeem its non-convertible debentures (NCDs) using the proceeds of the new issue.

Kaynes Technology:

The initial share sale of Kaynes Technology, an integrated electronics manufacturing firm with IoT (Internet of Things) solutions, includes a new issue of equity shares valued at Rs 530 crore and an OFS of up to 55.85 lakh equity shares by promoters and current shareholders. Ramesh Kunhikannan, the promoter, and Freny Firoze Irani, a current shareholder, will sell 20.84 lakh and 35 lakh equity shares, respectively as part of the OFS. The issue is expected to generate around Rs 850 crore.

The fresh issue’s proceeds will be used to pay down debt, support capital projects for the company’s production plants in Mysore and Manesar, and meet working capital needs. The business additionally intends to invest in Kaynes Electronics Manufacturing to establish a new factory in Chamarajanagar, Karnataka.

Inox Green:

Inox Green’s Rs 740-crore IPO includes a fresh issuance and an offer for sale of Rs 370 crore each. The issue will open on November 11 and will continue trading till 15 November. The fresh issue’s proceeds will be used for debt repayment and general corporate operations.

Five Star Business Finance:

The initial public offering (IPO) of Five Star Business Finance is fully an offer for sale (OFS) of shares valued at Rs 1,960 crore by existing shareholders and promoter group companies. The stock has a price band of Rs. 450-474 per equity. TPG, Matrix Partners, Norwest Ventures, Sequoia, and KKR are some of the investors who support the NBFC.

Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .