The primary market for IPOs has been buzzing with activity, especially for three companies whose issues recently closed for public subscription. Senores Pharmaceuticals stole the limelight with a blockbuster response, garnering a subscription level of 93.41 times. This exceptional demand saw bids of 79.72 crore shares against the offered 85.34 lakh shares. The retail and non-institutional investor quotas were oversubscribed by 89.21 times and 96.11 times respectively, while the QIBs portion saw a subscription of 94.66 times. Even the employee portion witnessed a healthy subscription of 19.92 times.
The IPO of Senores Pharmaceuticals was priced in a band of ₹372-₹391, comprising a fresh issue worth ₹500 crore and an offer-for-sale of up to 21 lakh shares by promoters and other selling shareholders. Prior to the IPO, the company raised ₹260.62 crore from anchor investors.
Ventive Hospitality, backed by Blackstone, also saw a strong response to its ₹1,600-crore IPO, with bids for 14.14 crore shares against 1.44 crore shares on offer. The HNIs’ portion was oversubscribed by 13.85 times, followed by QIBs (9.08 times) and retail investors (5.87 times). The employees’ quota saw bids of 9.49 times, with anchor investors contributing ₹719.55 crore prior to the issue.
However, the IPO of Carraro India, which was entirely an Offer for Sale (OFS), only received bids of 1.46 crore shares against the offered 1.31 crore shares.
Retail investors and NIIs remained muted in their response to these IPOs, with their respective portions undersubscribed at 0.71 times and 0.60 times. In contrast, the QIB window witnessed a decent subscription of 2.21 times for Carraro India, which had a price band of ₹668-704 and raised ₹375 crore from anchor investors.
Overall, Senores Pharmaceuticals emerged as the clear winner in the recent IPO frenzy, showcasing strong investor confidence in the company’s prospects. As the primary market continues to witness robust activity, it will be interesting to see how these companies perform post-listing and whether they can sustain the momentum generated during their IPO phase.
