Hot IPO Alert: Ola Electric, Akums, Ceigall Set to Debut

This week, the highly anticipated public offerings of Ola Electric Mobility Ltd. and two other major companies will open for subscription. Collectively, these firms aim to raise approximately Rs 9,255 crore from the primary market.

In addition to the mainboard IPOs, there will be eight SME issues launching between July 29 and August 2, targeting to raise around Rs 364 crore from investors.

Here are the essential details for the three mainboard IPOs set to open for subscription during the week of July 29 to August 2.

Ola Electric IPO (Issue size: Rs 6,145.5 cr)

Ola Electric Mobility Ltd. IPO, valued at Rs 6,145.56 crore, is set to open for subscription on August 2 and close on August 6. The electric scooter manufacturer has priced the shares between Rs 72 and Rs 76 each.

This IPO is significant as it marks the first mainboard offering by an electric two-wheeler company. It includes a fresh issue of 72.37 crore shares valued up to Rs 5,500 crore, along with an Offer for Sale of 8.49 crore shares worth up to Rs 645.56 crore from existing shareholders. Reports indicate that founder Bhavish Aggarwal is selling shares worth Rs 645 crore.

Share allotments will be finalized on August 7, 2024, with the shares anticipated to begin trading on the BSE and NSE on August 9.

Ceigall India Limited (Issue size: Rs 1,252.6 cr)

Ceigall India Ltd., an infrastructure construction firm, is set to launch its initial public offering (IPO) on August 1, 2024, with the goal of raising Rs 1,252.66 crore from investors. The subscription period will close on August 5, and the share price is set between Rs 380 and Rs 401

The IPO comprises a fresh issue of 1.71 crore shares worth up to Rs 684.25 crore, along with an Offer for Sale of 1.42 crore shares valued up to Rs 568.41 crore.

Share allotment will be finalized on August 6, and the shares are expected to be listed on the NSE and BSE on August 8.

Ceigall India focuses on engineering, procurement, and construction (EPC) services, specializing in structural projects such as elevated roads, bridges, flyovers, railway overbridges, tunnels, expressways, and runways.

Akums Drugs and Pharmaceuticals Limited (Issue size: Rs 1,856.7 cr)

Akums Drugs and Pharmaceuticals will kick off its public offering on July 30, 2024, seeking to raise around Rs 1,856.74 crore. The IPO will close on August 1, 2024.

The shares are priced between Rs 646 and Rs 679 each. The offering consists of a fresh issue of 1 crore shares valued up to Rs 680 crore and an Offer for Sale of 1.73 crore shares worth up to Rs 1,176.74 crore.

Allotment of shares will be determined on August 2, with the shares scheduled to list on the BSE and NSE on August 6.

Akums specializes in pharmaceutical contract development and manufacturing, and also produces nutraceuticals, APIs, cosmetics, and dermatology products. The company has recently introduced a new DCGI-approved medication for resistant hypertension.