In a blockbuster week for Indian primary markets, five initial public offerings including HDB Financial Services Ltd., Kalpataru Ltd., Ellenbarrie Industrial Gases Ltd., Sambhv Steel Tubes Ltd., and Globe Civil Projects Ltd. attracted bids totalling Rs 1.85 lakh crore, nearly 12 times the Rs 15,600 crore on offer.
Topping the charts was HDB Financial Services Ltd., which closed its Rs 12,500 crore public issue — India’s largest ever by a non-banking financial company — with bids for 16.69 times the shares on offer. The company received an overwhelming Rs 1.52 lakh crore worth of bids at the lower end of its price band. Against the 13.04 crore shares on offer, investors placed orders for a massive 218 crore shares.
The qualified institutional buyers segment was on fire, pumping in Rs 1.24 lakh crore for an offering of just Rs 2,245 crore, making it the most overbid segment. Non-institutional investors followed closely, subscribing Rs 16,820 crore against an available quota of Rs 1,684 crore.
The title for the most oversubscribed IPO of the week, however, went to Globe Civil Projects Ltd., which was bid 86.04 times. The Rs 78 crore offering attracted Rs 6,763 crore in bids, led by the non-institutional investor segment with Rs 2,411 crore worth of bids for an offering of just Rs 16 crore. QIBs trailed with bids worth Rs 2,240 crore.
Kalpataru Ltd., a Mumbai-based real estate firm, drew in Rs 1,995 crore in bids for its Rs 883 crore IPO, with QIBs once again dominating the field, contributing Rs 1,471 crore.
Industrial names weren’t far behind. Sambhv Steel Tubes Ltd. saw its Rs 379 crore IPO oversubscribed 28.46 times, garnering Rs 10,781 crore in bids. Institutional investors were again at the forefront, bidding Rs 6,698 crore.
Ellenbarrie Industrial Gases Ltd. also had a strong showing, with Rs 13,411 crore in bids against an offer of Rs 604 crore, translating to an oversubscription of 22.19 times. QIBs led aggressively here too, placing bids worth Rs 34,799 crore: a mammoth number against the Rs 167 crore earmarked for them.
In total, QIBs accounted for Rs 47,453 crore of the bids across all five IPOs, leading the charge in one of the most frenzied public issue weeks India has seen in recent times.
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