By Melissa KoshyThe market continued its decline for the second straight session, with the Nifty 50 falling 0.3% on Tuesday, pressured by weakness in IT and media stocks, and foreign investor selling.
This week, investor focus will shift to key economic data, including the quarterly GDP figures due on November 28. Further progress on India-US trade negotiations, a potential Ukraine peace deal, and foreign investor sentiment will also be closely watched. Ahead of the data, SBI Research projects that real GDP grew around 7.5% in the second quarter. The brokerage noted, “Growth will be driven by stronger investments, improving rural demand, and sustained momentum in services and manufacturing.”
The primary market will be quiet on the mainboard front, with no new issues scheduled. However, the SME segment will be active with seven new offerings. Three companies are set to list on the exchanges, following seven debuts last week.
Seven new companies listed last week, five from the mainboard
Physicswallah and Tenneco Clean Air headlined last week’s major listings.
Edtech company Physicswallah had a strong debut, opening at a 33% premium to its Rs 109 issue price after its Rs 3,480 crore IPO was subscribed 1.8X. The company, which offers test preparation and upskilling courses, currently trades 24.4% above its issue price.
Tenneco Clean Air debuted on the stock market on November 19 at a 27.2% premium. The exhaust systems supplier's Rs 3,600 crore IPO was heavily subscribed at 58.8X. It is currently trading 26.2% above its issue price of Rs 397.
EMMVEE Photovoltaic Power, a solar panel and cell manufacturer, had a flat listing at Rs 217. The company is currently trading 1% below its issue price.
Physicswallah, Tenneco Clean lead in listing gains
Capillary Technologies’ shares made their debut at a 0.9% discount after its IPO was subscribed 53X. The company specialises in customer loyalty and engagement solutions across industries such as retail, FMCG, and hospitality. However, it is currently trading 26.9% above its issue price.
Fujiyama Power Systems had a difficult start and listed at a 3.5% discount to its Rs 228 issue price. Its IPO received a modest subscription of 2.1X. The rooftop solar solutions provider currently trades 3.2% below its issue price.
Two SME firms also listed last week.
Cloud and digital transformation firm Workmates Core2Cloud Solution’s shares made their debut on November 18 at a 90% premium. Its IPO witnessed strong demand and was subscribed 131.6X the shares offered. It is currently trading 89% above its issue price of Rs 204.
Mahamaya Lifesciences listed on November 18 at a 1.8% premium. Its Rs 70.4 crore IPO was subscribed 1.6X. The company manufactures and exports crop protection products and bioproducts.
Excelsoft, Sudeep Pharma lead this week’s listings
Excelsoft Technologies, which builds AI-powered software for education and training, is set to list on November 26. Its Rs 500 crore IPO was subscribed 43.2X, with strong demand from the HNI category at 101.7X.
Sudeep Pharma manufactures food-grade minerals and specialty ingredients for the pharma, food, and nutrition sectors. The Rs 895 crore IPO will close on November 25 and is set to debut on November 28. It has received bids for 93.2X the shares on offer on day 3.
Sudeep Pharma and Excelsoft draw strong IPO subscription
Just one SME company will make its stock market debut this week.
Gallard Steel manufactures steel castings, for the Indian Railways, as well as defense and power generation sectors. The Rs 37.5 crore IPO was heavily subscribed at 349.4X and is set to list on November 26.
SME segment remains in action this week
The SME segment dominates this week with seven new IPOs; mainboard sees none.
SSMD Agrotech India, operating under the "House of Manohar" brand, manufactures, trades, and repacks agro-food products. The company plans to raise Rs 34.1 crore through a fresh issue, with a price band of Rs 114-121. The IPO opened for subscription on November 25, will close on November 27, with the listing scheduled for December 2.
Mother Nutri Foods is a B2B peanut butter manufacturer that markets its products under the "Spread & Eat" brand. Its Rs 39.6 crore IPO is scheduled to open on November 26, close on November 28, and list on December 3. The price band is set at Rs 111-117.
K K Silk Mills manufactures fabrics and garments, with a product range covering kids', men's, and women's wear. The company plans to raise Rs 28.5 crore through a fresh issue with a price band of Rs 36-38. The IPO will be open from November 26-28, and list on December 3.
Profit growth outpaces revenue growth for most SME firms in FY25
Purple Wave Infocom provides digital professional audio-video (PRO AV) equipment. The company also offers cloud-based content management and live streaming via its “Streampurple” platform. It aims to raise Rs 31.5 crore with a price band of Rs 120-126. The IPO will open on November 28, close on December 2, and list on December 5.
Exato Technologies provides technology solutions enabling businesses to improve customer engagement and operational efficiency. The company plans to raise Rs 37.5 crore with a price band of Rs 133-140. The IPO will be open between November 28 and December 2, and is scheduled to list on December 5.
Logiciel Solutions delivers end-to-end custom software development and technology solutions to startups and enterprises globally. The company plans to raise Rs 36.3 crore with a price band of Rs 183-193. The IPO will open on November 28, close on December 2, with the listing on December 5.
