Mumbai: The primary market is set to witness massive fund-raising in the next two weeks as three companies have lined up their initial public offers to raise a total of Rs 7,000 crore, the biggest monthly capital raising in the last six years.
L&T Technology would be hitting the street on September 12 with its Rs 894 crore IPO while the Rs 130 crore IPO from GNA Axles would be opened for public subscription on September 14. Meanwhile, the much-anticipated Rs 6,000 crore public offer from ICICI Prudential Life would be launched on September 19.
While this would be the first IPO from a life insurer in India, the total amount of money to be raised by the private life insurer will also be the highest after the state owned Coal India raised over Rs 15,000 crore through its maiden public offer in 2010.
“All the forthcoming IPO’s are expected to see good response from investors given the fact that a majority of IPO’s that had hit the street in 2016 had given a very good listing day gains. This has generated higher interest in the primary market issuances,” noted B. Madhuprasad, chairman, Keynote Capital.
However, he believes that the IPO from ICICI Prudential would score over others as it is the first IPO from the insurance space and investors would be very keen.
