IPO calendar: 5 IPOs opening for subscription to keep investors busy; SBI Funds among 4 listings scheduled

The primary market will stay active next week, with five IPOs opening for subscription and four IPOs set to list on the exchanges. The focus will be on Xtranet Technologies and Cube Highways Trust InvIT, which are the mainboard offerings scheduled to open next week. Alongside them, a few SME issues will also hit the market. Investors will also track the listing of SBI Funds Management, Millworks Technologies and Alpine Texworld after their IPOs close this week.

The week comes after strong demand in the IPO market in the week gone by, led by SBI Funds Management. The Rs 9,813 crore IPO of India’s largest mutual fund house was subscribed over 40 times and drew demand of nearly Rs 2.98 lakh crore. Its grey market premium hovered around 16%, suggesting a positive listing expectation.

Xtranet Technologies IPO

Xtranet Technologies will open its Rs 166.8 crore mainboard IPO for subscription on July 23. The issue will close on July 27. The company has fixed a price band of Rs 120-127 per share. The IPO is entirely a fresh issue of 1.31 crore shares. There is no offer for sale. The shares are proposed to be listed on BSE and NSE, with a tentative listing date of July 30.


The lot size is 110 shares. At the upper price band, retail investors will need to invest Rs 13,970 for one lot.

Share India Capital Services is the book-running lead manager, while KFin Technologies is the registrar.

Incorporated in 2002, Xtranet Technologies is an integrated IT solutions provider. The company offers enterprise applications, digital transformation, managed services, proprietary platforms and strategic technology partnerships.

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The company plans to use IPO proceeds for debt repayment, purchase and installation of systems and hardware, working capital requirements and general corporate purposes. It has earmarked Rs 21.99 crore for repayment or prepayment of borrowings, Rs 7.30 crore for capital expenditure and Rs 102 crore for working capital.

Cube Highways Trust InvIT IPO

Cube Highways Trust InvIT will also open next week. The mainboard issue will open on July 22 and close on July 24. The IPO size is Rs 5,000 crore. The issue is a book-building offer and will list on BSE and NSE. Kotak Mahindra Capital is the lead manager to the issue.

The Cube Highways Trust InvIT issue will be watched closely because infrastructure investment trusts give investors exposure to operating infrastructure assets. InvITs are generally tracked by long-term investors looking for cash-flow visibility, yield and exposure to roads and infrastructure.

SME IPOs next week

Apart from the two mainboard issues, the SME market will also see activity. Shree Balaji Mala Textiles will open its BSE SME IPO on July 22 and close on July 24. The price band is Rs 66-70 per share and the issue size is Rs 18.90 crore.

Metalic Technoforge will open its NSE SME issue on July 21 and close on July 23. The price band is Rs 72-77 and the issue size is Rs 49.96 crore.

Gulf Lloyds India will open its BSE SME fixed-price issue on July 20 and close on July 22. The issue price is Rs 100 per share and the issue size is Rs 18.19 crore.

Four listings to watch

The listing calendar will also be busy next week. SBI Funds Management will be the biggest listing to track after its public issue saw strong institutional and retail demand. The IPO was subscribed over 40 times, with QIB demand crossing 140 times. Its GMP is around 16%.

Millworks Technologies will also be watched closely because of its grey market premium of more than 100%, which signals strong listing expectations. However, grey market trends are unofficial and can change before listing.

Alpine Texworld is another scheduled listing, but its GMP is at 0%, suggesting muted listing expectations for now. The fourth listing of Sotefin Bharat will also be tracked by investors as the market tests appetite across mainboard and SME names after a strong run in recent offerings.

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