IPO Season And The Outcome So Far – Bikaji Foods, Archean Chemicals, Keystone Realtors and Uniparts India

By Ashwini Nathany

Posted on December 6, 2022

There have been some hits and misses this IPO season. Below is a  quick summary  and comparison of the 4 IPOs we have been following this season.

Bikaji Foods IPO was launched on 3 Nov 2022 and closed on 7 Nov 2022. 

Lead Managers: JM Financial Limited and Axis Capital Limited

Registrar : Link Intime India Private Limited

Issue Size : Rs. 837.16 – Rs. 881.22 crores

Subscription : Oversubscribed 26.67 times

Listing Date : Nov 16 on NSE and BSE

Lot Size : 50 shares

Offer Price : Rs. 300 per share

Listing Price : Rs 322.8 per share

Price on 5 December : Rs. 398.30 per share

Bikaji shares have been on a rise since its listing on the 16th of November. It has seen a low of Rs. 303 per share to a high of Rs. 446.80 per share. Never once going below the listing price of Rs. 300 it is surely considered as a hit this season.  As on 5 Dec 2022 Bikaji share price is up by almost 33% from the offer price.

Archean Chemicals IPO was launched on 9 Nov 2022 and closed on 11 Nov 2022.

Lead Managers: ICICI Securities, JM Financial Limited and IIFL Securities

Registrar : Link Intime India Private Limited

Issue Size : Rs. 1462.3 crores

Subscription : Oversubscribed 32.23 times

Listing Date : Nov 21 on NSE and BSE

Lot Size : 36 shares

Offer Price : Rs. 407 per share

Listing Price : Rs 450 per share

Price on 5 December : Rs. 519.45 per share

Archean Chemicals shares have been on a seesaw in the past few weeks since its listing on 21 November. It has seen a low of Rs. 407 per share to a high of Rs. 554.45 per share. Although it has not breached the offer price mark, which is good news for those holding on to the allotted shares, it has seen quite a few ups and downs. As on 5 Dec 2022 its share price is up by 28% from the offer price.

Keystone Realtors IPO was launched on 14 Nov 2022 and closed on 16 Nov 2022.

Lead Managers: Axis Capital Limited and Credit Suisse Securities (India) Private Limited

Registrar : Link Intime India Private Limited

Issue Size : Rs. 635 crores

Subscription : Oversubscribed 2.01 times

Listing Date : Nov 24 on NSE and BSE

Lot Size : 27 shares

Offer Price : Rs. 541 per share

Listing Price : Rs 555 per share

Price on 5 December : Rs. 529.10 per share

Keystone Realtors shares have not fared well in the days since its listing on 24 November. It has seen a low of Rs. 524.05 per share to a high of Rs.597 per share. The  Keystone IPO response was tepid and in hindsight it seems to make sense. It is one of the unexpected miss of the season. As on 5 Dec 2022 its share price is down by almost  2% from the offer price.

Uniparts India IPO was launched on 30 Nov 2022 and closed on 2 Dec 2022.

Lead Managers: JM Financial Limited and Axis Bank and Dam Capital Advisors

Registrar : Link Intime India Private Limited

Issue Size : Rs. 836 crores

Subscription : Oversubscribed 25.32 times

Listing Date : Dec 12 on NSE and BSE

Lot Size : 25 shares

Offer Price : Rs.  Rs 548-577 per share

Listing Price : NA

Price on 5 December : NA

Uniparts India shares are expected to be allotted on 7 Dec 2022 and to be  listed on 12 Dec 2022. As on 5 Dec the grey market premium (GMP) is Rs 60 per share which is more than 10% of the offer price. In spite of volatile market conditions, Uniparts shares are expected to perform well on the listing day. Its GMP has been steadily increasing as market sentiments are positive for this share. It is a large IPO and Dalal Street is expecting this to be a hit of this season.

IPO Season And The Outcome So Far – Bikaji Foods, Archean Chemicals, Keystone Realtors and Uniparts India