Investors in India’s capital markets placed bids worth ₹2.58 lakh crore in the five recently concluded Initial Public Offerings (IPOs).
The five companies – Tata Technologies Ltd., Gandhar Oil Refineries Ltd., Fedbank Financial Services Ltd., Flair Writing Industries Ltd., and Indian Renewable Energy Development Agency (IREDA) Ltd. had cumulatively planned to raise ₹7,378 crore.
2023 has seen a total of 47 IPOs so far, where companies have raised a sum of ₹41,000 crore.
Out of the ₹2 lakh crore bids placed, Tata Technologies garnered the lions share. The first Tata Group IPO in two decades closed with an overall subscription of 70 times were placed during the three day issue. The pure Offer for Sale issue had selling investors garner ₹3,042 crore. Selling investors in the issue included parent company Tata Motors.
Gandhar Oil Refinery, one of the largest manufacturers of white oils by revenue in the financial year 2023, The ₹500 crore IPO saw bids worth ₹23,000 crore being placed across three days.
| IPO Frenzy On Dalal Street | Size | Bids Placed |
| Tata Technologies | ₹3,042 Cr | ₹1.56 Lk Cr |
| Gandhar Oil | ₹500 Cr | ₹23,000 Cr |
| Flair Writing | ₹593 Cr | ₹20,454 Cr |
| Fedbank Financial Services | ₹600 Cr | ₹1,722 Cr |
| IREDA | ₹2,150 Cr | ₹58,471 Cr |
For an offer size of 1.5 crore shares, ₹20,000 crore. Institutional investors led in placing bids for this issue as well, with the portion reserved for them getting subscription of 115.6 times. The non-institutional portion was subscribed 33.37 times, while that reserved for retail investors was subscribed 13 times at the close of bidding.
a subsidiary of Kochi-based private lender Federal Bank Ltd., saw a lacklustre response in comparison to the other IPOs that were open for subscription.
The issue saw full subscription on the last day of bidding and ended with an overall subscription of 2.2 times.
was also subscribed 39 times in the issue that closed on Thursday. It became the seventh most subscribed PSU IPO over the last decade.
“The huge appetite for equities stems from the confidence that investors have in the India growth story and the large universe of fast-growing, well-managed companies, which are expected to deliver good profits,” said Mahavir Lunawat of Pantomath Capital Advisors.
