What is a book-building issue?

A book-building issue in an IPO is a pricing mechanism where investors bid for shares within a specified price range. The final issue price is determined based on demand, ensuring a market-driven valuation.

A Draft Red Herring Prospectus (DRHP) is a preliminary document submitted to SEBI by a company planning an IPO. It contains details about the business, financials, risks, and the intended use of funds but excludes the final issue price and size.

High Net-Worth Individuals (HNIs) are investors who apply for more than Rs.2 lakh worth of shares in an IPO. They fall under the Non-Institutional Investor (NII) category and have a separate allocation in the IPO process.

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Upcoming IPOs in February...

Upcoming IPOs in February 2025

Archana Chettiar
February 7, 2025

Investors benefitted greatly from 2024’s IPO market when India’s global IPO share rose to 30%. The Indian IPO landscape is again set to make headlines in 2025 with an estimated fundraising of over Rs.2 lakh crore, and January 2025 turned out to be the right start to it, with 22 SMEs listed and 12 mainboard IPO DRHP filed. Is this boom likely to continue in February? Let’s try to understand through a brief overview of upcoming IPOs in India in February 2025.

IPO Market In January 2025:

Over 31 companies filed their DRHP (Draft Red Herring Prospectus) in January 2025, and 7 companies were listed. Companies listed on NSE Emerge raised around Rs.342.28 crore, and those on BSE SME raised around Rs.645.14 crore. The overall performance of the IPOs, in terms of listing day gains, was around an average of 23%, with a few companies turning in negative post-listing profits.

Upcoming IPOs In February 2025:

Upcoming IPOs refer to companies that have submitted their Draft Red Herring Prospectus (DRHP) to SEBI and are set to go public in 2025. Keeping track of these IPOs and their progress provides insights into market trends and sector performance.

The complete IPO list (upcoming) is as follows:

Company Name	Open Date	Close Date	Issue Price	Issue Size	Status
Chamunda Electrical Ltd	4th Feb	6th Feb	Rs.47-50	Rs.14.6 crore	Open IPO
Amwill Health Care Ltd	5th Feb	7th Feb	Rs.105-111	Rs.59.98 crore	Open IPO
Ken Enterprises Ltd	5th Feb	7th Feb	Rs.94	Rs.83.65 crore	Open IPO
Eleganz Interiors Ltd	7th Feb	11th Feb	Rs.123-130	Rs.78.07 crore	Upcoming
Readymix Construction Machinery Ltd	6th Feb	10th Feb	Rs.121-123	Rs.37.66 crore	Upcoming
Solarium Green Energy Ltd	6th Feb	10th Feb	Rs.181-191	Rs.105.04 crore	Upcoming
Ajax Engineering Ltd.	10th Feb	12th Feb	Rs.599-629	Rs.1,269.35 crore	Upcoming
PS Raj Steels Ltd.	12th Feb	14th Feb	Rs.132-140	Rs.28.28 crore	Upcoming

Source: Moneycontrol

Overview Of Current New IPOs (Upcoming):

Eleganz Interiors Limited:

Offer Price	Rs.123-130 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	60,05,000 shares
Total Issue Size (in Rs.)	Rs.78.07 crore
Issue Type	Book Built Issue IPO
Lot Size	1000 shares
To be listed on	NSE SME

Source: Prospectus

Eleganz Interiors Limited, incorporated in 1996, specializes in providing interior fit-out solutions for corporate and commercial spaces across India. The company transforms workspaces, offering services from bare-shell construction to fully furnished interiors. Their expertise spans corporate offices, R&D facilities, laboratories, airport lounges, flexible workspaces, and commercial retail spaces, catering to diverse industries such as IT, BFSI, pharmaceuticals, FMCG, and real estate.

The company is raising capital through an IPO to repay certain borrowings, meet working capital needs, and fund general corporate purposes. The IPO is a fresh issue of 60.05 lakh shares. Retail investors must apply for a minimum lot size of 1,000 shares (Rs.1,30,000), while HNIs require at least 2,000 shares (Rs.2,60,000).

Know More:  SEBI Registered investment advisory |  Stock investment advisory

Readymix Construction Machinery Limited:

Offer Price	Rs.121-123 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	30,62,000 shares
Total Issue Size (in Rs.)	Rs.37.66 crore
Issue Type	Book Built Issue IPO
Lot Size	1000 shares
To be listed on	BSE SME

Source: Prospectus

Incorporated in 2012, Readymix Construction Machinery Limited is a specialized construction equipment manufacturer and supplier. The company provides engineering-led solutions for designing, fabricating, and installing machinery used in cement, concrete, crushing, and building material industries. It also offers end-to-end turnkey solutions, including installation, testing, maintenance, and business consultancy services.

The company is raising Rs.37.66 crore to support its growth through an IPO. The proceeds 1of this IPO will be used for debt repayment, meeting working capital requirements, and general corporate purposes. The IPO is a fresh issue of 30.62 lakh shares. Retail investors can apply with a minimum investment of Rs.1,23,000, while HNIs must invest in at least two lots, amounting to Rs.2,46,000.

Solarium Green Energy Limited:

Offer Price	Rs.181-191 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	54,99,600 shares
Total Issue Size (in Rs.)	Rs.105.04 crore
Issue Type	Book Built Issue IPO
Lot Size	600 shares
To be listed on	BSE SME

Source: Prospectus

Solarium Green Energy Limited, established in 2018, is a solar energy company specializing in turnkey solar solutions and integrated solar products. The company provides end-to-end services, including engineering, procurement, construction, and operations & maintenance (O&M) for residential, commercial, industrial, and government projects. SGEL also supplies solar products like PV modules, inverters, and meters, ensuring quality through BIS and ISO certifications.

The company is raising Rs.105.04 crores through a book-built IPO, consisting of a fresh issue of 55 lakh shares. The proceeds of this IPO will be used to fulfill working capital requirements and for general corporate purposes. Retail investors must invest at least Rs.1,14,600, while HNIs must invest in at least two lots (Rs.2,29,200).

Ajax Engineering Limited:

Offer Price	Rs.599-629 per share
Face Value	Rs.1 per share
Total Issue Size (in Shares)	2,01,80,446 shares
Total Issue Size (in Rs.)	Rs.1,269.35 crore
Issue Type	Book Built Issue IPO
Lot Size	23 shares
To be listed on	BSE, NME

Source: Prospectus

Ajax Engineering Limited, incorporated in July 1992, is a leading concrete equipment manufacturer. It offers a wide range of products and services across the value chain. With 141 equipment variants and over 29,800 units sold in India in the last decade, the company has a strong market presence supported by 51 dealerships across 23 states and an expanding global footprint.

The company is launching an IPO through an Offer for Sale (OFS) of 2.02 crore shares, with a price band of Rs.599 to Rs.629 per share. Retail investors can apply for at least 23 shares, requiring an investment of Rs.14,467. The proceeds from the offer will go to selling shareholders after deductions.

P S Raj Steels Limited:

Offer Price	Rs.132-140 per share
Face Value	Rs.10 per share
Total Issue Size (in Shares)	20,20,000 shares
Total Issue Size (in Rs.)	Rs.28.28 crore
Issue Type	Book Built Issue IPO
Lot Size	1000 shares
To be listed on	NSE SME

Source: Prospectus

Established in November 2004, P S Raj Steels Limited is a growing manufacturer and supplier of stainless steel pipes and tubes in India. With a production capacity of 13,460 metric tons per year in its facility in Hisar, Haryana, the company offers over 250 standard sizes for fabrication and industrial applications such as railways, furniture, and food processing.

The company is raising funds through an IPO to support its working capital requirements, offering a fresh issue of 20.20 lakh shares. In 2024, it reported revenue of Rs.297.76 crore and a profit of Rs.6.36 crore. Retail investors must invest a minimum of Rs.1,40,000 (1,000 shares), while HNIs must apply for at least two lots (2,000 shares).

Apart from the mentioned upcoming IPOs, there are a few IPOs awaited in February, but the subscription dates have not been declared yet; these include-

JSW Cement (Rs.4000 crore IPO)
Hexaware Technologies (Rs.9950 crore IPO)
Ather Energy
Solar91 Cleantech (Rs.106 crore IPO)
Avanse Financials (Rs.3500 crore IPO)

Bottomline:

February 2025 brings a dynamic IPO market, offering opportunities across various sectors. These new listings reflect strong market sentiment and economic growth. Before investing, carefully analyze each IPO’s fundamentals, industry trends, and financials. Consulting a trusted share market advisor can provide valuable insights into company valuations, risk factors, and potential returns. With increasing participation from retail and institutional investors, February’s IPOs could influence market momentum for the year ahead.

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IPO | Current IPO | Upcoming IPO | Listed IPO

FAQs on Upcoming IPOs in February 2025

What is a book-building issue?
A book-building issue in an IPO is a pricing mechanism where investors bid for shares within a specified price range. The final issue price is determined based on demand, ensuring a market-driven valuation.
What is a DRHP?
A Draft Red Herring Prospectus (DRHP) is a preliminary document submitted to SEBI by a company planning an IPO. It contains details about the business, financials, risks, and the intended use of funds but excludes the final issue price and size.
Who are HNIs?
High Net-Worth Individuals (HNIs) are investors who apply for more than Rs.2 lakh worth of shares in an IPO. They fall under the Non-Institutional Investor (NII) category and have a separate allocation in the IPO process.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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Archana Chettiar

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.