The primary market has been a busy street in 2024, with nearly 300 IPOs raising around Rs.1.8 lakh crore collectively. The trend continues in 2025, with projections for the primary market reaching a value of Rs.2 lakh crore. The estimates this year is kickstarting with the 7 upcoming IPOs in January, of which 6 are opening this week. Let’s take a detailed look at each of these IPOs.
Standard Glass Lining Technology IPO:
Standard Glass Lining Technology Ltd. is one of the top five manufacturers of engineering equipment for chemical and pharmaceutical companies in India. It offers complete solutions, from design and manufacturing to assembly, installation, and commissioning. The company, however, gets 81.79% of its revenue from the pharmaceutical sector clients.
The company is raising the IPO for the following purposes-
- Funding capital expenditure for machinery and equipment purchases.
- Repaying part or all of its outstanding borrowings, including those of its wholly owned subsidiary, S2 Engineering Industry Private Limited.
- Investing in S2 Engineering for its capital expenditure needs, including machinery and equipment.
- Supporting inorganic growth through strategic investments or acquisitions.
- Meeting general corporate purposes.
IPO Details:
| Offer Price | Rs.133-140 per share |
| Face Value | Rs.10 per share |
| Opening Date | 6th Jan 2025 |
| Closing Date | 8th Jan 2025 |
| Total Issue Size (in Shares) | 2,92,89,367 shares |
| Total Issue Size (in Rs.) | Rs.410.05 crore |
| Issue Type | Book Built Issue IPO |
| Lot Size | 107 shares |
| To be listed on | NSE and BSE |
(Source: Prospectus)
Standard Glass Lining has already raised Rs.123 crore on 3rd January 2025 from the anchor investors and will tentatively be listed on 13th January 2025. The IPO includes a fresh issue of Rs.1.5 crore shares (Rs.210 crore) and an offer for sale of 1.43 crore shares (Rs.200.05 crore).
Grey Market Premium of Standard Glass Lining Technology IPO
The ‘grey market premium’ shows how much investors are willing to pay above the issue price. For the Standard Glass Lining IPO, the GMP today is +97, meaning the shares are trading at an Rs.97 premium in the grey market. Based on the upper end of the IPO price band and the current grey market premium, the expected listing price for Standard Glass Lining shares is Rs.237 each, which is 69.29% higher than the IPO price of Rs.140.
Quadrant Future Tek IPO:
Quadrant is a research-driven company focused on creating advanced Train Control and Signalling Systems for Indian Railways, ensuring top safety and reliability for passengers. They also have a Specialty cable manufacturing facility with an Electron Beam Irradiation Centre. As part of the KAVACH initiative, the company is working on a train collision avoidance system and an electronic interlocking system aimed at boosting safety and capacity on the railways. The company plans to raise funds through IPO for:
- Meeting long-term working capital needs
- Developing the Electronic Interlocking System
- Repaying or reducing its outstanding working capital term loan
- General corporate purposes
IPO Details:
| Offer Price | Rs.275-290 per share |
| Face Value | Rs.10 per share |
| Opening Date | 7th Jan 2025 |
| Closing Date | 9th Jan 2025 |
| Total Issue Size (in Shares) | 1,00,00,000 shares |
| Total Issue Size (in Rs.) | Rs.290 crore |
| Issue Type | Book Built Issue IPO |
| Lot Size | 50 shares |
| To be listed on | NSE and BSE |
Quadrant Future Tek IPO is entirely a fresh issue of 1 crore shares. It will tentatively be listed on 14th January 2025. The minimum investment for retail investors is Rs.14,500. For sNII (Small Non-Institutional Investor), the minimum lot size is 14 lots, which is 700 shares, and costs Rs.2,03,000. For bNII (Big Non-Institutional Investor), the minimum lot size is 69 lots or 3,450 shares, and the investment comes to Rs.10,00,500.
Grey Market Premium of Standard Glass Lining Technology IPO
Quadrant Future Tek shares were trading at a premium of Rs.180 in the unlisted market earlier on 6th January 2025. With the IPO price band set at Rs.290, the expected listing price is Rs.470. This could give investors an estimated listing gain of around 62.07%.
Capital Infra Trust Invit IPO:
Capital Infra Trust, established in September 2023, is an infrastructure investment trust (InvIT) sponsored by Gawar Construction Limited. The InvIT is set up to make investments and carry out activities as permitted under SEBI InvIT Regulations. Gawar Construction specializes in building road and highway projects across 19 states in India for government bodies like NHAI, MoRTH, MMRDA, and CPWD.
As of December 2024, the company’s portfolio includes 26 road projects under hybrid annuity mode (HAM) with NHAI. This includes 11 completed projects, 5 acquired from Sadbhav Infrastructure Project Limited, and 15 ongoing projects. The company is raising funds through an IPO, which will be used to:
- Provide loans to Project SPVs to repay or prepay external borrowings, including interest and penalties.
- Provide loans to Project SPVs to repay unsecured loans from the Sponsor.
IPO Details:
| Offer Price | Rs.99-100 per share |
| Opening Date | 7th Jan 2025 |
| Closing Date | 9th Jan 2025 |
| Total Issue Size (in Shares) | 15,78,00,000 shares |
| Total Issue Size (in Rs.) | Rs.1578 crore |
| Issue Type | Book Built Issue IPO |
| Lot Size | 150 shares |
| To be listed on | NSE and BSE |
Source: Prospectus
The IPO will be a combination of a fresh issue of 10.77 crore shares (Rs.1077 crore) and an offer for the sale of 5.01 crore shares (Rs.501 crore). The shares will tentatively be listed on 14th January 2025 under the management of HDFC Bank Limited and SBI Capital Market Limited. To invest, retail investors need a minimum of Rs.15,000. For sNII, the minimum lot size is 14 lots (2,100 shares), totaling Rs.2,10,000, and for bNII, it is 67 lots (10,050 shares), which comes to Rs.10,05,000.
Grey Market Premium of Capital Infra Trust Invit IPO:
The company’s shares are currently trading at no premium in the grey market, meaning there’s no price advantage over the IPO listing price. Since trading started on 1st January 2025, the GMP has stayed the same.
Indobell Insulation IPO:
Indobell Insulation Limited, founded in May 1972, manufactures insulation products like nodulated and granulated wool (mineral and ceramic fiber nodules) and prefabricated thermal insulation jackets. The company also offers services, including consultancy, engineering, fabrication, material supply, installation, supervision, and project management. It serves industries like power plants, railways, aeronautics, and navigation. The product range includes Ceramic Fiber Nodules and Mineral Fiber Nodules. The funds raised will be used for:
- Purchasing additional plant and machinery to boost capital expenditure
- Meeting working capital needs
- General corporate purposes
IPO Details:
| Offer Price | Rs.46 per share |
| Face Value | Rs.10 per share |
| Opening Date | 6th Jan 2025 |
| Closing Date | 8th Jan 2025 |
| Total Issue Size (in Shares) | 22,05,000 shares |
| Total Issue Size (in Rs.) | Rs.10.14 crores |
| Issue Type | Fixed Price Issue IPO |
| Lot Size | 3000 shares |
| To be listed on | BSE SME |
Source: Prospectus
The IPO is entirely a fresh issue and is tentatively set to be listed by 13th January. The minimum investment amount for a retail investor is Rs.138000, and for the HNI is Rs.276000 (2 lots).
Grey Market Premium Indobell Insulation IPO
Indobell Insulations IPO GMP (grey market premium) was Rs.0 per share earlier on 6th January, as per InvestorGain. This points to a possible flat listing for Indobell Insulations IPO.
B. R. Goyal IPO:
B.R.Goyal Infrastructure Limited, founded in 2005, focuses on infrastructure projects like roads, highways, bridges, and buildings. The company has built a strong integrated EPC and construction business backed by a design and engineering team along with an RMC unit in Indore that has a capacity of 1.80 Lakh cubic meters per year. The company plans to use the net proceeds from the IPO for:
- Capital expenditure requirements
- Working capital needs
- Inorganic growth through acquisitions and other strategic initiatives
- General corporate purposes
IPO Details:
| Offer Price | Rs.128-135 per share |
| Face Value | Rs.10 per share |
| Opening Date | 7th Jan 2025 |
| Closing Date | 9th Jan 2025 |
| Total Issue Size (in Shares) | 63,12,000 shares |
| Total Issue Size (in Rs.) | Rs.10.14 crores |
| Issue Type | Book Built Issue IPO |
| Lot Size | 1000 shares |
| To be listed on | BSE SME |
Source: Prospectus
The IPO is a fresh issue of 63.12 lakh shares, which will tentatively be listed on 14th January 2025. The minimum investment required for retail investors is Rs.135000, and for the HNI, it is Rs.270000 (2 lots).
Grey Market Premium of B. R. Goyal IPO:
GMP, or grey market premium, gives an idea of how the IPO might perform on its debut. It reflects demand in the unofficial market before the shares are listed. The B.R. Goyal IPO GMP is Rs.21 as of 4th January 2025. With an issue price of Rs.135, the estimated listing price could be around Rs.156.
Delta Autocorp IPO:
Delta Autocorp Limited, founded in 2016, manufactures and sells electric two-wheelers (2W) and three-wheelers (3W) under the “Deltic” brand. It focuses on creating affordable, durable EVs for tier-2 and tier-3 towns. The company is shifting to Lithium Ferro Phosphate (LFP) batteries to improve cost efficiency and safety.
With a network of 300+ dealers across 25 states and Union Territories, Delta Autocorp emphasizes B2B transactions. The company is raising funds through IPO for the following purposes:
- A new electric three-wheeler fabrication and painting plant
- New product development
- Working capital requirements
- General corporate purposes
- Offer-related expenses
IPO Details:
| Offer Price | Rs.123-130 per share |
| Face Value | Rs.10 per share |
| Opening Date | 7th Jan 2025 |
| Closing Date | 9th Jan 2025 |
| Total Issue Size (in Shares) | 42,00,000 shares |
| Total Issue Size (in Rs.) | Rs.54.60 crores |
| Issue Type | Book Built Issue IPO |
| Lot Size | 1000 shares |
| To be listed on | NSE SME |
Source: Prospectus
The IPO includes a fresh issue of Rs.50.54 crore, that is, 38.88 lakh shares, and an offer for sale of Rs.4.06 crore (3.12 lakh shares). The minimum investment required for the retail investors in this IPO is Rs.130000, and for the HNI, it is Rs.260000.
Grey Market Premium of Delta Autocorp IPO:
The GMP for Delta Autocorp IPO as of 1st January was Rs.21, which increased to Rs.47 on 3rd January 2025. This suggests a possible listing price of Rs.177 per share against an approximate premium of 36.2%. However, as of 6th January 2025, the GMP increased to Rs.70, further pushing the listing price to a higher estimate.
Avax Apparels And Ornaments IPO
Avax Apparels and Ornaments Ltd, established in 2005, operates in two sectors: wholesale fabric trading and online silver jewelry retail. It sells knitted fabrics and offers a variety of silver ornaments like rings, bangles, payals, kadas, and more through its online platform, delivering across major cities in India. The company plans to raise funds through IPO and utilize the issue proceeds for:
- Meeting its working capital requirements.
- Funding general corporate purposes.
IPO Details:
| Offer Price | Rs.70 per share |
| Face Value | Rs.10 per share |
| Opening Date | 7th Jan 2025 |
| Closing Date | 9th Jan 2025 |
| Total Issue Size (in Shares) | 2,74,000 shares |
| Total Issue Size (in Rs.) | Rs.1.92 crores |
| Issue Type | Fixed Price Issue IPO |
| Lot Size | 2000 shares |
| To be listed on | BSE SME |
Source: Prospectus
The IPO is a fresh issue of 2.74 lakh shares and will be listed on the BSE SME platform on 14th January 2025. For retail investors, the minimum investment is 1 lot, that is, Rs.140000, and for the HNIs, the requirement is Rs.280000. SKI Capital Services Limited is entirely managing the IPO.
Grey Market Premium of Avax Apparels And Ornaments IPO
As of 6th January 2025, the GMP for the Avax Apparels And Ornaments IPO is Rs.21, consistent since 4th January. As per the GMP, the assessment coincides with an estimated listing price of Rs.70.
Bottomline:
January has just started with the mentioned 7 listings. The following week, many new listings are expected, including the Indo Farm Equipment IPO, whose shares were subscribed 229.68 times, along with five other listings on the SME platform. So, if you are planning to invest in any of the IPOs, carefully go through the market factors and the company fundamentals before shortlisting the stocks for your portfolio.
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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.
