India’s primary market is set to pick up pace after a relatively subdued fortnight, with the Diwali holiday period having temporarily slowed IPO activity. The upcoming week, beginning 16 November, will see three public issues worth more than Rs10,000 crore in combined proceeds enter the market, bringing fresh momentum to the IPO calendar. The lineup includes two mainboard offerings and one SME issue, led by the International Finance Corporation-backed agrochemicals and seeds company Crystal Crop Protection, the Coal India subsidiary Mahanadi Coalfields, and the SME player Watrana Rentals.
The revival comes amid continued investor interest in India’s IPO market, which has seen companies across sectors tap the primary market to raise capital and provide exits to existing shareholders. The upcoming issues are expected to draw attention from investors tracking new listings, valuations and subscription trends.
Let’s take a closer look at each of these IPOs, covering the latest grey market premium (GMP), key dates, price bands and other important issue details.
Crystal Crop Protection IPO GMP today
Crystal Crop Protection IPO GMP today is +27. This indicates Crystal Crop Protection share price was trading at a premium of ₹27 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Crystal Crop Protection share price was indicated at ₹299 apiece, which is 9.93% higher than the IPO price of ₹272.
Based on trading activity over the last 3 sessions, today’s IPO GMP trend is down, reflecting soft grey market demand. The premium has traded in the range of ₹27 to ₹40 over that period.
IPO details
Crystal Crop Protection IPO price band has been fixed at ₹259–272 per share, valuing it at approximately ₹4,438 crore at the upper end of the price range.
The three-day Crystal Crop Protection IPO will open for subscription on 18 November and close on 20 November. Bidding for anchor investors is scheduled for 17 November.
The public issue comprises a fresh issue of shares worth up to ₹355 crore and an Offer for Sale (OFS) of up to ₹101 crore by existing shareholders.
The company plans to utilise the fresh issue proceeds to repay debt availed by it and its subsidiary, Saffire Crop Science, fund inorganic growth through unidentified acquisitions and strategic initiatives, and meet general corporate expenses.
DAM Capital Advisors, IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers, while MUFG Intime India is the registrar to the issue.
Founded in 1994, Crystal Crop Protection is an agrochemical and seeds company offering crop protection and crop solutions to farmers.
Mahanadi Coalfields IPO GMP today
Mahanadi Coalfields IPO GMP today is +9.25. This indicates Mahanadi Coalfields share price was trading at a premium of ₹9.25 in the grey market, according to investorgain.com. Mahanadi Coalfields IPO price band is yet to be announced.
IPO details
Mahanadi Coalfields Ltd (MCL), a wholly owned subsidiary of Coal India Ltd, has taken a key step towards its proposed stock market debut by filing its Red Herring Prospectus (RHP).
The RHP, dated 13 November, was submitted to the Registrar of Companies (RoC), the Securities and Exchange Board of India (SEBI), BSE and NSE, Coal India said in a regulatory filing.
The proposed Mahanadi Coalfields IPO will be an Offer for Sale (OFS) only, through which Coal India plans to offload up to 66.18 crore equity shares, representing a 10% stake in the subsidiary. The issue is estimated to raise around ₹9,500 crore.
The proposed public offering is subject to the necessary regulatory approvals, prevailing market conditions and other applicable considerations.
The Coal India subsidiary IPO is part of the parent company’s broader strategy to unlock value in its subsidiaries through stake dilution and stock exchange listings.
Watrana Rentals IPO GMP today
Watrana Rentals IPO GMP today is +22. This indicates Watrana Rentals share price was trading at a premium of ₹22 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Watrana Rentals share price was indicated at ₹267 apiece, which is 8.98% higher than the IPO price of ₹245.
Based on trading activity over the last 3 sessions, the IPO’s GMP is clearly trending up today, which is a strong indicator of a good listing. The premium has been ranging between a low of ₹16 and a high of ₹22 during this period, according to the experts.
IPO details
Delhi-based material handling equipment provider Watrana Rentals will launch its initial public offering on 19 November, with the price band fixed at ₹232–245 per share.
The company aims to raise ₹120 crore at the upper end of the price band. The public issue will comprise an entirely fresh issue of 49.02 lakh equity shares, with no offer-for-sale component.
Watrana Rentals plans to utilise ₹98.12 crore from the IPO proceeds to purchase material handling equipment, aerial work platforms and batteries. The remaining funds will be allocated towards general corporate purposes and issue-related expenses.
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