Mumbai: September was a historic month for primary market in term of fund raising through initial public offerings and record number of new IPO proposal or draft red herring prospectuses submitted to Securities and Exchange Board of India while it was a painful month for the secondary market with benchmark indices Sensex and Nifty-50 declining close to 6 per cent each.
In the week dating Sept.21 to Sept.27 there were 14 new listings on the stock exchanges and 16 DRHP filings with Sebi. In September by rough estimates close to 60-65 DRHPs were filed for main board IPOs, numbers could be higher as information remained still widely dispersed across agencies handling them.
Among the month’s last DRHP filings included Rs 10,000 crore IPO proposal by Inox Clean Energy, the largest IPO in the private sector clean energy segment. The IPO comprises of a fresh issue of up to Rs 8,000 crore and an offer for sale of up to Rs 2,000 crore by the selling shareholder. Company reported revenue of Rs 2,046.4 crore and EBITDA at Rs 1,190.4 crore in FY26.
Inox Clean Energy has operational presence across three continents, operating renewable power generation platforms across India and, through SkyPower MENA, in Africa, and the solar manufacturing facilities across India and the United States of America.
Another big filing Gautam Adani-backed Vishakha Renewables DRHP for an IPO comprising a fresh issue of equity shares aggregating up to Rs 1,250 crore and an offer for sale of up to 1.82 crore equity shares by the selling shareholders. Vishakha Renewables, a manufacturer of critical solar module components, is jointly promoted by the Vishakha Group and the Adani Group, with Adani Properties being a promoter and a promoter selling shareholder in the public offer.Among the other filings were Arete 22 Limited, JSW One Platforms, Abakkus Asset Manager,PM Cona Industries, Sagar Defence, Sembcorp Green Infra,Tonbo Imaging India among others.
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