Companies raise nearly Rs 9,000 crore in Dec IPO rush

Mumbai: As many as 12 companies raised Rs 8,931.69 crore through initial share sales this month, making it the best IPO month in two years.

The previous best was December 2021, when 11 companies mopped up Rs 9,534 crore through Initial Public Offerings (IPOs).

As per an analysis, 12 companies hit the market with their IPOs in December 2023.

This week, six companies got listed after their IPOs and one company will start trading on Thursday. Reflecting the bullishness in the primary market, three firms each made their stock market debut on Tuesday and Wednesday.

While Muthoot Microfin, Motisons Jewellers and Suraj Estate Developers got listed on Tuesday, Credo Brands, Happy Forgings and RBZ Jewellers made their debuts on Wednesday.

Earlier this month, Doms Industries, Flair, India Shelter Finance and Inox CVA listed on the bourses, while Azad Engineering is set to start trading on Thursday.

The listing date of Innova Captab, which has raised Rs 570 crore through an IPO, is yet to be announced.

Through the IPO, Doms Industries raised Rs 1,200 crore while Flair garnered Rs 593 crore and India Shelter Finance fetched Rs 1,200 crore. Inox CVA mopped up Rs 1,459.32 crore and Muthoot Microfin's initial share sale was worth Rs 960 crore.

Among others, Motisons Jewellers raised Rs 151 crore, Suraj Estate Developers (Rs 400 crore), Credo Brands (Rs 549.77 crore), Happy Forgings (Rs 1,008.6 crore), RBZ Jewellers (Rs 100 crore) and Azad Engineering (Rs 740 crore).

Together, these 12 firms have mopped up Rs 8,931.69 crore, as per the analysis.