Primary market buzz: Aadhar Housing Finance, Indegene, TBO Tek IPOs

Primary market buzz: This week, the primary market is abuzz with anticipation as three prominent companies—Aadhar Housing Finance, Indegene, and TBO Tek—are gearing up to launch initial public offerings (IPOs) with a collective target of raising nearly Rs 6,400 crore.

The surge in IPO activity follows JNK India's successful initial share-sale last month, which amassed Rs 650 crore.

Historically, the April to June period during general election cycles has been subdued for IPO launches since 2004, as election uncertainty tends to dampen market sentiment, noted Mahavir Lunawat, Managing Director of Pantomath Capital Advisors. However, this trend is changing, evident in the forthcoming IPOs slated for next week.

Samir Bahl, CEO of Anand Rathi Advisors, hailed this shift as a positive indicator of the Indian capital markets' maturity and the enduring confidence in India's long-term growth narrative.

Indegene's IPO subscription will open on May 6, while Aadhar Housing Finance and TBO Tek are set to follow suit on May 8. The IPOs collectively aim to raise Rs 6,393 crore, with a substantial portion of Rs 4,233 crore allocated to the offer-for-sale (OFS) component.

Pranjal Srivastava, Partner Investment Banking at Centrum Capital, attributed the sustained momentum in the primary market to positive economic sentiments, a bullish secondary market, and robust inflows.

Aadhar Housing Finance's Rs 3,000-crore IPO comprises a fresh issue of equity shares worth Rs 1,000 crore and an OFS of Rs 2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72 percent stake in Aadhar Housing Finance, while ICICI Bank owns the remaining 1.18 percent. The IPO is priced in the range of Rs 300 to Rs 315 per share.

(with PTI inputs)