Primary market takes breather, 2 IPOs to raise Rs 365 crore this week

NEW DELHI: After a wave of IPOs in recent weeks, the primary market will experience a brief slowdown, with just two public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small & medium enterprise) segment in Sept.
IPOs scheduled for next week, beginning Oct 7, are Garuda Construction and Engineering on the main board and Shiv Texchem on the SME segment.Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during Oct 8-10. The stock market has seen a significant correction in the equity market since the start of Oct amid intensifying conflict between Israel and Iran.
Despite the temporary slowdown, overall, the outlook for the IPO market is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi’s approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting clearance.