Three IPOs, one deadline: 68 percent of September's issue money is going to the companies
Steamhouse, Manika Plastech and Hero Motors are raising about INR 1,540 crore between them before a 30 September cut-off. Just over two-thirds is fresh issue.
IPO
Hero Motors seeks 73 times earnings on a three-year average return on net worth of 7.58 percent
Hero Motors opens on 16 September at INR 79 to 84 a share, valuing it at INR 3,815 crore. Its fresh issue is down a quarter from its last draft.
Two IPOs open this week with 83 percent of the money going to the companies
Steamhouse India and Manika Plastech open within three days of each other. Between them, INR 445 crore of the INR 540 crore sought is fresh issue, an unusual split for a September window.
Three IPOs open on 9 September
Karamtara Engineering, Manipal Payment and Identity Solutions and Rentomojo all open Wednesday and close Friday. The shape of the three offers differs sharply in how much money reaches the companies.
Manipal Payment and Identity Solutions IPO opens 9 September at INR 322 to 339 a share
The card manufacturer, which says it makes over a third of India's credit cards, is raising INR 320 crore in fresh issue alongside an offer for sale by promoter Manipal Technologies.
Rentomojo IPO opens 9 September at INR 384 to 404 a share
The rental platform's offer comprises INR 150 crore of fresh issue and an offer for sale of 27.4 million shares. Proceeds will partly repay borrowings and fund warehouse lease rentals.
Karamtara Engineering IPO opens 9 September at INR 241 to 254 a share
The offer totals up to INR 875 crore, comprising INR 675 crore of fresh issue and INR 200 crore of offer for sale, and closes on 11 September.
Freedom oil maker Gemini Edibles files for IPO
The Hyderabad company reported revenue of INR 12,650 crore in FY2026, but the issue is entirely an offer for sale, so the company raises nothing. Three of four sellers are foreign investors.