AceVector, Runwal, and German Green Steel IPOs See Strong Demand on Day Two

On the second day of bidding, the initial public offerings (IPOs) of AceVector Ltd., Runwal Enterprises, and German Green Steel & Power continued to draw significant attention from investors, reflecting positive sentiment in the market. These three mainboard listings have showcased varied subscription levels and grey market premiums (GMP), suggesting differing investor expectations ahead of their respective listings.

AceVector Ltd. (Snapdeal Parent Company)

AceVector, known as the parent entity of the e-commerce platform Snapdeal, reported a grey market premium of 3.12 percent, translating to roughly a Rs 1 premium above its issue price. The IPO consists of a fresh issue involving 8.97 crore shares valued at Rs 287 crore, alongside an offer for sale (OFS) of 4.16 crore shares amounting to Rs 133 crore.

By midday on Monday, the subscription data from the National Stock Exchange (NSE) indicated that AceVector’s IPO was 37 percent subscribed. Retail investors showed strong enthusiasm, accounting for 97 percent subscription of the portion reserved for them. The non-institutional investor segment had achieved 68 percent subscription, with 1.40 crore shares bid against the 2.05 crore shares allocated. However, qualified institutional buyers (QIBs) had not yet participated significantly.

Runwal Enterprises

Runwal Enterprises’ IPO, valued at Rs 499.83 crore, consists entirely of a fresh issue of 1.64 crore shares without any OFS component. The grey market recorded a premium of approximately 4 percent, signaling moderate optimism among investors ahead of the listing.

Subscription levels for Runwal matched those of AceVector, with a 37 percent overall subscription by 12:20 pm. In this case, QIBs led interest, subscribing to 96 percent of their reserved quota. Retail investors subscribed to 30 percent of their allocation, while non-institutional investors accounted for 35 percent subscription, with bids for 9.06 lakh shares against a reserved quota of 25.68 lakh shares.

German Green Steel & Power

The Rs 303.90 crore IPO of German Green Steel & Power includes a fresh issue of 2.09 crore shares valued at Rs 290 crore and an OFS of 10 lakh shares worth Rs 13.90 crore. This IPO attracted the highest grey market premium among the three, standing at 21 percent, reflecting strong investor expectations.

By the afternoon, German Green Steel’s IPO was oversubscribed 3.14 times. The QIB portion was subscribed 1.33 times with bids for 60.70 lakh shares against 45.78 lakh shares available. Retail investors showed robust demand, subscribing 3.63 times their quota, while non-institutional investors were the most enthusiastic, with a subscription rate of 4.38 times, bidding for 1.50 crore shares versus 34.45 lakh shares allotted.

Upcoming IPOs in September

The primary market in India remains active in the coming week, with 20 IPOs scheduled to open, aiming to raise a total of Rs 1,292 crore. Four mainboard IPOs are expected to lead this wave: SRIT India, Vishal Nirmiti, Nityas Gems & Jewellery, and Shah Investor’s Home. Combined, these companies plan to raise approximately Rs 595 crore. The remaining 16 IPOs belong to the SME segment, targeting around Rs 697 crore.

SRIT India will be the largest mainboard IPO, with a fresh issue aiming to raise Rs 218 crore through 1.68 crore shares. The IPO subscription window is set from September 28 to 30, with a price band of Rs 123-130 per share. Investors can apply for a minimum of 115 shares, making the retail minimum application Rs 14,950 at the upper price band.

Vishal Nirmiti’s Rs 178 crore IPO opens on September 30 and closes on October 5. The issue includes both fresh shares and an OFS component, with Rs 145 crore raised through fresh issuance and Rs 33 crore via OFS.

Nityas Gems & Jewellery will also open its IPO on September 30, closing October 5, aiming to raise Rs 108 crore through a fresh issue. The price band is Rs 70-75 per share with a lot size of 200 shares, placing the minimum retail application at Rs 15,000 at the upper price limit.

Shah Investor’s Home plans a Rs 90.17 crore IPO, entirely a fresh issue of 53.99 lakh shares, with subscription open from September 28 to 30. The price band is Rs 159-167 per share, and the minimum retail application requires bidding for at least 85 shares, equating to Rs 14,195 at the upper price.

Overall, this period reflects heightened activity in India’s equity primary market, fueled by investor appetite for new listings across sectors ranging from technology and real estate to green energy and consumer goods. Market participants will closely watch these IPOs for indications of investor confidence and broader economic trends.

Disclaimer: This article was authored by Veer Sharma, who is not registered with SEBI as a Research Analyst or Investment Adviser. Neither Veer Sharma nor his relatives hold financial interests in the companies discussed as of the publication date. The views presented are those of the respective SEBI-registered analysts or brokerage firms cited and should not be taken as endorsements by The Economic Times Digital or the author. Readers should refer to original research reports and conduct their own assessments before making investment decisions.