Shreeji Shipping, Patel Retail to float IPOs on Aug 19

Shreeji Shipping Global Ltd and Patel Retail Ltd are gearing up to make their public debut with initial public offerings (IPOs) on August 19. According to their Red Herring Prospectus (RHP), the IPOs will close on August 21, with anchor investor bidding scheduled for August 18. The companies will reveal the price band for their offerings on Monday, adding to the excitement surrounding their market entries.

Details of the IPOs

Shreeji Shipping Global’s IPO comprises a fresh issue of 1.63 crore equity shares, with no offer for sale (OFS) component. The company plans to raise approximately Rs 251.2 crore from the IPO proceeds, which will primarily be allocated for acquiring dry bulk carriers in the supramax category on the secondary market. An additional Rs 23 crore will be directed towards debt repayment. Shreeji Shipping, part of the Jamnagar-based Shreeji Group, specializes in operations at non-major ports and jetties, particularly along India’s west coast.

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On the other hand, Patel Retail’s IPO will feature a combination of a fresh issue of 85.18 lakh shares and an OFS of 10.02 lakh shares from promoters. The expected size of Patel Retail’s IPO ranges between Rs 250 crore and Rs 300 crore. The proceeds from the fresh issuance will be utilized for various purposes, including Rs 59 crore for debt repayment, Rs 115 crore for working capital requirements, and a portion for general corporate purposes.

Founded in 2008 with its first store in Ambernath, Maharashtra, Patel Retail has expanded its footprint across suburban regions of Thane and Raigad. The company offers a wide array of products, including food, non-food items, general merchandise, and apparel, catering to families in tier-III cities and nearby suburban areas under the brand ‘Patel’s R Mart.’

Market Anticipation

The upcoming IPOs come at a time when 44 mainboard companies have already launched their IPOs this year. Notably, BlueStone Jewellery and Lifestyle are set to open their IPOs on August 11, followed by agro-based firm Regaal Resources on August 12. Shares of Shreeji Shipping and Patel Retail are anticipated to begin trading on the stock exchanges from August 26, marking a significant milestone for both companies as they enter the public market.