Alerts: IPOs lined up

State-owned RITES plans to raise around ₹470 crore through an initial public offer (IPO). The IPO will open on June 20 and close on June 22. RITES provides transport consultancy and engineering services, and is the only export arm of the Railways. It is looking to offer 2.52 crore equity shares in the price band of ₹180-185 per share. Further, the company is offering ₹6 as discount to retail investors and eligible employees who bid in the IPO. The Centre is looking to sell 12 per cent of its stake in the company through this IPO.

Speciality chemicals maker Fine Organic Industries IPO, too, will open on June 20 and close on June 22. The company is offering 7.6 million equity shares in the price band of ₹780-783 per share. Fine Organics is a producer of speciality additives for food, plastic, rubber, paints, inks, coatings and other speciality applications in various industries. Around 387 products are sold under the brand Fine Organics.

ICICI Prudential has launched an open-ended theme fund — ICICI Prudential Pharma Healthcare and Diagnostics (PHD). The fund is mandated to invest a minimum of 80 per cent of its corpus in pharma, healthcare, hospitals, diagnostics, wellness and allied companies, and the remaining in other equity-related money-market and debt instruments. The new fund offer (NFO) will open on June 25 and close on July 9. The fund is benchmarked to S&P BSE Healthcare index. An exit load of 1 per cent will be charged if units are withdrawn before completing 18 months.

A further fund offer (FFO) of ICICI Prudential-managed Bharat 22 ETF will open on June 19 and close on June 22. The FFO is part of the disinvestment move announced by the Department of Investment and Public Asset Management under the Finance Ministry. Investors across all categories would get 2.5 per cent discount on the reference market price of the underlying constituents on government divested shares. ICICI Pru AMC has proposed to raise ₹6,000 crore in the FFO with an option to retain over-subscription, subject to approval from the government.

Reliance Mutual Fund has launched an open-ended debt scheme, Reliance Nivesh Lakshya Fund. The NFO opened on June 15, and closes on July 2. The asset-management company expects to raise ₹2,500 crore through the NFO.The fund invests in long-term fixed-income securities, predominantly government securities.

Investment in most of the securities will be held till maturity (25-30 years). Being an open-ended debt scheme, investors have the flexibility to withdraw their investments anytime at the prevailing market prices.

The scheme re-opens on July 13 for purchases and sales.

SEBI has cancelled the registration certificate of JP Morgan Mutual Fund following the transfer of its schemes to Edelweiss MF. With immediate effect, JP Morgan MF, JP Morgan Mutual Fund India Pvt Ltd and JP Morgan Asset Management India Pvt Ltd cannot carry out any activity as a mutual fund, trustee company and asset-management company, respectively.

COMMENT NOW