IPO Market (Part 2)

Khuhhawnna

Zirlai hnuhnungah khan sumdawnna bul tan tir tê, business idea mai a la nih atanga IPO file tura thuthlûkna a siam thlenga a than chhoh dan kan thlir ho tawh a. Hun kal zela sumdawnna puitling a lo nih tâk dante pawh thawnthu hmangin entirna kan han pe a ni a. Kan thupui laimu ber phawk chhuak tur leh hriatthiam awlsam zawk nan tiin a phêna thil thleng thenkhat han hmaih luih te pawh kan nei a. Kan tum ber chu sumdawnna thang mekin rahbi thar a kâi dante leh a dinhmun mil zela sum hnâr (funding options) hrang hrang an neih theih dante hriatthiam a nih avangin kan thupuiin a tum ber erawh min hruai thleng turah ngai ila.

IPO market, Primary market an tih bawk hian stock market-a bul tan tîr, investor la naupang tak takte a hîp ve fo avangin company-in IPO a file hmaa a zinkawng hriatthiam hmasak hi a pawimawh em em a. Chumi chhunzawmna zelah chuan company-in IPO a kalpui dan leh a ze hrang hrangte kan thlir ho leh dawn a ni.

Eng vangin nge company chu vântlângah an inpho chhuah thin?

Zawhna thenkhat chhân leh turin zir lai hmasa kha kan tlip ta a ni a, chûngho zinga pakhat — Eng vangin nge company chuan IPO dilna a theh luh thin? Engatinge mipui lei theih tura share an zawrh chhuah tâk? tih zawhna hi chhân han tum dawn ila.

Company-in IPO kalpui tura thuthlûkna a siam chhan lian tak pakhat chu a sumdawnna tihhmasawnna tura CAPEX a mamawh zat a hmuh theihna turin a ni. Hemi bakah hian a chhan dang tam tak a awm thei ang; company-in bank hnena a leiba a rulh nan IPO hmangin sum a siam thin a, company din tirha sum thawhtute (early stage investors) tana chhuahna hun remchang (exit) siamsak nan IPO a chhuah thin bawk. Tûn hnaia IPO tichhuak company han ngaihtuah la, IPO an tihchhuah nachhan kha han google teh, chu company-in share a zawrh chhuah chhan chu i hrethiam mai ang.

Company-in vantlang mipui hmaa a inpho chhuah hian promoter tan hlawkna pathum a awm a –

1. CAPEX mamawh zat phuhruk nan sum a hûi khâwm thei.

2. Leiba neihna tur a pumpelhtir. Bank atanga pawisa pûk chuan finance charge a ken tel thin avangin company-a hlawkna lo lut thenkhat bank-in a ei ral tur chu a pumpelhtir a, a hlâwk zawk bawk.

3. Promoter chuan investor tam tak zingah risk (hlohna thleng thei) chu a sem zâi thei tawh ang. Mi tlemte awm khawm tana risk sang tak, chân dûaina ni thei kha mi sâng tam tak awm khawmah chuan a sawhkhâwk a nep sawt dawn. Chutiang bawkin, private equity investor lian tak pakhat chauh neih aiin, investor mimal sâng tam tak neih chu a tha zawk a ni.

IPO kalpui hian hlawkna dang a la nei cheu bawk –

1. Investor hmasate tân chhuahna (exit) a siamsak – Vantlang hmaa company a inpho chhuah rual chuan a share-te chu mipui lei theihin a lo awm ta a. Company-a chanvo lo nei tawh shareholder zawng zawng – promoter, angel investor, venture capitalist leh PE fund-te chuan he hun remchang hi hmangin open market-ah an share chu an hralh thei tawh ang. An share an hralh hian company-a pawisa an lo thawh tawh kha a hlawknate nen an chhuahpui tihna a ni. Investor hmasate tan hian hun tiam chin bituk hmaa an share-te an chhuahpui mai theih loh hun chhûng "lock-in period' an tih chu a awm ve bawk.

2. Hnathawkte lawmman pek – Company chuan a hnuaia thawkte tihphûr nan an pualin an chanvo/share a dah hrang thin a. Hetianga company leh a hnuaia thawkte inkara inremsiamna hi "Employee Stock Option" emaw, ESOPS tiin an sawi thin. Share chu man tlawm zawkin thawktute hnenah pek chhuah thin a ni a. Vantlang hmaa company a inpho chhuah rualin hnathawktu chuan a share hlutna lo pung chu a hmu thei ang. An hnuaia thawktuten ESOP atanga hlawkna an têl vêna company thenkhatte chu Google, Infosys, Twitter, Facebook, Amazon, adt.

3. Mipui zinga inthehlârna – Mipui tana share lei leh hralh theiha siam chuan company chu mi nâwlpuiin an lo hmelhriat phah a, hriat chian châkin an ngaihven zual a, chu chuan company-ah hmasawnna a thlen thin.

Merchant Banker

Vantlang hmaa inpho chhuak tura thuthlûkna a siam hnu chuan, IPO (Initial Public Offering) a hlawhtlin theih nan company chuan tih ngei ngei tur thil thenkhat a nei a. Chung zinga a hmasa ber leh pawimawh ber chu merchant banker ruat a ni. Merchant banker-te chu Book Running Lead Manager (BRLM)/Lead Manager (LM) tiin an sawi thin. Company-in IPO a kalpuinaah merchant banker chuan a hnuaia kan târ lan ang hian kawng hrang hrangin a lo pui thin:

• IPO file-tu company chu uluk takin a zir chiang ang a, dân ang thlapin sumdawnna an kalpui em tih a finfiah hnuah chauh hriatpuina lehkha a pe chhuak ang.

• Company nen thawk dûnin market-a in list-na tura lehkha pawimawhte bakah Draft Red Herring Prospectus (DRHP) a siampui ang. Hemi chungchang bik hi chiang deuh zawkin kan sawi belh leh ang.

• Share lei tura intiamkamna (Underwriting shares) – Merchant banker-te chuan IPO-a mipuiin share an lei bâng zawng (unsubscribed portion) chu leisak turin an intiam thin a. IPO hun chhunga company-in share thar a chhawp chhuahte atangin he intiamkamna hi neih a ni thin. IPO hun chhung hian share hralh ngei ngei tur zât bituk a awm a; chu an bituk zât chu an khûma, share hralh bâng a la awm si chuan, a bâng zawng chu merchant banker-in a lei ang. Share hralh chhuah tura an bituk zât an hralh phâk lo a nih erawh chuan IPO chu a hlawhchham anga ngaih a ni a, IPO hun chhunga share lei tawhte chu an pawisa kîr let leh vek an ni ang. March 2020 khan Anthony Waste Limited chuan share hralh tur zât bituk hi phâk lovin IPO an lo hlawhchham tawh a ni.

• Company chu IPO an neih huna an share price band tur a ruatpui ang. Price band chu company-in a share chhângtute hnena a hralh phalna man hniam ber leh sang ber a bituk a ni. Entir nan, tûn hnâi maia IPO kalpui Dhoot Transmission Limited price band chu ₹829 - ₹871 a ni.

• Company-in roadshow a neihnaah a tanpui ang. Roadshow chu company-in IPO a kalpui hmaa mipui hmaa a inthehlârna (promotional/marketing activity) a ni.

• Company-in a thawhpui tur - registrar te, banker te, advertising agencies leh adt. a ruatpui ang. Lead manager chuan share tlangzarh tur tihlâr nan hmalakna hrang hrang (marketing strategies) a kalpui bawk ang.

Company-in a thawhpui tur merchant banker a thlan fel hnu chuan vantlanga inpho chhuak turin hma an la tawh ang.

IPO kalpui dan

IPO kalpuina chu SEBI inkaihhruaina hnuaiah neih tur a ni a. A tlangpuiin a hnuaia kan tarlan dan indawt ang hian IPO kalpui thin a ni.

1. Merchant banker ruat – Share tlangzarh tur chu a tam viau chuan company-in merchant banker pakhat aia tam a ruat thei ang.

2. SEBI hnena registration statement thehluh – Registration statement-ah chuan company hnathawh te, mipui hnena share an zawrh chhan te leh company sum leh pai dinhmun te chipchiar taka ziah lan a ni.

3. SEBI atanga phalna hmuh – SEBI-in registration statement a dawn hnuah IPO chu kalpui chhunzawm a remtih leh remtih loh thuah thuthlûkna a siam ang.

4. DRHP – Company-in SEBI atanga phalna a hmuh chuan DRHP a buatsaih ang. DRHP chu mipui chhiar tura lehkha pawimawh an thehdarh thin a ni. Hriat tur pawimawh hrang hrang bakah DRHP chuan heng a hnuaia mite hi a tarlang tel tur a ni:

   • IPO hlutna zât chhût lâwkna
   • Mipui hnena share tlangzarh tur zât chhût lâwkna
   • Company-in mipui hnena share hralh a duh chhan leh a sum hâi luhte hman a tum dan bakah a hman hun tur chhung a ruahman dan
   • Company hnathawh hrang hrang bakah a sum lâk luhna leh hman ralnate telin chipchiar taka inziahna
   • Company sum leh pai dinhmun kimchang takin
   • Company inrêlbâwl dan thlirna leh zir chianna – hma lam huna sumdawnna kalpui a tum dan inhrilhhriatna
   • Sumdawnnain a ken tel risk hrang hrangte
   • Hruaitute chanchin kimchang

5. IPO tihlâr – TV leh chanchinbuah advertisement chhuahin company leh an IPO tlangzarh tur chungchang chu mipui zingah thehdarh tur a ni. Hetianga hmalâkna hi IPO roadshow an ti thin bawk.

6. Price band bituk – Vantlanga share an zawrh chhuah hmain an hralh phalna man hniam ber leh sang ber an siam tur a ni. Price band chu mipuiin share man tura an lo rin lâwk/beisei lâwkna nen a inthlau lutuk tur a ni lo; mipuiin an lo beisei ang aia share man a sân lutuk chuan IPO chu an chhân loh phah ve thei a ni.

7. Book Building – Roadshow an neih zawha, price band an siam fel tawh bawk chuan, company-in share chhân hun a hawng ta a; hemi hun chhung hian mipuiin share an lei thei ang. Entir nan, company-in an IPO chu price band ₹100 leh ₹120 inkarah lo tlangzarh ta se, chumi inkara mipuiin a man âwm tâwk nia an hriat zâtin share chu an chhâng ang. Hetianga mipuiin share an chhânna man leh an lei duh zât lakkhawm hna hi Book Building an ti a, share man tur chhûtna tha taka ngaih a ni.

8. Closure – Book building hun an khar hnu chuan (a tlangpuiin ni reilotê a awh thin), stock exchange a luh huna share man tûrah thuthlukna siam a ni a. A tlangpui thuin price band chhûnga chhângtu nei tam ber chu share man atan an titlu thin. Issue price emaw, Cut-off price an ti bawk.

9. Listing Day – Stock exchange-a company inziah luh ni a ni a, a share chu mipui tana lei leh hralh theihin a awm tawh ang. Listing price chu chumi nia share chhângtu tlem leh tam dan azirin siamrem a ni a, cut-off price aia to deuh emaw, tlawm deuh emaw, a bâwr velah emaw a in-list thin a ni.

IPO hnuah eng nge thleng?

IPO kalpui a nih lai hian investor-te chuan price band chhunga an ngamna zâtin share chu an chhâng thei a. Hetianga share tlangzarhte mipuiin an lo chhânna hmun hi Primary Market tih a ni a. Stock exchange-a stock a in-list (inziah luh) a, a rawn inpho chhuah chiah khan mipui tan lei leh hralh theih a rawn ni ta a. Hemi hmun hi Secondary Market tiin an sawi ve thung.

Stock chu primary market aṭanga secondary market a luh chiah hian stock exchange-ah nitin lei leh hralh theih a lo ni ta a. Mipuite chuan heng stock in-list tawhte hi an leiin an hralh reng thei a ni.

Eng vangin nge mipuite chuan stock chu an leia an hralh leh thin? Eng vanga stock man chu danglam reng nge a nih? Heng zawhna bakah hian zawhna awm thei dangte pawh kan la zir leh zel turah chhân kan tum dawn a ni.

IPO tawngkam thenkhat te

Kan thupui kan tihtâwp hmain IPO-a tawngkam pawimawh thenkhatte i lo thlir ang u.

• Under subscription – Company chuan share 100,000 lo tlangzarh ta se, book-building kalpui chhungin share chhânna 90,000 chauh a luh si chuan IPO chu under-subscribed tiin sawi a ni. Mipuiin company an hmuh dan a tha lo lam a ni tih a entir a, dinhmun duhawm tak a ni lêm lo.

• Over subscription – Share 100,000 tlangzarhah chhângtu 200,000 zet a luh chuan, IPO chu a lêt hnih laiin a over-subscribed a ni.

• Green Shoe Option – Lehkha pawimawh an tlangzarh zinga mi a ni a. Chu lehkha chuan oversubscription a thlenin mipuia zawrh tur share siam belh a nih theih nan a tlangzarhtu chu thuneihna a pe thin. Hei hi overallotment option an ti bawk.

• Fixed Price IPO – Company chuan price band siam lovin share man tur a bituk châng a awm thin a, chutianga IPO a tlangzarh chuan fixed price IPO tiin an sawi thin.

• Price Band leh Cut-off Price – Price band chu primary market-a stock man tur company-in a bituk a ni. Entir nan, price band chu ₹100 leh ₹130 inkarah a awm chuan, stock chu hemi price band huam chhungah vêk hian an list thin a ni. Stock chu ₹125-ah lo in-list ta se, a cut-off price chu ₹125 chu a ni ang.  

Tunhnaia India rama IPO kalpuite

Heng a hnuaia kan tarlante hi tunhnaia IPO kalpuitu thenkhat an ni a. Kan sawi tawhte atang khan he table hi kan hrethiam mai awm e.

Sl. No.	Name of Issue	IPO Size (INR in Crs.)	BRLM	Listing date	Price Band (INR)
01	Dhoot Transmission Limited	3067	Axis Capital, Jefferies India, Kotak Mahindra Capital, Nomura, SBICAPS, 360 ONE WAM	17 August, 2026	829 - 871
02	Advit Jewels Limited	165	Holani Consultants	1 July, 2026	130 - 138
03	CMR Green Technologies Limited	631	Equirus Capital, ICICI Securities, Motilal Oswal	10 June, 2026	182 - 192
04	Powerica Limited	5200	ICICI Securities, IIFL Capital, Nuvama Wealth Management	2 April, 2026	375 - 395
05	Shadowfax Technologies Limited	1907	ICICI Securities, Morgan Stanley India, JM Financial	28 January, 2026	118 - 124

IPO Market Part I leh II atang hian company-in IPO a kalpui chhan leh a kalpui dan kimchangte chu kan hrethiam tlâng tawhin a rinawm a. Article chhuak leh turah hian secondary market leh a behbâwm kan thlir ho leh dawn nia.

He thuziak atanga kan zir chhuah tlangpui te:

1. Company-te chuan sum siam nan te, investor hmasate tana exit siamsak nan te, an hnuaia hnathawkte lawmman atan te leh zau zawka mipuiin an hriat nan IPO hi an kalpui thin.

2. Merchant banker chu IPO kalpui a nih chhungin company tan a thian tha ber leh a thawhpui pawimawh ber a ni.

3. SEBI chuan IPO market hi a thunun tlat a. Company-in IPO a kalpui theih leh theih loh chungchangah thutâwp siamtu a ni.

4. IPO-ah investor i nih chuan company chanchin kimchang i hriat theih nan an DRHP chhiar thin ang che.

5. India rama IPO tam tak hian book-building kalpui dan hi an zâwm vek a ni.