After opening the day in green, share markets in India have continued the momentum and are trading above the dotted line. Except stocks in the consumer durables sector, all sectoral indices are trading in green, with stocks in the realty sector and stocks in the PSU sector leading the gains.

The BSE Sensex is trading up by 150 points (up 0.5%), and the NSE Nifty is trading up by 38 points (up 0.4%). Meanwhile, the BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 0.8% The rupee is trading at 64.13 to the US$.

In news from the IPO space, the Rs 1.5 billion IPO of Apex Frozen Foods got subscribed by 68% so far on on Day 2 of the bidding process. Apex Frozen Foods, a smaller peer to listed Avanti Feeds saw 42,18,160 bids by noon compared with the total issue size of 62,10,000 shares.

The company, which offers variants of processed White shrimp under brands namely Bay fresh, Bay Harvest and Bay Premium, is looking to divest 28% cent of promoter shares.

The company intends to invest IPO proceeds in increasing its processing capabilities. It intends to set up new processing facility to boost its operations and gain from operational efficiencies.

It is also looking to set up a facility for processing value-added products and a frozen shrimp processing facility with an intended fully utilised approximate capacity of 20,000 MTPA. including an intended fully utilised approximate capacity of 5000 MTPA for valued added products.

IPO Market Buzzing

The IPO market has been on a firm uptrend since FY15. In FY17, the amount of money raised through 25 IPOs nearly doubled to Rs 282 billion.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

However, we don’t need thousands of IPOs to get rich. That’s not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.