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New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul class="summary-list"><li>Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire.</li><li>The company went public on Monday, becoming the largest Malaysian IPO in seven years.</li></ul>Lee Thiam Wah started selling snacks at a roadside stall. Now, he's Asia's latest entrepreneur to reach billionaire status.He founded the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-convenience-store-market-in-malaysia-2019-2022-the-industry-is-witnessing-fast-developments-and-presents-huge-potential-for-convenience-store-players-1029242346">convenience store</a> chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.The $531 million initial public offering on Monday shattered a seven-year record in the country for the largest IPO, at 1.65 Malaysian ringgit, or $0.38, per share. This brings Lee's net worth to $3.3 billion, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-08/malaysia-s-biggest-ipo-in-7-years-to-turn-99-speed-mart-founder-into-billionaire?srnd=homepage-asia">Bloomberg's</a> Billionaires Index.Born in 1964 in the Malaysian city of Klang, Lee grew up in a family with 11 children. His parents, a construction worker and a hawker, struggled to make ends meet, per Bloomberg. Lee contracted polio as a child and lost the use of his legs, making it difficult to find work. He turned to entrepreneurship, selling snacks from a stall to support himself."I have to help myself. Nobody would hire me due to my physical limitation," Lee told <a target="_blank" href="https://www.forbes.com/global/2010/0315/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html">Forbes</a> in 2010.He opened his first grocery store in 1987 at the age of 23. Over the next decade, his business grew into a chain of eight stores under the name Pasar Mini 99.Lee's wife, Ng Lee Tieng, joined the company in 1997 as a purchasing executive. Together, they built what would become the largest mini-mart chain in Malaysia, with 2,651 stores nationwide, according to the company's IPO <a target="_blank" href="https://anns.sgp1.cdn.digitaloceanspaces.com/3473571.pdf">prospectus</a>.Until this week's IPO, the couple fully owned the business. Lee will remain its majority shareholder, controlling up to a combined 79.7% stake. He will continue as the company's CEO. Ng will hold a 3.2% stake in the company.The company has a 40% share of the mini-mart market in Malaysia and controls nearly 12% of the overall grocery sector, according to the prospectus.The IPO attracted 14 major investors, including firms like abrdn Asia and UOB Asset Management, Bloomberg reported. The company plans to use over half of its IPO proceeds to add another 250 stores a year until it reaches about 3,000 outlets in three years, set up new distribution centers, and purchase new delivery trucks.The company saw a second-quarter profit of 125.5 ringgit — a 66.3% year-over-year increase, <a target="_blank" href="https://www.reuters.com/business/retail-consumer/99-speed-mart-opens-121-higher-debut-malaysias-biggest-ipo-7-years-2024-09-09/#:~:text=99%20Speed%20Mart%2C%20founded%20by,%2C%202023%2C%20its%20prospectus%20showed.">Reuters</a> reported on Monday. 99 Speed Mart also posted a revenue of over 9,000 million ringgit in 2023, over four times that of its main competitor, 7-Eleven Malaysia, per its IPO prospectus.99 Speed Mart didn't immediately respond to a request for comment from Business Insider.

Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

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