Primary markets are abuzz with the initial public offerings (IPO) and the month of March has witnessed numerous companies flocking Dalal Street to raise money.

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Last week four companies - Anupam Rasayan India, Craftsman Automation, Laxmi Organic Industries and Kalyan Jewellers closed their public issues and the shares will now be listed back-to-back this week.

Shares of Anupam Rasayan will be listed on the exchanges on March 24, while that of Craftsman Automation and Laxmi Organic Industries on March 25. Kalyan Jewellers will list its shares on March 26 on the bourses.

"Historically, Indian bull markets have witnessed 80+ public issues while in bear markets the number drops. Hence, the ongoing enthusiasm in primary markets through IPOs, FPOs and OFS is in harmony with the current bull market rally,” said Nirali Shah, Head of Equity Research at Samco Securities.

Retail investors are the most excited lot subscribing to these IPOs for listing gains and nearly 78 percent of total stock listings in FY21 have witnessed first-day gains, the highest in at least three years, Shah added.

The current grey market premium available on IPO Watch showed that Anupam Rasayan and Laxmi Organic Industries could see a strong listing. The strong premium was on the back of a huge subscription received.

The Rs 600-crore IPO of Laxmi Organics was subscribed more than 106 times during March 15-17. This was primarily led by retail investors and QIBs. The issue received bids for 347.51 crore shares against a total offer of 3.25 crore shares.

Laxmi Organics is the largest manufacturer of ethyl acetate in India. It has a diverse product portfolio and a market share of approximately 30 percent of the Indian ethyl acetate market and approximately 55 percent of the diketene derivatives market.

The public issue of specialty chemicals maker Anupam Rasayan witnessed 44 times subscription.

Anupam Rasayan India is a leading company engaged in the custom synthesis and manufacturing of specialty chemicals in India. It has six multi-purpose manufacturing facilities based in Gujarat with a combined aggregate installed capacity of around 23,396 metric tonnes.

However, amid expectations of strong listing, current market volatility may play a spoilsport. Rising US Treasury yields, concerns over the second wave of COVID-19 infections, FII selling, and ascending retail inflation have gradually dented market sentiment and added to the pressure.

The overall set-up of the markets is currently portraying caution. Analysts suggest investors remain invested for the long term with a 5-10 year horizon while medium-term investors can make aggressive entries piecemeal once markets start showing signs of stability.

Meanwhile, Craftsman Automation and Kalyan Jewellers may witness marginal listing gains.

The Rs 823.70 crore IPO of precision engineering solutions company Craftsman Automation saw 3.82 times subscription, while Kalyan Jewellers saw a muted response as it was subscribed 2.61 times.

Another public issue of Barbeque Nation Hospitality will open for subscription from March 24-26. This will be the 17th public offer in 2021 so far.