MUMBAI: The Greek overhang over the stock market notwithstanding, at least three more high-profile companies have lined up public flotation of their shares in the coming weeks, offering further confirmation that India’s primary markets may be finally stirring to life after years of hibernation. In what will provide some cause for cheer to policymakers and investors, three companies — InterGlobe Enterprises, staffing firm TeamLease and Internet retailer Infibeam — filed draft papers with the Securities & Exchange Board of India (Sebi) on Monday to raise more than Rs 2,000 crore through initial public offerings (IPOs) of their shares. Monday was the last date to file offer documents for companies with financials up to December 2014. InterGlobe Enterprises, which runs the country’s biggest airline IndiGo, is planning to raise about Rs 1,250 crore while TeamLease and Infibeam are looking to raise Rs 450-500 crore each, according to investment bankers familiar with their plans. They are not the only ones. In the past 10 days, a clutch of companies, notably Cafe Coffee Day, Matrix Cellular and RBL Bank have all filed their offer documents with the market regulator. Bengaluru-headquartered Cafe Coffee Day plans to raise Rs 1,150 crore while RBL Bank is eyeing about Rs 1,100 crore. Matrix Cellular and Sadbhav Infrastructure Projects may raise Rs 500 crore and Rs 650 crore, respectively. “After many years, we are going to see Rs 1,000 crore-plus IPOs in the next few weeks. If secondary market stabilises, we will find enough number of investors for these IPOs,” said Ravi Sardana, EVP-investment banking, ICICI Securities. Inox Wind, which raised around Rs 1,020 crore from the primary market earlier this year, was the only Rs 1,000 crore-plus IPO in the past two-and-a-half years. Some of the IPOs that hit the market in March-April this year include VRL Logistics, Inox Wind and also the offers for sale of staterun firms REC and Coal India that received overwhelming response from investors. The strong demand for new paper has emboldened more than 300 companies to consider tapping the IPO market in the coming months though the market sentiment is still jittery. The firms eyeing flotations include Catholic Syrian Bank, Nuziveedu Seeds, AGS Transact Technologies and Narayana Health. PRICING TO BE KEY But experts said proper pricing, more than anything else, will determine the fate of the forthcoming issues. “There was never a shortage of appetite for IPOs. But pricing was the big issue,” said Prithvi Haldea, managing director of Prime Database. “Domestic institutions and retail investors are sitting on huge cash piles and waiting for good IPOs.” VRL Logistics’ IPO was subscribed more than 74 times in April this year and attracted bids worth around Rs 25,000 crore on the back of strong demand from retail, institutional and high net worth investors (HNIs). Similarly, the Rs 1,038-crore IPO of Inox Wind was subscribed almost 14 times. The offers for sale of shares of Coal India and REC received bids worth more than Rs 2,000 crore and Rs 1,200 crore, respectively, mostly from small investors. According to Prime Database, 17 IPOs amounting to Rs 7,225 crore have obtained Sebi approval. Eight more companies, with plans for IPOs amounting to Rs 4,700 crore, have filed their offer documents with Sebi and are awaiting approvals. Among firms that have already received approval include Rashtriya Ispat Nigam, which is eyeing a Rs 1,500-crore issue, AGS Transit Technologies with a Rs 1,350-crore IPO, Lavasa Corp and Dilip Buildcon — which plan to raise Rs 750 crore each — and Navkar Corp with an issue size of Rs 600 crore. PRIMARY MARKET TEPID IN 2014 So far in 2015, eight companies have raised about Rs 3,900 crore via IPOs. In 2014, India’s primary market remained tepid despite a stable government coming to power and the resultant buoyancy in the secondary market. Only five companies raised funds from primary market last year, amounting to Rs 1,200 crore. In 2013, that number stood at Rs 1,284 crore — raised by three companies. Market participants are keenly awaiting the likely rush of IPOs after some of them made tidy profits in the past few flotations of firms such as Sharda Cropchem, Snowman Logistics, VRL Logistics and Inox Wind. All these issues were listed at a huge premium to their offer price. The grey market was inactive for the past two years because of the IPO drought. A major reason for the heavy demand for recent IPOs, according to market players, is that domestic brokerages provided loans at interest rates of 7 per cent compared with 12-14 per cent two years ago. Rates have been coming down since 2011 when Sebi introduced a facility called Asba (Applications Supported by Blocked Amount).