NEW DELHI: The spectacular rally in the secondary market in recent times has resulted in a euphoria-like situation in the primary market.Positive investor sentiment continues to swell as three SME IPOs -- Total Transport Systems, Keerti Knowledge and Skills and Shanti Overseas (India) -- were up for grab on NSE’s EMERGE platform on Wednesday. The day also saw Global Space Technologies kicking off its three-day fixed issue.There are two more IPOs that will hit the primary market within a week. Here’s a detailed analysis on them:The Rs 1,468 crore IPO is priced in Rs 424 to Rs 432 range. There will be a discount of Rs 21 per share for retail and firm’s employees. The government will sell 33,984,000 shares worth Rs 489 crore in an offer for sale (OFS). The rest amount will be raised by issuing 22,656,000 fresh shares.Inditrade Capital noted that the issue is offered at 16 times annualised FY2017 diluted earnings , and at 2.5 times H1 FY2017’s book value.“Excluding interest income, the issue is priced at 24 times FY2017 (annualised, diluted) earnings. Cochin Shipyard has Rs 2,119 crore of cash in books. It is raising Rs 967 crore through fresh issue of shares, which will be used for capacity creation. That is a key positive," it said."A drop in interest income and muted fresh order flows may affect near term earnings, but the company could benefit from its pole position amongst PSU shipyards in the long run. Investors can subscribe to the issue,” the brokerage said.Th company has priced its Rs 780 crore IPO in Rs 805-815 range. The initial public offer (IPO) comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of up to 51,20,619 shares by the existing shareholders.The initial share-sale offer will open for public subscription on July 31 and close on August 2, merchant banking sources said.In a note IIFL noted that SIS has made various acquisitions and entered into strategic partnerships to expand and strengthen its offerings.“Recent inorganic moves especially Dusters Total Solutions, has swelled its debt to Rs 760 crore in FY17 from Rs 450 crore in FY16. This increase as resulted in a 57 per cent rise in interest burden in FY17,” the brokerage said.That said it noted that the debt may come down significantly as the company intends to prepay it from the IPO proceeds. “This reduction coupled with Duster’s revenue will help improve profitability,” it said.