Apex Ecotech SME IPO closes with 421x subscription, Abha Power and Steel SME issue booked 17x

IPO News

The initial public offering of Apex Ecotech saw robust demand from investors, subscribing 420.73 times on the final day of bidding, November 29, while Abha Power and Steel's public issue closed with 16.66 times subscription.

Apex Ecotech targets to raise Rs 25.54 crore through its initial share sale comprising entirely fresh issue of 34.99 lakh equity shares. The price band for the issue was Rs 71-73 per share.

Non-institutional investors provided strong support to the issue, buying 1,182.7 times the allotted quota, followed by retail investors who picked 329.8 times the reserved portion, while the part set aside for qualified institutional buyers was subscribed 136.4 times.

The water and wastewater treatment solutions provider will spend IPO funds for its working capital requirements, general corporate purposes, and public issue expenses.

Click Here To Read All IPO News

Abha Power and Steel also closed its Rs 38.5-crore IPO on Friday. Investors have applied for 8.56 crore equity shares, higher by 16.66 times over the offer size of 51.39 lakh shares, the NSE subscription data showed.

The IPO, which was opened during November 27-29, comprised of fresh issue of 41.39 lakh shares worth Rs 31.04 crore and an offer-for-sale of 10 lakh shares worth Rs 7.5 crore at a price of Rs 75 per share.

The Chhattisgarh-based iron and steel products manufacturer will utilise fresh issue funds for modernisation and upgradation of the manufacturing facilities in Bilaspur to expand its product portfolio, working capital requirements, and general corporate purposes.

Investors can start trading in Apex Ecotech, and Abha Power shares on the NSE Emerge, effective December 4.

Meanwhile, Ganesh Infraworld's Rs 98.6-crore IPO was fully subscribed at 1.26 times on Friday, the first day of bidding. Investors subscribed for 1.09 crore shares of the construction company against the offer size of 86.73 lakh shares. The issue will remain open for subscription till December 3, with a price band at Rs 78-83 per share.

The public issue of Agarwal Toughened Glass India could not get fully subscribed even on the second day of bidding, recording 98 percent subscription with investors buying 40.84 lakh shares against the IPO size of 41.49 lakh shares. The Jaipur-based tempered glasses maker will close its Rs 62.6-crore IPO on December 2. The price band for the offer is Rs 105-108 per share.