Aritas Vinyl IPO sees over 2 times subscription on final day, Digilogic Systems offer booked 31% on day 1

Aritas Vinyl IPO News

• Aritas Vinyl IPO sees over 2 times subscription on final day
• Digilogic Systems offer booked 31% on day 1
• Digilogic Systems IPO to remain open till January 22

Did our AI summary help?

Technical textile maker Aritas Vinyl's initial public offering closed with 2.15 times subscription on January 20, the final day of bidding, while the public issue of Digilogic Systems, the automated test and measurement solutions provider, was undersubscribed on the first day of bidding.

Aritas Vinyl is raising Rs 37.52 crore via public offer of 79.83 lakh shares at the upper end of price band of Rs 40-47 per share. The IPO is a combination of 69.98 lakh fresh shares, and an offer-for-sale of 9.84 lakh shares via offer-for-sale

Investors have bid 1.71 crore equity shares in the offer via 2,286 applications. Retail investors was the biggest supporter to the issue, subscribing 2.88 times their allotted quota, while the parts set aside for non-institutional investors and qualified institutional buyers were booked 1.21 times and 1 time, respectively.

The company will finalise IPO share allotment by January 21, while its equity shares will be available for trading on the BSE SME effective January 23.

Aritas Vinyl that manufactures artificial leather (also known as PU synthetic leather and PVC-coated leather) will spend Rs 4.25 crore of IPO proceeds for solar power project, Rs 20.45 crore for working capital, and the remainder funds for general corporate purpose.

Click Here To Read All IPO News

Meanwhile, the public issue of Digilogic Systems was subscribed 31 percent with investors bidding 18.44 lakh shares against offer size of 59.79 lakh shares via 351 applications.

Qualified institutional buyers applied for 57 percent shares of their reserved portion, while the portions set aside for retail and non-institutional investors were booked 29 percent and 6 percent, respectively.

Digilogic Systems develops automated test systems, and software platforms that are used to verify the performance and reliability of electronic components and subsystems. And also it provides specialised services that complement its product offerings in test, simulation, and embedded systems.

The company approached capital markets to mop up Rs 81.01 crore via initial share sale of 77.89 lakh shares at the upper end of price band of Rs 98-104 per share. The IPO comprises of fresh issuance of equity shares worth Rs 69.7 crore, and an offer-for-sale of 10.89 lakh shares worth Rs 11.33 crore by promoter Madhusudhan Varma Jetty.

The public issue will remain open till January 22.

Digilogic Systems will utilise Rs 51.7 crore of fresh issue proceeds for setting up of proposed new facility, Rs 8 crore for repaying debt, and the remaining funds for general corporate purpose.