Blue Water Logistics IPO fully subscribed, Astonea Labs and Nikita Papers see muted demand on day one

Blue Water Logistics IPO

Blue Water Logistics' initial public offering was fully subscribed, but the maiden public issues of Astonea Labs and Nikita Papers received muted response from investors on May 27, the first day of bidding.

The bidding for all three public issues will remain open till May 29.

Blue Water Logistics IPO

The Hyderabad-based logistics and supply chain solutions company's initial public offering attracted good interest from investors on May 27, seeing a subscription of 1.18 times. Investors bid for 25.49 lakh shares compared to the offer size of 21.65 lakh shares via 596 applications.

Blue Water Logistics is looking to raise Rs 40.5 crore via an IPO at a price of Rs 135 per share, the upper end of price band (Rs 132-135 per share). The book-building IPO consists of entirely fresh issue of 30 lakh shares.

The company that seeks valuation of Rs 148.5 crore already raised Rs 11.27 crore via anchor book by allotting 8.35 lakh shares to six institutional investors including India Equity Fund, Grobiz SME Opportunity Fund, and Evergrow Capital Opportunities Fund at a price of Rs 135 per share.

The IPO funds will be utilised for purchase of vehicles and its body building, working capital requirements, and general corporate purposes.

Astonea Labs IPO

The initial public offering of the pharmaceutical and cosmetic products manufacturer was booked 29 percent with investors bidding for 5.88 lakh shares compared to the offer size of 20 lakh shares via 349 applications.

The portion set aside for non-institutional investors was subscribed 48 percent and retail 35 percent respectively, but the qualified institutional buyers have not participated in the offer so far.

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The company intends to raise Rs 37.67 crore via public issue of 27.9 lakh shares at a price band of Rs 128-135 per share for the book-building issue.

Astonea Labs will utilise IPO funds for registration in Bolivia, South America, and purchase and installation of plant and machineries for ointment production. The issue proceeds will also be used for advertising, marketing and brand building; procuring hardware and software, and working capital requirements.

Nikita Papers IPO

The paper and paper products manufacturer aims to raise Rs 67.54 crore via its maiden public issue, which was subscribed 56 percent on the first day of bidding. Investors have bought 31.34 lakh shares compared to the offer size of 56.25 lakh shares via 1,348 applications.

The price band for the book-building issue is Rs 95-104 per share.

Uttar Pradesh-based Nikita Papers intends to use IPO proceed for setting up of power plant, working capital requirement, and general corporate purposes.