Chemkart India, Smarten Power Systems IPOs clock over 5x subscription: Check allotment, listing dates

Chemkart India, Smarten Power Systems IPOs

Chemkart India and Smarten Power Systems' initial public offerings ended with more than five times subscription on July 9, the third and final day of the SME IPOs. Both issues had opened on July 7.

The two companies will now finalise their IPO share allotments by July 10, and shares will be available for trading on the BSE SME and NSE Emerge, respectively, from July 14.

The initial public offering of Chemkart India, the food and health ingredients distributor, was subscribed 5.56 times with investors bidding for 1.28 crore shares compared to the offer size of 23.17 lakh shares via 1,966 applications.

The IPO received the maximum and healthy response from qualified institutional buyers who bid 13.69 times their allotted quota. The portions set aside for non-institutional and retail investors were subscribed 3.86 times and 1.64 times, respectively.

Chemkart India is raising Rs 80.08 crore via maiden public issue of 32.29 lakh shares at Rs 248 per share. The IPO comprised of fresh issue of 26 lakh shares and an offer-for-sale of 6.29 lakh shares by promoters.

The fresh issue proceeds will be utilised for setting up of the manufacturing facility at a cost of Rs 34.68 crore. Further, Rs 20 crore will be used for repayment of debt, and the remainder funds for general corporate purpose, while the offer-for-sale money will go the selling shareholders.

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Inverter maker Smarten Power Systems' initial share sale saw 5.26 times subscription during July 7-9, with investors buying 2.63 crore shares against the offer size of 50 lakh shares via 5,771 applications.

The Rs 50 crore IPO was a fresh issue of 40 lakh shares worth Rs 40 crore, and an offer-for-sale of 10 lakh shares worth Rs 10 crore. This was a fixed price issue having an offer price of Rs 100 per share.

Gurugram-based Smarten Power Systems plans to utilise fresh issue proceeds for purchase of movable assets of the production line of battery manufacturing unit, working capital requirements, repaying debt, and capital expenditure requirements.

Smart Horizon Capital Advisors acted as the merchant banker for the Chemkart India IPO, and Arihant Capital Markets was the book running lead manager for the Smarten Power Systems IPO.