Cryogenic OGS IPO sees 646.5 times subscription on final day; check listing, allotment dates, GMP

Cryogenic OGS IPO

Gujarat-based Cryogenic OGS' initial share sale witnessed a massive 646.47 times subscription on final day, i.e. July 7. The issue opened on July 3.

The company is raising Rs 17.77 crore via maiden public issue 37.8 lakh shares at the upper price band. The price band for the offer is Rs 44-47 per share.

Investors have applied for 174.93 crore equity shares as compared to the offer size of 27.06 lakh shares via 1.9 lakh applications.

Retail and non-institutional investors seem to be looking significantly bullish on the Cryogenic OGS IPO, bidding 773.8 times and 674.34 times their allotted quotas. Qualified institutional buyers are also aggressive, subscribing 209.59 times their reserved portion.

Cryogenic OGS became the third IPO this year receiving highest subscription numbers after Chamunda Electricals (738 times), and Fabtech Technologies Cleanrooms (740 times).

Click Here To Read All IPO News

The company will finalise IPO share allotment by July 8, and the much-awaited trading in Cryogenic OGS shares will commence on the BSE SME effective July 10.

The Cryogenic OGS IPO shares were available at around 60 percent premium in the grey market, the unofficial market for trading IPO shares till the listing, the market observers said.

Cryogenic OGS manufactures equipment and systems for measurement and filtration for industries including oil, gas, chemicals and allied fluid industries. Chemical dosing skid, additive and blue dye dosing skid, basket strainer, strainer cum air eliminator, vapour eliminator, gas metering skid, pressure reduction skid, filtration skid, liquid metering skid, additive injection panel and batch blending vessel are some of the products that it manufactures.

On July 2, a day before the IPO opening, the company already raised Rs 5.05 crore from four anchor investors - Aarth AIF Growth Fund, NAV Capital Emerging Star Fund, J4S Venture Fund, and SB Opportunities Fund.

The company that seeks valuation of Rs 67 crore intends to spend Rs 11.5 crore out of IPO proceeds for its working capital requirements, and the remainder for general corporate purposes and issue expenses.

Beeline Capital Advisors is acting as the book running lead manager for the Cryogenic OGS IPO.