Denta Water & Infra IPO subscribed 34x on Day 2 so far; retail, NII lead - Check GMP

Denta Water & Infra IPO continues to garner robust subscription

Denta Water IPO continues to garner robust subscription on day 2 of the bidding in the primary market amid huge demand from retail and non institutional investors (NII) segment.

The initial public offer of water and infrastructure solutions company Denta Water and Infra Solutions Ltd received bids for 17.63 crore shares against 52.50 lakh shares on offer, translating into 33.58 times subscription, according to data available with the NSE at 1:15 PM.

The portion for Non-Institutional Investors fetched 75.10 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 32.66 times. The quota for Qualified Institutional Buyers (QIBs) received 4.05 times subscription.

The issue got fully subscribed within minutes of opening for bidding on January 22 and ended the day with 17 times subscription.

According to market observers tracking the grey market activities, the shares of Denta Water & Infra Solutions are commanding a GMP of nearly 50 percent in the unofficial market. Investorgain quoted a GMP of Rs 140 for the shares of the company, indicating a potential listing premium of 47.62 percent.

Earlier, the company raised about Rs 66 crore from the anchor investors. The issue, with a price band of Rs 279-294 per share, will conclude for public subscription on January 24.

The IPO is entirely a fresh issue of 75 lakh equity shares worth Rs 220.5 crore at the upper end of the price band.

Proceeds to the extent of Rs 150 crore will be utilised for meeting working capital requirements and a portion will be used for general corporate purposes.

Denta Water & Infra IPO shares will be listed on the BSE and NSE on 29th January, while the allotment is scheduled to take place on 27th January.