The initial public offerings of GB Logistics Commerce, and HM Electro Mech continued to get strong response from investors even on their second day of bidding, i.e. January 27. The former was subscribed 11.33 times and the later 19.68 times.
Both maiden public issues will close for subscription on January 28.
Investors have bought 1.99 crore equity shares during January 24-27, against the offer size of 17.58 lakh shares via 11,859 applications, the subscription data on the BSE showed.
Retail investors were at the forefront to support the public issue, subscribing 16.64 times their allotted quota. Qualified institutional buyers and non-institutional investors picked 7 times and 6.46 times their reserved portions, respectively.
The logistics company intends to mobilise Rs 25.07 crore via initial public offering at the upper price band of Rs 95-102 per share. The IPO consists of entirely fresh issue of 24.57 lakh shares. Of which, Rs 7.14 crore has already been raised via anchor book on January 23.
GB Logistics Commerce will utilise IPO proceeds for repaying debt, working capital requirements, and the purchase of truck chassis and truck bodies.
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The infrastructure company specialising in turnkey projects plans to raise Rs 27.74 crore through its maiden public issue. The price band for the book-built issue is Rs 71-75 per share.
HM Electro has raised Rs 7.9 crore out of total IPO funds via anchor book on January 23. It has allotted 10.52 lakh shares to five institutional investors (including Pine Oak Global Fund, Saint Capital Fund, and Aarth AIF) at a price of Rs 75 per share.
The fresh issue money will be used mainly for working capital requirements, and the remainder for general corporate purposes.
Investors subscribed for 5.20 crore shares in the last two days of bidding, against the offer size of 26.46 lakh shares via 29,047 applications. Retail investors bought 35.96 times their allotted quota, while the portions set aside for non-institutional investors and qualified institutional buyers were subscribed 10.05 times and 0.95 times, respectively.
Apart from the business of infra projects related to water supply scheme, HM Electro Mech also diversified in electrification projects with Indian railways, nationalized banks and municipal corporations, and started EPC (engineering, procurement and construction) field projects.
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