Sheet moulding compounds and fiberglass reinforced plastic maker Indo SMC's initial share sale was subscribed 1.98 times, while the maiden public issue of solar energy solutions provider GRE Renew Enertech saw 2.55 times subscription on January 14, the second day of bidding.
Both companies will close their Initial Public Offerings (IPO) on January 16, having a price band of Rs 141-149 per share, and Rs 100-105 per share, respectively.
The Indo SMC has received bids for 87.22 lakh shares in the last two days against its offer size of 44.15 lakh shares via 3,570 applications with the portion set aside for retail investors subscribing 3.13 times, and non-institutional investors 1.92 times. However, qualified institutional buyers have not provided bids for the offer yet.
The Ahmedabad-based company that manufactures enclosure box for energy meters, transformer, distribution boxes and panels, fiberglass reinforced plastic grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears is raising Rs 91.94 crore via maiden public issue of 61.71 lakh shares at the upper price band. Of which, Rs 26.16 crore has already been raised through anchor book.
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The net IPO proceeds will be utilised for purchasing plant and machinery, working capital requirements, and general corporate purposes.
Meanwhile, rooftop and ground mount solar solutions provider GRE Renew Enertech's IPO continued to see healthy demand from investors on Wednesday, subscribing 2.55 times with participants bidding 69.09 lakh shares against the offer size of 27.06 lakh shares via 521 applications.
The parts set aside for qualified institutional buyers was subscribed 7.01 times, non-institutional investors 1.17 times, and that of retail 81 percent.
The Gujarat-based company that offers green energy solutions by installing on-site solar projects tapped capital markets to mop up Rs 39.56 crore via IPO of 37.68 lakh shares at the upper price band. Of which, it already raised Rs 11.15 crore via anchor book.
GRE Renew Enertech intends to utilise public issue proceeds for setting up of 7.20 MW (AC) / 9.99 MW (DC) ground mounted solar power plant, and general corporate purposes.
Brass manufacturing company Narmadesh Brass Industries' initial share sale was subscribed 1.12 times on Wednesday, the third day of bidding. The fixed price offer was launched on January 12 and will remain open till January 16.
Investors have subscribed for 9.81 lakh shares against the offer size of 8.71 lakh shares via 458 applications.
Narmadesh Brass Industries aims to raise Rs 44.86 crore via IPO at a price of Rs 515 per share.
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