Sheet moulding compound and fibre reinforced polymer products maker Indo SMC's Initial Public Offering (IPO) garnered strong demand from investors, subscribed 102.83 times on January 16, while the public issue of solar energy solutions provider GRE Renew Enertech closed with 15.43 times subscription.
Both companies along with Narmadesh Brass Industries will finalise their IPO share allotment by January 19. Their shares will be available for trading on the BSE SME effective January 21.
Indo SMC topped the subscription numbers amongst these three companies with investors bidding 45.39 crore equity shares against 44.15 lakh shares via 1.24 lakh shares.
Non-institutional investors were the leading supporters to the issue, bidding 122.14 times their allotted quota. The parts set aside for retail investors and qualified institutional buyers were subscribed 96.13 times, and 94.94 times, respectively.
Indo SMC that manufactures enclosure box for energy meters, transformers, low/high tension distribution boxes and panels, fiberglass reinforced plastic (FRP) grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears is raising Rs 91.9 crore via initial share sale of 61.71 lakh shares at Rs 149 per share, the upper end of price band.
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The said IPO proceeds will be utilised mainly for purchase of plant and machinery and working capital requirements, and the remainder for general corporate purposes.
Meanwhile, the public issue of GRE Renew Enertech also closed its public offer with decent subscription numbers, subscribing 15.43 times with investors picking up 4.17 crore equity shares against the offer size of 27.06 lakh shares via 9,312 applications.
The portions reserved for non-institutional investors, qualified institutional buyers and retail investors were subscribed 18.46 times, 14.69 times, and 14.1 times, respectively.
The Ahmedabad-based rooftop and ground mount solar solutions provider approached capital markets to mop up Rs 39.56 crore via IPO of 37.68 lakh shares at the upper end of price band of Rs 100-105 per share.
It will utilise IPO proceeds for setting up of 7.20 MW (AC) / 9.99 MW (DC) ground mounted solar power plant, and the remaining amount for general corporate purposes.
Brass products maker Narmadesh Brass Industries also closed its public issue on Friday. The Rs 45-crore IPO was booked 1.23 times with investors bidding 10.78 lakh shares against the offer size of 8.71 lakh shares via 653 applications.
The Gujarat-based company intends to utilise offer proceeds for repayment of debt, purchase of machinery and equipment, working capital requirements, and general corporate purpose.
Meanwhile, technical textile maker Aritas Vinyl's public issue closed its first day with 44 percent subscription, remaining open till January 20, while Armour Security (India) public issue saw 52 percent subscription on its second day of bidding. The offer of security services provider will close on January 19.
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