Neetu Yoshi shares listed on the BSE with a healthy premium on Friday. Customised ferrous metallurgical products maker Neetu Yoshi's SME initial public offering (IPO) saw 128.18 times subscription during June 27-July 1 period, with investors bidding 87.62 crore equity shares compared to the offer size of 73.52 lakh shares via 2.12 applications.
Shares of Neetu Yoshi listed at Rs 105 per share on the BSE, a premium of of 40 percent. The total market capitalization of the company stood at Rs 407.53 crore.
The listing of the shares of Neetu Yoshi was better than the expectations in the grey market, which had priced in up to 25 percent listing gains.
Ahead of listing, the shares of the company were commanding a GMP of about 25 percent in the unregulated market. Investorgain quoted a GMP of Rs 18.5 for the shares of the company, indicating a listing gain of 24.67 percent.
Non-institutional investors (NIIs) were at the leading position to boost subscription numbers, bidding 189.73 times their allotted quota. The portions set aside for qualified institutional buyers (QIBs), and retail investors were subscribed 96.36 times, and 91.21 times, respectively.
Uttarakhand-based Neetu Yoshi is raising Rs 77.04 crore via initial share sale of 1.02 crore equity shares at a price of Rs 75 per share.
The company intends to utilise Rs 50.8 crore out of IPO proceeds for setting up of new manufacturing facility, and the remainder funds for general corporate purposes.
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