Samay Project Services IPO fully booked, Patil Automation offer undersubscribed on day 1

IPO Subscription

EPC services provider Samay Project Services' maiden public issue was fully booked, while the initial public offering (IPO) of Patil Automation, the welding and line automation solutions provider, remained undersubscribed on the first day of bidding, i.e. June 16.

Samay Project Services is raising Rs 14.69 crore via IPO that comprises entirely fresh issue of 43.2 lakh shares. The price band for the offer is Rs 32-34 per share.

Investors have bid for 41.2 lakh shares against the offer size of 31.2 lakh shares via 230 applications.

On June 13, Samay Project Services already raised Rs 2.72 crore via allotment of 8 lakh shares to anchor investors - Craft Emerging Market Fund, Rajasthan Global Securities, and Aarth AIF Growth Fund - at the upper price band.

The company that involved in EPC projects (consisting of piping system, tanks and vessels and fabricated structures; and fire protection and detection systems) intends to utilise IPO proceeds for its working capital requirements, and general corporate purposes.

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Meanwhile, the IPO of Patil Automation was undersubscribed at 66 percent on its day 1, with investors buying 27.37 lakh shares compared to offer size of 41.49 lakh shares through 1,104 applications.

The automation services provider plans to mobilise Rs 66.1 crore via public issue of 55.08 lakh shares at the upper end of price band of Rs 114-120 per share. Of which, Rs 19.81 crore has already been raised through anchor book last week.

The IPO proceeds will be utilised for setting up of new manufacturing facility, repaying debt, and general corporate purposes.

Both public issues will close on June 18. Merchant banker Smart Horizon Capital Advisors is handling the Samay Project Services IPO, and Seren Capital is acting as the book running lead manager for Patil Automation IPO.