Sampat Aluminium shares list flat at IPO price on BSE SME platform

Sampat Aluminium shares list flat at IPO price on BSE SME platform

The shares of Sampat Aluminium made a weak market debut on September 24, listing flat at the IPO price of Rs 120 per share on the BSE SME platform.

The listing missed grey market estimates. Ahead of listing, the unlisted shares of the company were trading with nearly 9 percent grey market premium (GMP) over the IPO price at Rs 130.5 per share, according to data on Investorgain.

The IPO had seen strong investor interest during its three days of public bidding, being subscribed around 154 times between September 17 and September 19. Non-institutional investors (NII) led the subscription race, booking their reserved portion more than 201 times. Retail investors and qualified institutional buyers (QIB) meanwhile subscribed the portions kept for them 162 times and 87 times respectively.

The company had moved to the capital markets to raise Rs 30.53 crore through an entirely fresh issue of shares at a price band of Rs 114-120 per share.

The company is going to utilise Rs 23.3 crore of IPO proceeds for setting up a new manufacturing facility at Mehsana in Gujarat. And the remaining funds will be used for general corporate purposes.

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