The stock price of Share Samadhan made a muted start on its stock market debut on September 16 after they listed at Rs 73, a 1.28 percent discount to the price of Rs 74 per share on the Bombay Stock Exchange's SME platform.
The listing is largely in line with grey market estimates where shares were trading without a premium. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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The Rs 24-crore public offer is a fresh issue of 35 lakh shares. Over three days, the IPO received muted investor response given the recent massive oversubscription in the SME IPO space. The public offer was subscribed 14.6 times with non-institutional investors buying 22 times the potion reserved for them. Retail investors mopped up 18 times the allotted quota while QIBs or qualified institutional buyers purchased just 2.6 times.
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Share Samadhan provides expert guidance and assistance in securing funds for legal battles, enabling individuals and organizations to pursue justice without financial constraints, and safeguarding their interests and rights.
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The company plans to utilize the funds raised to invest in technology, cover expenses for an unidentified acquisition either in India or abroad, and meet its working capital requirements. Additionally, the funds will be used for general corporate purposes and issue-related expenses.
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