The initial public offering of Shreenath Paper Products remained undersubscribed even on the second day of bidding, i.e. February 27. The IPO may be getting impacted by the sharp correction in the broader space. The Nifty Smallcap 100 index plunged 24 percent since mid-December 2024.
Investors picked 34.53 lakh shares of the company, which were 65 percent of the offer size of 53.1 lakh shares, via 1,011 applications, the subscription data available on the BSE showed.
On the first day of bidding, February 25, the issue was subscribed 14 percent.
The Parekh family-owned paper products supplier targets to mobilise Rs 23.36 crore via maiden public issue at a price of Rs 44 per share. The fixed price issue comprises of entirely fresh issue will close on February 28.
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Shreenath Paper Products intends to utilise issue proceeds for its incremental working capital requirements, and the remainder for general corporate purposes.
Investors can start trading in Shreenath Paper shares on the BSE SME effective March 5. Galactico Corporate Services is acting as the merchant banker for the issue.
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