The small and medium enterprises IPOs continued to attract a lot of interest from the investors' community as the initial public offerings (IPOs) by Fonebox Retail, Docmode Health Technologies, and Delaplex saw a massive triple-digit subscription on January 30, the final day of bidding.
Among others, Megatherm Induction, and Harshdeep Hortico IPOs saw subscriptions in double-digit, while Baweja Studios' public issue is yet to be fully subscribed on the second day of bidding.
The Fonebox Retail IPO has seen the biggest subscription amongst the public issues closing on Tuesday, subscribing 611.32 times on support from across categories of investors who have bought 127.4 crore equity shares of the company against the offer size of 20.84 lakh shares.
Retail and non-institutional investors were at the forefront of supporting the IPO as they picked 885 times and 822 times the portions set aside for them, respectively. Qualified institutional buyers (QIBs) bought 138.7 times of their reserved portion.
The Ahmedabad-based smartphones and accessories retailer launched its Rs 20.37-crore public issue on January 25, with a price band at Rs 66-70 per share. The book-built issue consists of only a fresh issue component and the most of net fresh issue proceeds will be utilised for the working capital requirements.
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Docmode Health Technologies IPO
The maiden public issue of Docmode Health Technologies, which provides integrated learning solutions for healthcare professionals and learners, also attracted strong interest from investors, who picked 17.15 crore equity shares against the offer size of 8.5 lakh shares.
Retail investors bought 230.37 times the reserved portion and non-retail investors (institutional as well as non-institutional) picked 195 times the allotted quota.
The Mumbai-based company intends to mobilise Rs 6.71 crore through its fixed price issue of 8.5 lakh equity shares for Rs 79 per share.
It is an entirely fresh issue by the company. The most of fresh issue proceeds will be used for the purchase of IT infrastructure and operating system, and incremental working capital requirements, besides general corporate purposes and offer expenses.
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The healthy action was also seen in the Delaplex IPO, which was oversubscribed by 165.19 times on Tuesday, the final day of subscription. Investors bought 28.36 crore equity shares against issue size of 17.17 lakh shares.
Non-institutional investors (high networth individuals) bid 336 times the part reserved for them, and retail investors picked 160 times the allotted quota, while qualified institutional buyers bought 90.8 times the reserved portion.
Delaplex, the subsidiary of US-based enterprise Delaplex Inc, opened its public issue for subscription on January 25 with an aim to mobilise Rs 46.08 crore.
The book-built issue of 24 lakh equity shares comprised a fresh issuance of shares worth Rs 34.56 crore by the technology and software development solutions provider and an offer-for-sale of 6 lakh shares worth Rs 11.52 crore by Delaplex Inc.
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The tech solutions company will utilise net fresh issue proceeds for APAC - advertisement, sales and marketing expenses, and working capital requirements. Further, the funds will also be spent for capital expenditure requirements of the company towards the purchase of office laptops, and unidentified inorganic acquisitions.
The initial public offering of Megatherm Induction was subscribed 51.83 times on January 30, the second day of bidding, as investors bought 18.5 crore equity shares against an IPO size of 35.7 lakh equity shares.
Retail investors bid 86.48 times the portion set aside for them, and non-institutional investors 56.32 times the allotted quota, while QIBs bought 1.53 times the reserved portion.
The induction heating and melting products manufacturer will be raising Rs 53.91 crore through its public issue of 49.92 lakh equity shares. The IPO comprises only a fresh issue component.
The price band for the offer, which will close on January 31, has been fixed at Rs 100-108 per share.
The Kolkata-based company will utilise issue proceeds mainly for the construction of a factory shed, and installation of additional plant and machinery, and working capital requirements.
The Baweja Studios IPO remained undersubscribed even on its second day of bidding as investors bought 37.42 lakh equity shares against the issue size of 50.73 lakh shares, resulting in a 74 percent subscription.
Retail investors provided the maximum support to the issue so far, picking 1.37 times the allotted quota, while non-institutional investors bought 37 percent shares and QIB 0.68 percent shares of the portion set aside for them.
The Mumbai-based film production company intends to raise Rs 97.20 crore through its initial public offering of 54 lakh equity shares at the higher end of the price band of Rs 170-180 per share.
The IPO consists of a fresh issue of 40 lakh shares worth Rs 72 crore and an offer-for-sale of 14 lakh shares worth Rs 25.20 crore by promoter Harjaspal Singh Baweja. Most of the fresh issue proceeds will be used for working capital requirements.
The public issue of Harshdeep Hortico, the manufacturer of pots and planters, was subscribed 14.40 times on the second day of bidding (January 30). Investors put in bids for 4.37 crore equity shares against an offer size of 30.36 lakh shares.
Retail investors bought 21.46 times the allotted quota, non-institutional investors 12.82 times and QIBs 3.63 times the portion set aside for them.
Thane-based Harshdeep Hortico is planning to mobilise Rs 19.09 crore through its IPO at the upper end of the price band of Rs 42-45 per share. The 42.42 lakh equity shares offer comprises only a fresh issue by the company.
The company will spend most of the issue proceeds on repaying debts and working capital requirements.
The Mayank Cattle Food IPO has subscribed 2.66 times till the second day of bidding, Tuesday, with investors picking 47.87 lakh equity shares against offer size of 18 lakh shares. It is a fixed-price issue.
Retail investors bid 4.15 times the reserved portion and non-retail investors 1.44 times the allotted quota.
The Gujarat-based animal food and edible oil maker aims to mop up Rs 19.44 crore through the public issue of 18 lakh shares for Rs 108 per share. This fresh issue money will be spent majorly on the purchase of additional plant and machinery, and working capital requirements.
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