SME IPOs: New Swam, Australian Premium subscribed over 48 times, Shree Marutinandan booked 4x

New Swam Multitech and Australian Premium Solar's GMP rose to over 50 percent on Friday

New Swam Multitech and Australian Premium Solar IPOs received a strong response from investors, with issues getting subscribed over 48 times on January 12, the second day of bidding. Meanwhile, Shree Marutinandan Tubes’ public issue was subscribed 4 times on the first day of bidding. Let’s delve into the details of these small and medium enterprise (SME) IPOs.

New Swam Multitech

The issue was subscribed 48 times on the second day of bidding. Retail investors booked 82 times and high-networth individuals (HNI)  picked 34 times the potion set aside for them. The Rs 33.11 crore IPO will close on January 15 and the price band has been fixed at Rs 62-66 per share.

Also Read: $10 billion of equity to be raised from IPO market in next 1-2 years: Kotak Investment Banking

The shares commanded more than 50 percent premium in the grey market, an unofficial ecosystem, where stocks are traded from the IPO allotment and continue until the listing day. Investors track the grey market premium as a way to gauge the estimated listing price.

Australian Premium Solar

The public offer was booked 57 times on the second day of bidding, with the retail portion getting subscribed 99 times and the HNI portion getting booked 46 times. Through the IPO, the company aims to raise Rs 28.08 crore. The price band has been fixed at Rs 51-54 per share and the issue will close on January 15. The stock’s GMP rose to 60 percent on January 12.

Also Read: Medi Assist Healthcare IPO: GMP drops to 15% ahead of issue opening next week

Shree Marutinandan Tubes

The IPO was subscribed 4 times on the first day of bidding. The retail and HNI portions were booked 6 times and 3 times, respectively. The public offer is entirely a fresh issue worth Rs 14.3 crore. The price of the issue, which will close on  January 16, has been fixed at Rs 143 per share. The shares were trading at a 20 percent premium in the grey market.