The public issue of power solutions company Sungarner Energies has garnered an overwhelming response from high networth individuals (HNIs) as well as retail investors. The offer was subscribed 138.20 times on August 23, the final day of bidding, as investors bought 8.84 crore equity shares against an issue size of 6.4 lakh shares.
Retail investors have bid 192.89 times the allotted quota and the portion set aside for HNIs was subscribed 109.51 times, as per the subscription data available on the NSE.
The public issue of 6.4 lakh shares comprises the market maker's portion of 57,600 shares and the remaining 5,82,400 shares were reserved for retail and HNIs in the ratio of 50:50.
The lead acid batteries maker launched the IPO on August 21 with an aim to raise Rs 5.31 crore which comprised only a fresh issue. The issue price was fixed at Rs 83 per share.
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The working capital requirements amounting to Rs 3.5 crore is the main objective of the maiden public issue by Sungarner Energies. The rest of the fresh issue proceeds Rs 1.81 crore will be utilised for general corporate purposes, and issue expenses.
The company in consultation with NSE will finalise the basis of the allotment of IPO shares by August 28 and the shares will debut on the NSE SME on August 31.
Also read: Ratnaveer Precision Engineering IPO opens on September 4
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