Strong market debut: Sheel Biotech shares list at 44% premium to IPO price on NSE Emerge

Sheel Biotech share price

The shares of Sheel Biotech made a strong debut on stock markets on October 8, listing at Rs 91 apiece on the NSE Emerge platform. This marks a premium of around 44.44 percent over the IPO price of Rs 63 apiece.

The listing premium has beaten grey market expectations. Ahead of listing, the unlisted shares of the company were trading with more than 25 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.

Sheel Biotech had launched its IPO to raise more than Rs 34 crore entirely through a fresh issue of shares at a price band of Rs 59-63 apiece. Investors could bid for a minimum of 2,000 shares, requiring an investment of Rs 1.26 lakh at the upper price band, and in multiples thereafter.

The initial public offering of the company had seen strong investor interest during its three days of public bidding, being subscribed nearly 15 times between September 30 and October 3. Qualified Institutional Buyers (QIB) showed the most interest in the IPO, booking their reserved portion nearly 20 times. Non Institutional Investors (NII) followed, subscribing the portion kept for them nearly 19.5 times. The portion kept for retail investors was meanwhile booked around 10 times.

Sheel Biotech is associated with the growing, developing, processing, and supplying a wide range of products related to bio-technology, floriculture, green houses, organic adoption and certification and turnkey projects.

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