Neelam Linens And Garments IPO Allotment Today — GMP Details And Steps To Check Status Online

The initial public offering from Neelam Linens and Garments Ltd. witnessed strong demand from investors during the three-day bidding period, driven by a particularly robust response from non-institutional investors.

Neelam Linens and Garments IPO was subscribed 92 times on the last day of bidding, data from the NSE showed. Investors applied for 33,19,08,000 shares as compared to 36,06,000 shares on offer.

Non-institutional investors applied for 21,19,38,000 shares against the 7,74,000 shares set aside for them, subscribing to their quota by 273.82 times.

Retail investors applied for 10,40,76,000 shares as compared to 18,00,000, subscribing to their quota by 57.82 times.

Qualified institutional buyers booked 15.4 times their quota, applying for 1,58,94,000 shares against the 10,32,000 shares on offer.

The price band of Neelam Linens and Garments IPO was in the Rs 20–24 range per share. Retail investors could bid for a minimum lot of 6,000 shares, taking the investment amount to Rs 1,44,000.

The IPO is an entirely a fresh issue of 54.18 lakh shares aggregating to Rs 13 crore.

The allotment of Neelam Linens and Garments shares is expected to be finalised on Nov. 13.

Purva Sharegistry India Pvt. is the registrar for the issue, while Expert Global Consultants Pvt. is the lone book-running lead manager.

The company's shares are expected to be listed on the NSE SME platform, Emerge, on Nov. 18.

Investors who have bid for the Neelam Linens and Garments IPO can check its share allotment status on the websites of NSE and the registrar.

• Visit the allotment status check page of the NSE here.

• Log in with your username and password. (You need to create an account on the NSE to view IPO allotment status).

• Select Neelam Linens and Garments from the dropdown menu.

• Verify the applicant's PAN details.

• Enter the application number for the IPO.

• Click submit to check the allotment details.

• Visit the official website of the registrar Purva Sharegistry here.

• Select the IPO Query option from the Investor Service dropdown menu.

• Select Neelam Linens and Garments from the Company list.

• Enter your PAN or application number.

• Click on search to check your allotment status.

The grey market premium of the Neelam Linens and Garments IPO was at Re 10 as of 8 p.m. on Tuesday, according to the InvestorGain website. This indicates a listing of 41.67% over the issue price.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Use of Proceeds

Neelam Linens and Garments will use the proceeds from the IPO to fund capital expenditure for purchasing embroidery machines for expansions.

A part of the proceeds will also go towards repaying the debts of the company. The rest of the amount will go for general corporate purposes.

About Neelam Linens and Garments Ltd.

Neelam Linens and Garments is a soft home furnishings company. It specialises in the processing, finishing and supply of bedsheets, pillow covers, duvet covers and other such items, especially for discounted retail outlets. The company has two manufacturing plants in Bhiwandi and Thane.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.