Subam Papers IPO Subscribed Nearly 90 Times So Far On Day Three; Check GMP Here

The initial public offering of Subam Papers Ltd. has been subscribed nearly 92 times so far on Thursday, its final day of bidding. The IPO was subscribed 3.29 times on Tuesday and 0.44 times on Monday.

The Rs 93.70-crore public offer is an entirely fresh issue of 61.65 lakh shares with no offer-for-sale portion. Investors can bid in the IPO till Thursday evening.

The IPO price band has been set in the range of Rs 144 to Rs 152 per share. Retail investors can bid in the IPO with a minimum lot size of 800 shares, amounting to an investment of Rs 1,21,600.

The company has appointed Bigshare Services Pvt. as the registrar for the IPO, with Gretex Corporate Services Ltd. acting as the book-running lead manager for the issue.

Gretex Share Broking Ltd. is the market maker for the offering.

The allotment of shares in the Subam Papers IPO is set to be finalised on October 4. This will be followed by the credit of shares into the demat account of successful bidders, along with refunds for non-allottees on October 7.

Shares of Subam Papers are set to be listed on the BSE SME platform, tentatively on October 8.

The IPO has been subscribed 92.81 times as of 5:07 p.m. on Thursday.

• Qualified Institutions: 57.18 times.

• Non-institutional investors: 243.15 times.

• Retail investors: 48.73 times.

The grey market premium of Subam Papers is Rs 21 as of 04:01 p.m. on October 3, implying an 13.82% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 173 per share.

GMP is not an official price quote for the stock and is based on speculation. 

The company plans to use the funds raised from the public issue for capital expenditure in its subsidiary. A portion of the money raised in the public offer will also be used to cover general corporate purposes.

Subam Papers specialises in manufacturing Kraft packaging paper and paper products using waste paper as raw material. 

Founded in October 2006, the company has an installed capacity of 300 metric tons per day, equating to an annual capacity of 93,600 tons. 

They offer a range of Kraft paper and Duplex Boards in various shades and specifications, catering to industries such as automotive, textiles, FMCG, food and pharmaceuticals. 

The company employed 500 permanent staff as of September 2024.

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.