Aditya Ultra Steel IPO Subscribed Over 10 Times On Day Three
The allotment of shares is expected to be finalised on September 12 with the listing scheduled on NSE SME on September 16.
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The initial public offering of Aditya Ultra Steel Ltd. was subscribed over 10 times on the third and final day of subscription. The IPO was subscribed 4.50 times on Tuesday, and 2.10 times on the first day of bidding on Monday, led by demand from retail investors.
The three-day offer entailed a fresh issue of equity shares worth Rs 45.88 crore. The Aditya Ultra Steel IPO's price band was set at Rs 59-62 apiece. Retail investors needed to apply for a minimum of 2,000 shares, translating to an investment of Rs 1,24,000. High-net-worth individuals (HNIs) could invest in multiples of 4,000 shares, amounting to Rs 2,48,000.
The allotment of shares is expected to be finalised on September 12 with the listing scheduled on NSE SME on September 16.
Swastika Investmart Ltd. is the book-running lead manager of the Aditya Ultra Steel IPO, while Cameo Corporate Services Ltd. is the registrar for the issue.
Aditya Ultra Steel IPO Subscription Status: Day 3
The IPO was subscribed 10.58 times as of 6:20 p.m. on Wednesday.
Qualified institutional buyers: 1.21 times.
Non-institutional investors: 12.16 times.
Retail investors: 23.26 times.
Aditya Ultra Steel IPO GMP Today
The grey market premium of Aditya Ultra Steel is Rs 0 as of 5:23 p.m., implying zero gains over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 62 per share.
GMP is not an official price quote for the stock and is based on speculation.
About Aditya Ultra Steel
Established in 2011, Aditya Ultra Steel Ltd. specialises in manufacturing rolled steel products, including TMT bars, marketed under the "Kamdhenu" brand. The company operates a production facility in Wankaner, Gujarat, with an annual capacity of 1,08,000 MT for TMT bars, serving the construction and infrastructure sectors.
The IPO proceeds will be allocated towards capital expenditure in regard to investments in upgrading and expanding manufacturing facilities. Funds will also be allocated towards working capital requirements to enhance operational liquidity and to fund various corporate needs.
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.
