Forge Auto International IPO: Check GMP, Price Band, Day 1 Subscription Status
The grey market premium (GMP) of Forge Auto International is Rs 40 as of 5:01 p.m. on September 26, implying a 37.04% gain over the IPO price.
Forge Auto International Ltd.'s initial public offering opened on Sept. 26. It consists entirely of a fresh issue of 28.8 lakh shares, totalling Rs 31.1 crore.
The subscription for Forge Auto International IPO will be open till Sept. 30. The company will finalise the allotment of shares in the offering on Oct. 1. The initiation of refunds for non-allottees and credit of shares into the Demat accounts of successful bidders on Oct. 3 will follow this.
Forge Auto International shares are set to be listed on the NSE SME platform, Emerge, tentatively on Oct. 4.
The price band for the Forge Auto International IPO has been fixed at Rs 102 to Rs 108 per share. Retail investors can apply for the issue with a minimum lot size of 1 lot or 1,200 shares, totalling an investment of Rs 1,29,600.
The company has reserved 50% of the net offer size for Qualified Institutional Buyers and 15% for the Non-Institutional Investors category.
The remaining 35% of the net issue is set aside for retail individual investors, according to the company’s Red Herring Prospectus.
Bigshare Services Pvt. has been appointed as the registrar for the Forge Auto International IPO, whereas Hem Securities Ltd. is the book-running lead manager for the issue.
Forge Auto International IPO’s market maker is Hem Finlease Pvt.
Forge Auto International IPO Day 1 Subscription Status
The IPO has been subscribed 4.60 times as of 6:48 p.m. on Thursday
Qualified Institutions: 6.55 times
Non-institutional buyers: 2.35 times
Retail investors: 4.45 times
Forge Auto International IPO GMP Today
The grey market premium (GMP) of Forge Auto International is Rs 40 as of 5:01 p.m. on September 26, implying a 37.04% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 148 per share.
GMP is not an official price quote for the stock and is based on speculation.
Business
Forge Auto International is an engineering company, engaged in the forging and manufacturing of machined components. The company caters to sectors like the auto industry, railways and other such sectors.
Forge Auto International’s product range includes rings, big ball studs, gear blank with a broach, stub axle assembly, flange yoke 325 HS and other such components.
Use Of Proceeds
Forge Auto International plans to use the money raised via the public issue to meet working capital requirements and settlement of debt. A portion of the proceeds will be used for general corporate purposes.
Financials
Forge Auto International’s total income for fiscal 2024 increased over 2% year-on-year to Rs 181.57 crore, compared to Rs 177.64 crore in fiscal 2023. The company’s profit after tax increased over 34% to Rs 6.68 crore in FY24, up from Rs 4.96 crore in the previous financial year.
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.
