Innomet Advanced Materials IPO Closes With Over 300 Times Subscription On Final Day

The initial public offering of Innomet Advanced Materials Ltd. has attracted overwhelming interest, with the issue being subscribed over 300 times on the final day of subscription, as per market tracking site Chittorgarh.

On the second day of the bidding process, the IPO was subscribed nearly eight times, reflecting robust investor appetite. The SME IPO, which offers a fresh issue of 34.24 lakh shares at a fixed price of Rs 100 per share, was met with enthusiastic participation across investor categories.

Retail investors could place bids for a minimum lot of 1,200 shares, aggregating to Rs 1,20,000. High-net-worth individuals could apply for a minimum of 2,400 shares, translating to an investment of Rs 2,40,000. The company allocated 50% of the net issue to retail investors and 50% to other investor categories.

The allotment status of Innomet Advanced Materials IPO is expected to be finalised by September 16. Innomet Advanced Materials is anticipated to be listed on the NSE SME platform Emerge on September 18.

The grey market premium (GMP) of Innomet Advanced Materials is Rs 95 as of 06:25 p.m. on September 14, implying a 95% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 195 per share.

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

The book running lead manager for the IPO is Expert Global Consultants Pvt., while Skyline Financial Services Pvt. serves as the registrar. Prabhat Financial Services is the market maker for the issue.

Founded in 1984, Innomet Advanced Materials Ltd. specialises in manufacturing metal powders and tungsten heavy alloys. The company operates through two divisions: Innomet Powders and Innotung. The funds raised from this IPO are intended to bolster working capital and support capital expenditure initiatives.