Innomet Advanced Materials IPO Subscribed Nearly 8 Times On Day Two
The SME IPO is a fixed price offer comprising an entirely fresh issue of 34.24 lakh shares.
The initial public offering of Innomet Advanced Materials Ltd. was subscribed nearly eight times on the second day of subscription. The SME IPO was subscribed 0.53 times on the first day of bidding on Wednesday.
The offering is a fixed price offer comprising an entirely fresh issue of 34.24 lakh shares. The company plans to use the money raised via the public offer for working capital requirements and capital expenditure.
The price for the offering has been fixed at Rs 100 per share. Retail investors can place bids for a minimum lot size of 1,200 shares, which aggregates to Rs 1,20,000. High-net-worth individuals can apply for a minimum application size of 2,400 shares, amounting to an investment of Rs 2,40,000.
The company has reserved 50% of the net issue for retail investors and 50% of the net issue has been reserved for other categories.
The IPO will close for bidding on September 13. Share allotment status is expected to be finalised on September 16. The company will likely be listed on the NSE SME platform Emerge, on September 18.
Innomet Advanced Materials IPO Subscription Status: Day 2
The IPO was subscribed 7.75 times as of 6:58 p.m. on Thursday.
Non-institutional investors: 3.63 times
Retail investors: 10.95 times
Innomet Advanced Materials IPO GMP Today
The grey market premium of Innomet Advanced Materials is Rs 90 as of 5:54 p.m., implying an 90% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 190 per share.
GMP is not an official price quote for the stock and is based on speculation.
Innomet Advanced Materials IPO book running lead manager is Expert Global Consultants Pvt. and the registrar for the issue is Skyline Financial Services Pvt. The market maker of the issue is Prabhat Financial Services.
Innomet Advanced Materials Business
Innomet Advanced Materials Ltd. was incorporated in 1984. The company is a manufacturer of metal powders and tungsten heavy alloys. The company operates through two divisions— Innomet Powders and Innotung.
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.
