Shubhshree Biofuels Energy IPO Subscribed 12.45 Times On Day Two
Ahead of the public offering, Shubhshree Biofuels Energy raised Rs 4.68 crore from anchor investors.
Shubhshree Biofuels Energy Ltd.'s initial public offering entered its second day of bidding after the issue was subscribed nearly three times on the first day. The three-day offer entails a fresh issue of equity shares worth Rs 16.56 crore.
Investors can bid for a minimum of 1200 shares, with the price band set between Rs 113 and Rs 119 per share. The minimum investment for retail investors is Rs 1,42,800 for 1200 shares, while high-net-worth individuals must apply for a minimum of 2400 shares, totalling Rs 2,85,600.
The allotment of shares is expected to be finalised on September 12 with the tentative listing on the NSE SME platform scheduled for September 16.
The IPO is being managed by Hem Securities Ltd. as the book-running lead manager, with Bigshare Services Pvt. Ltd. serving as the registrar. The market maker for the issue is Hem Finlease.
Ahead of the public offering, Shubhshree Biofuels Energy raised Rs 4.68 crore from anchor investors. The anchor bid date was September 6, as per market tracking site Chittorgarh.
Shubhshree Biofuels Energy IPO Subscription Status Day 2
The IPO was subscribed 12.45 times as of 7:10 p.m. on Tuesday.
Institutional investors: 4.47 times
Non-institutional investors: 6.36 times.
Retail investors: 19.10 times.
Shubhshree Biofuels Energy IPO Details
Founded in 2013, Shubhshree Biofuels Energy Ltd. specialises in supplying biomass fuels such as pellets and briquettes. These products cater to various industries including recycled material processing, textiles, pharmaceuticals, and metal.
The company operates three briquetting and pelleting machines with a combined capacity of 132 tonnes per day. In the period from October 2023 to February 2024, Shubhshree Biofuels produced 12,090 tonnes of biomass fuels, contributing approximately 23.8% of its total sales volume of 50,600 tonnes.
Shubhshree Biofuels Energy Limited IPO: Use Of Funds And Objectives
The proceeds from the IPO will be directed towards several key areas including capital expenditure, and funding the installation of additional plant and machinery to boost production capacity. The funds will also go towards enhancing the company's operational liquidity. They will also be used for general corporate purposes.
