Shubhshree Biofuels Energy IPO Subscribed 132.89 Times On Day Three
The grey market premium of Shubhshree Biofuels is Rs 45 as of 1:26 p.m., implying a 37.82% gain over the IPO price.
The initial public offering of Shubhshree Biofuels Energy Ltd. was subscribed over 130 times on the third and final day of subscription. The IPO was subscribed 12.47 times on Tuesday, and 2.99 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 16.56 crore. Investors could bid for a minimum of 1,200 shares, with the price band set between Rs 113 and Rs 119 per share. The minimum investment for retail investors was Rs 1,42,800 for 1200 shares, while high-net-worth individuals were required to apply for a minimum of 2,400 shares, totalling Rs 2,85,600.
Shubhshree Biofuels Energy raised Rs 4.68 crore from anchor investors. 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.
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.
Shubhshree Biofuels Energy IPO Subscription Status: Day 3
The IPO was subscribed 132.89 times as of 6:20 p.m. on Wednesday.
Qualified institutional buyers: 31.32 times.
Non-institutional investors: 245.74 times.
Retail investors: 135.65 times.
Shubhshree Biofuels Energy IPO GMP Today
The grey market premium of Shubhshree Biofuels is Rs 45 as of 6:00 p.m., implying a 37.82% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 164 per share.
GMP is not an official price quote for the stock and is based on speculation.
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.
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.
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.
