Sunlite Recycling Industries IPO Subscribed More Than 280 Times At The End Of Day 3

The initial public offering of Sunlite Recycling Industries Ltd. was subscribed more than 280 times on the final day of subscription. The SME issue was subscribed 27.74 times at the end of day 2 and 8.38 times at the end of Day 1.

The IPO was subscribed 282.45 times on Wednesday.

• Qualified institutional buyers: 109.05 times.

• Non-institutional investors: 584.10 times.

• Retail investors: 252.00 times

- As per chittorgarh.com.

The copper-manufacturing company launched its initial public offering on Monday. The SME IPO, a book-built issue totaling Rs 30.24 crore, consists entirely of a fresh issue of 28.8 lakh shares.

The Sunlite Recycling Industries IPO's price band is between Rs 100 and Rs 105 per share. Investors can apply in minimum lots of 1,200 shares, which requires a minimum investment of Rs 126,000 for retail investors. High Net-Worth Individuals need to apply for a minimum of 2,400 shares, amounting to an investment of Rs 252,000.

As per the company's red herring prospectus (RHP), of the total shares offered - 50% is reserved for QIB, 35% is reserved for retail investors and 15% is reserved for non-institutional investors. 148,800 shares are  reserved for market makers.

Hem Securities Ltd. is serving as the book-running lead manager, while Cameo Corporate Services Ltd. will act as the registrar for the issue. Hem Finlease is designated as the market maker.

Sunlite Recycling Industries IPO allotment is expected to be finalised on Friday, August 16. The shares of Sunlite Recycling Industries Limited will be listed on the NSE SME platform, with a tentative listing date of Tuesday, August 20.

• IPO Open Date: Monday, August 12.

• IPO Close Date: Wednesday, August 14.

• Price Band: Rs 100-2105 per share.

• Face Value: Rs 10 per share.

• Lot Size: 1200 shares.

• Allotment Date: Friday, August 16.

• Listing Date: Tuesday, August 20.

• Listing At: NSE SME.

Founded in 2012, Sunlite Recycling Industries Ltd specialises in the manufacture of copper products through the recycling of copper scrap. The company produces a range of copper items including rods, wires, earthing strips, and conductors, catering to the power generation, transmission, distribution, and electronics industries. With a manufacturing facility in Kheda, Gujarat, covering approximately 12,152 square meters, Sunlite Recycling operates over 20 machines to produce a diverse array of copper products tailored to customer specifications.

The proceeds from the IPO will be allocated towards several key objectives including, funding capital expenditure for the installation of new plant and machinery. Repaying or pre-paying certain existing borrowings, either in full or in part and general corporate purposes to support the company's ongoing operations and growth.

For the fiscal year ending March 31, 2024, the company reported a 1.4% increase in revenue and a 58.92% rise in profit after tax compared to the previous year.