This IPO is making a splash in the gray market!
The IPO of Shrinath Paper Products Company has opened for subscription on 25 February. Today is the last day to bid for it. The issue will close on 28 February. Companies raise money through IPO, which is used for different purposes.
Share allotment will be done on this day
The IPO of Shrinath Paper Products Limited is a fixed price issue, through which the company aims to raise Rs 23.36 crore. This IPO is a fresh issue of 53.1 lakh shares. It has been launched with a price band of Rs 44 per share. The minimum lot size with an application is 3000 shares and the minimum investment amount for retail investors is Rs 1 lakh 32 thousand. Share allotment for Srinath Paper IPO is likely to be finalized by march 3 and its listing on BSE SME is expected on march 5.
This has been the performance so far
Talking about the performance of the IPO so far, its subscription pace was very slow on the first day. On the first day it was subscribed only 15 percent. It was subscribed 28 percent by retail investors and only 2 percent in non-institutional investors or NII category. On the second day of bidding, the issue was subscribed 33 percent. It was subscribed 63 percent in the retail category and 3 percent in the NII category.
Price jumped in the gray market
However, the IPO of Srinath Paper Products Company is making a splash in the gray market. According to market experts, the IPO of Srinath Paper Products Company is trending at Rs 8 in the unlisted market, which is 18.8 percent higher than the cap price. This price jump was seen today only. In such a situation, it is expected that after this investors will subscribe to it as much as possible. Let us tell you that Galactico corporate services is the book-running lead manager for the IPO, while Bigshare services is the registrar.
click and follow Indiaherald WhatsApp channel