The last day of bidding, subscribers to the Forge Auto International Limited IPO showed strong demand. Strong retail demand drove over 49 bookings for the NSE SME issue on Monday, September 30.
Over 9.45 crore shares were bid for in Forge Auto International's initial public offering compared to the 19.15 lakh shares that were available, resulting in an overall subscription rate of 49.35 times across all categories.
Subscription across all categories
Compared to the 9.57 lakh shares reserved for the category, retail investors applied for over 5.93 crore shares, booking their quota 61.95 times.
In contrast to the 4.1 lakh shares set aside for them, the non-institutional investors (NIIs) placed bids for 2.41 crore shares, over subscribing their quota by 58.9 times
Out of the 5.47 lakh shares reserved for them, the Qualified Institutional Buyers (QIBs) applied for 1.1 crore shares. 20.12 times subscriptions were made to the QIBs category.
Listing and subscription timetable
Forge Auto International's initial public offering (IPO) subscription period began on September 26 and ended on September 30.
The IPO share allotment date for Forge Auto International is set tentatively for Tuesday, October 1, following a robust subscription. Successful bidders will receive their shares in their Demat accounts the same day, while unsuccessful bidders' refunds will be processed on Thursday, October 3.
October 4 is the proposed listing date for the Forge Auto International IPO. Forge Auto International Limited's shares are scheduled to be listed on the NSE SME platform.
Issue size and price band
The Forge Auto International IPO was a book-building issue worth Rs 31.1 crore. The public offer consisted of an entirely fresh issue of 28.8 lakh shares.
The price range for the Forge Auto International IPO was set at Rs 102 to Rs 108 per share. The minimum investment for retail investors was Rs 1,29,600, as they had to bid for a minimum of 1200 shares in a lot.
Utilisation of net proceeds from IPO
The working capital needs and debt repayment will be covered by the net proceeds of the Forge Auto International IPO. Additionally, a portion of the proceeds will be used for general business needs.
