The third and final day of bidding, investors showed enormous demand for the Innomet Advanced Materials Limited initial public offering (IPO), with over 297 times bookings.
In contrast to the 32.52 lakh shares on offer, bids for over 96.72 crore shares were received for the NSE SME IPO.
The initial public offering (IPO) of Innomet Advanced Materials Limited received 314.76 times of subscriptions from non-institutional investors (NIIs) and 226.96 times from retail investors.
Bids in different categories
In contrast to the 16.26 lakh shares reserved for them, the NIIs submitted bids totalling 51.18 crore shares. Conversely, out of the 16.26 lakh shares reserved for them, retail investors applied for 36.9 lakh shares.
Bids were made for 8.63 crore shares of Innomet Advanced Materials Limited by the Qualified Institutional Buyers (QIBs).
The IPO subscription period for Innomet Advanced Materials was open from September 11 to September 13.
IPO size and structure
The goal of Innomet Advanced Materials' book-building issue was to raise Rs 34.24 crore through an IPO. 34.24 lakh shares were issued in a completely new issue as part of the IPO.
Lot size and price band
The IPO price of Innomet Advanced Materials was fixed at Rs 100 per share.
A single lot of 1,200 shares, or an investment of Rs 1,20,00, was the minimum application size for retail investors in the IPO. High-net-worth individuals (HNIs) were required to submit applications for a minimum of two lots, totalling Rs 2,40,000.
Allotment and listing dates
Monday, September 16 is anticipated to see the finalization of Innomet Advanced Materials' IPO allotment status. In the same day that shares are credited to the Demat account of successful bidders, September 17 will see the start of refunds for unsuccessful bidders.
September 18 is anticipated to see the listing of Innomet Advanced Materials Limited shares on the NSE SME platform.
Utilisation of net IPO proceeds
The net proceeds of the IPO will be used by Innomet Advanced Materials to finance working capital needs as well as the acquisition of machinery and equipment. The money will also be used by the business to prepay its outstanding debts in full or in part. Additionally, a portion of the proceeds will be used for general business needs and issue costs.
Expert Global Consultants Private Limited is the issue's book-running lead manager, and Skyline Financial Services Private Ltd is the registrar for the Innomet Advanced Materials IPO. The Prabhat Financial Services is the IPO's market maker.
