On Thursday, October 10, Pranik Logistics' initial public offering (IPO) saw strong demand from a variety of investor categories, as the issue sold out in just a few hours.
According to NSE data at the close of bidding at 5 pm, investors bid for over 45.37 lakh shares against the 19.36 lakh shares on offer, meaning the NSE SME issue was booked 2.34 times.
Subscription across categories
Retail individual investors applied for over 41.87 lakh shares on the first day of subscription, compared to the 9.66 lakh shares allotted for the category.There were 4.33 times bookings for the retail section.
In contrast to the 4.14 lakh shares set aside for the category, the non-institutional investors (NIIs) applied for 3.5 lakh shares, booking their quota of 84 per cent.
On the first day of bidding, the Qualified Institutional Buyers (QIBs) did not submit any applications. 5.55 lakh shares have been set aside by the company for QIBs.
Issue size and price band
The Rs 22.47 crore book-building offer for Pranik Logistics' IPO. A new issuance of 29.18 lakh shares makes up the NSE SME issue. The price range for Pranik Logistics' initial public offering is Rs 73 to Rs 77 per share.
Lot size and minimum bid
Retail investors would have to apply for the IPO (initial public offer) minimum investment of Rs 1,23,200 for a single lot size of 1,600 shares. High-Networth Individuals (HNIs), on the other hand, are able to bid on a minimum lot size of two lots, or 3,200 shares, requiring an investment of Rs 2,46,400.
Subcription and listing timeline
The bidding started on Thursday, October 10 and will stay open till Monday, October 14. The Pranik Logistics IPO subscription window will close.
Tuesday, October 15, is probably when the Pranik Logistics initial public offering share allotment status will be decided. On Wednesday, October 16, the company will begin refunding unsuccessful bidders after finalising the share allotment status.
Pranik Logistics shares will also be deposited into winning bidders' Demat accounts on the same day. Pranik Logistics' stock will go public on Emerge, the NSE SME marketplace. October 17 has been set as the tentative date for Pranik Logistics' initial public offering (IPO).
