Abram Food IPO Day 3: Check Latest GMP, Subscription Status, Allotment Date And More

The initial public offering (IPO) of Abram Food Ltd. continued to see a strong response across investor categories on the third and last day of bidding on Thursday, June 26.

The IPO, which opened for subscription on June 24, was overall booked over 27 times on Day 3.

Investors submitted bids for 3,86,30,400 shares against 13,56,001 shares on offer, leading to a subscription of 28.49 times, data from market tracking site Chittorgarh.

Non-Institutional Investors subscribed their quota 40.92 times and retail investors booked their category 16.05 times.

The fixed price issue was subscribed 2.41 times on the first day and 3.35 times at the end of the second day.

The grey market premium (GMP) for the Abram Food IPO stood at Rs 12 as of 4:30 p.m. on June 26, according to Investorgain. The latest GMP indicates a listing price of Rs 110 per share at a premium of 12.24% compared to the issue price.

Note: GMP does not represent official data and is based on speculation.

Abram Food IPO, a fixed price issue, comprises a fresh issuance of 14.28 lakh shares without any offer-for-sale (OFS) component.

The minimum application size for retail investors is a single lot size of 1,200 shares, amounting to an investment of Rs 1,17,600. High-Net-Worth Individuals (HNIs) can invest in the IPO by bidding for two lots, requiring an investment of Rs 2,35,200.

The price for the IPO has been set at Rs 98 per share.

Corporate Makers Capital Ltd. is the book-running lead manager of the Abram Food IPO. Kfin Technologies Ltd. is the registrar and Giriraj Stock Broking Pvt. is the market maker for the issue. 

The subscription window for the IPO is open from June 24 to June 26. Abram Food IPO share allotment status is expected to be finalised on June 27. Shares will be credited to the Demat accounts of successful bidders on June 30. Refunds for non-allottees will also be initiated on the same day. 

Shares of Abram Food Ltd. are scheduled to be listed on the BSE SME platform on July 1. 

The company has proposed to utilise the IPO proceeds for capital expenditure and the purchase of machinery. A portion of the funds will also be used for working capital requirements. The remaining funds will be utilised for general corporate purposes and issue-related expenses.

Abram Food Ltd., incorporated in 2009, is a manufacturer and supplier of chana dal, flours, besan, maida, sooji, spices, edible oils and cattle feed. The company’s operations are spread across Rajasthan, Delhi-NCR and Uttar Pradesh.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.