Maxvolt Energy IPO Day 2: GMP, Subscription, Price Band And All You Need To Know

The initial public offering of Maxvolt Energy Industries Ltd. has been fully subscribed on day two on Thursday. The SME IPO opened for bidding on Wednesday and was booked 0.59 times.

Maxvolt Energy Industries is engaged in the business of manufacturing lithium-ion batteries for various purposes. The company aims to raise Rs 54 crore from the primary markets through its IPO.

Shares of the company are proposed to be listed on the NSE SME platform Emerge. Here's all you need to know:

Maxvolt Energy IPO is a book-built issue consisting of an offer-for-sale portion of 6 lakh shares valued at Rs 10.8 crore and a fresh issuance of 24 lakh shares aggregating Rs 43.2 crore. This takes the total offer size of Maxvolt Energy IPO to Rs 54 crore with the offer price band set at Rs 171 to Rs 180 per share. 

Retail investors can bid in the Maxvolt Energy IPO with a minimum lot size of 800 shares totalling an investment of Rs 1.44 lakh.

Bids in Maxvolt Energy IPO can be submitted between Feb. 12 and Feb. 12. The company is expected to finalise the share allotment status on Feb. 17. This will be followed by the allotment of shares and initiation of refunds for the non-allotees on Feb. 18.

Shares of Maxvolt Energy are proposed to be listed on the NSE SME platform on Feb. 19. 

Smart Horizon Capital Advisors  Pvt. is serving as the book-running lead manager for the Maxvolt Energy IPO whereas Bigshare Services Pvt. is the registrar for the issue. Rikhav Securities Ltd. is the market maker for this SME public offer. 

Maxvolt Energy IPO has been subscribed 1.72 times as of 5:24 p.m. on Thursday, as per market tracking site Chittorgarh:

• Qualified Institutions: 4.48 times

• Non-Institutional Investors: 0.14 times

• Retail Investors: 0.83 times

*The subscription status will be updated at regular intervals

The grey market premium on the Maxvolt Energy IPO was Rs 6 as of 4:29 p.m. on Feb. 13, according to InvestorGain. If the current GMP trends are sustained till the listing dates, shares of Maxvolt Energy are likely list at a premium of 3.33% at Rs 186 apiece.  

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

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.