Nisus Financial Services IPO Day 2: Issue Booked Over 20 Times; GMP Climbs To Rs 65

The Rs 114.24-crore initial public offering of Nisus Financial Services Co. that opened for bidding on Wednesday was subscribed more than 20 times on Day 2, led by demand from retail investors. The SME issue was fully subscribed on Day 1.

The SME IPO consists of a fresh issue of 56.46 lakh shares totalling to Rs 101.62 crore and an offer-for-sale portion of 7.01 shares worth Rs 12.61 crore.

Investors wanting to subscribe to the Nisus Financial Services IPO can check these details before bidding.

The price band for the IPO has been fixed at Rs 170 to Rs 180 per share. Retail investors need to apply for at least a single lot of 800 shares, taking the minimum investment amount to Rs 1,44,000.

The Nisus Financial Services IPO will remain open for bidding between Wednesday and Friday.

Skyline Financial Services Pvt. is the registrar for the issue, whereas Beeline Capital Advisors Pvt. is the book-running lead manager. Asnani Stock Broker is its market maker.

The share allotment status is expected to be finalised on Dec. 9.

Shares will be credited to the demat accounts of successful bidders on Dec. 10, while refunds will also be initiated for non-allottees the same day.

Shares of Nisus Financial Services are likely to be listed on Dec. 11 on BSE SME.

The IPO was subscribed 20.30 times on Thurssday

• Qualified Institutions: 3.41 times

• Non-Institutional Buyers: 22.88 times

• Retail Investors: 29.07 times

• Employee Reserved: 0.73 times

Nisus Financial Services IPO's grey market premium stood at Rs 65 on Thursday. This indicates a potential listing day gain of 36.11%, as the estimated listing price—the sum of GMP and the upper end of the IPO price—has risen to Rs 245 per share - according to InvestorGain.

However, the GMP is not an official price quote for the stock and is based on speculation.

The IPO was subscribed 3.16 times on Wednesday

• Qualified Institutions: 2.89 times

• Non-Institutional Buyers: 2.22 times

• Retail Investors: 3.75 times

• Employee Reserved: 0.10 times

Nisus Financial Services will use the proceeds from the fresh issue of shares to augment fund setup, additional licences, and facility management services, and for fund management infrastructure in IFSC-Gift City, DIFC-Dubai and FSC-Mauritius.

The proceeds will also go towards fundraising cost, distribution and placement fee to third party distributors or agents in India or international markets for creation of a pool of funds.

The company will further invest in its subsidiary Nisus Fincorp Pvt. to augment its capital base.

The rest of the funds will be used for general corporate purposes.

Nisus Financial Services was originally incorporated as Molior Realty Pvt. in 2013. The company provides financial services including transaction advisory services, fund and asset management services, private equity and venture debt, and capital solutions to corporate clients.

In the quarter ended June 30, 2024, the company reported a total income of Rs 15 crore. Its net profit stood at Rs 8.31 crore.

In fiscal 2024, the revenue rose 266.11% to Rs 42.25 crore from Rs 11.54 crore in the preceding financial year. The company’s net profit increased multifold to Rs 23.87 crore from Rs 3 crore in fiscal 2023.

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