Tankup Engineers IPO, Day 3: Check GMP, Subscription Status, Price Band And More

The initial public offering of Tankup Engineers Ltd. has been subscribed 6.73 times so far on the third and final day of bidding on Friday. The SME IPO was subscribed 3.12 times on Thursday and 1.22 times on the opening day on Wednesday.

Tankup Engineers manufactures custom-built tanks for storing or transporting liquids, gases, or solids. Tankup Engineers aims to raise Rs 19.53 crore through its NSE SME issue.

Here's all you need to know about the Tankup Engineers IPO:

The IPO has been subscribed 6.73 times as of 11:00 a.m. on Friday.

• Qualified Institutions: 1.94 times

• Non-Institutional Buyers: 15.65 times

• Retail Investors: 6.17 times

*The subscription status will be updated at regular intervals.

As per Investorgain, the latest grey market premium (GMP) for the Tankup Engineers Ltd IPO was Rs 7 as of 9:53 a.m. on April 25. This indicates that the company’s shares may list at a premium of 5% at Rs 147 apiece.

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

The Tankup Engineers IPO price band has been fixed at Rs 133 to Rs 140 per equity share. The public offering comprises a fresh issuance of 13.95 lakh shares. There is no offer-for-sale (OFS) component. 

Retail investors can bid for a minimum lot size of 1,000 shares and in multiples thereof. This will require a minimum investment of up to Rs 1,40,000 per lot for each application.

As per the company's RHP document, of the 13,95,000 shares on offer,

• 2,58,000 (18.49%) is allocated to Qualified institutions

• 1,94,000 (13.91%) is allocated to Non-institutional investors

• 4,52,000 (32.4%) is allocated to Retail investors

• 3,85,000 (27.6%) is allocated to Anchor investors.

The IPO will close for subscription on Friday. The Tankup Engineers is expected to finalise the IPO allotment status on April 28. The successful bidders will receive the Tankup Engineers shares in their Demat accounts by April 29. The company will process refunds for the non-allottees on the same day as well.

Shares of Tankup Engineers are scheduled to be listed on the NSE SME platform, Emerge, on April 30.

Hem Securities Ltd. is the book-running lead manager for the Tankup Engineers IPO, whereas Bigshare Services Private Ltd. is the registrar for the SME issue. Hem Finlease Private Ltd is the market maker for the issue.

Tankup Engineers Ltd has proposed to use the proceeds of the public offering for repayment of existing borrowings, general corporate purposes, as well as general working requirements.

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.