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Shares of Sri Lotus Developers and M&B Engineering to list on BSE and NSE on August 6
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Sri Lotus Developers IPO subscribed 69.14 times, with a price band of Rs 140-150 per share
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M&B Engineering IPO subscribed 36.2 times, with a price band of Rs 366-385 per share
Shares of Sri Lotus Developers and M&B Engineering Ltd. are scheduled to be listed on the BSE and NSE on Wednesday, August 6.
Ahead of the market debut, the grey market premium for the two IPOs was buzzing after the successful subscription of these mainboard public issues.
Here’s what the latest GMP signals ahead of the Sri Lotus Developers and M&B Engineering IPO listing on Wednesday.
Sri Lotus Developers Expected Listing Price
According to InvestorGain, the grey market premium (GMP) for the Sri Lotus Developers IPO stood at Rs 27 as of 7:00 a.m. on August 6. This indicates an expected listing price of Rs 177 per share, a premium of 18% on the upper limit of the IPO price band.
Note: GMP does not represent official data and is based on speculation.
M&B Engineering Expected Listing Price
According to InvestorGain, the grey market premium (GMP) for the M&B Engineering IPO stood at Rs 51 as of 7:00 a.m. on August 6. This indicates an expected listing price of Rs 436 per share, a premium of 13.25% on the upper limit of the IPO price band.
Note: GMP does not represent official data and is based on speculation.
Sri Lotus Developers IPO: Key Details
Sri Lotus Developers finalised the IPO allotment status on Monday, August 4. The initial public offering of Mumbai-based real estate firm Sri Lotus Developers and Realty Ltd. closed with a strong demand, as the mainboard IPO was subscribed 69.14 times on the last day of subscription.
The public offer received applications for more than 274.18 crore shares against 3.7 crore shares available for bidding.
Sri Lotus Developers IPO was a book-building issue worth Rs 792 crore, comprising entirely a fresh issue of 5.28 crore shares. The IPO opened for bidding on July 30 and closed on August 1.
The price band for this IPO was set at Rs 140 to Rs 150 per share.
Sri Lotus Developers plans to utilise the IPO proceeds primarily for investment in its subsidiaries and general corporate purposes.
M&B Engineering IPO: Key Details
The share allotment status for the M&B Engineering IPO was finalised on August 4, following the successful subscription.
The mainboard initial public offering of M&B Engineering Ltd. closed with a strong subscription on the last day of bidding. The public issue was subscribed 36.2 times.
The IPO received applications for more than 35.47 crore shares against 97.98 lakh shares on offer.
The price band for the IPO was fixed in the range of Rs 366 to Rs 385 per share. It was a book-building issue worth Rs 650 crore. It comprised a fresh issue of 71 lakh shares, worth Rs 275 crore, and an offer-for-sale (OFS) of 97 lakh shares, amounting to Rs 375 crore.
The company has proposed to utilise proceeds from the IPO to fund capital expenditure, invest in IT software upgrades, clear debt and for general corporate purposes.
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.
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