ATC Energies IPO Fully Subscribed On Day 3; GMP Declines As Issue Closes For Subscription
The grey market premium saw a steep decline on Thursday after reaching as high as Rs 21 on Wednesday.
The initial public offering of ATC Energies System Ltd. that opened for subscription on Tuesday, Mar. 25 will close for bidding on Thursday, Mar. 27. The SME IPO was fully subscribed on its final day, led by demand from retail investors.
The company offering energy solutions such as batteries to industries, including banking and automobiles, aims to raise nearly Rs 64 crore through the public offer of shares.
The grey market premium saw a steep decline on Thursday after reaching as high as Rs 21 a day before. The GMP had seen a stark increase on Day 1, considering it was Rs 0 in the previous few days.
Here's all you need to know about the ATC Energies System IPO including the latest grey market premium, subscription status, price band, allotment and listing date.
ATC Energies IPO: Key Details
ATC Energies IPO is a book-built issue of Rs 63.76 crore comprising a fresh issue of 43.24 lakh shares worth Rs 51.02 crore and an offer for sale of 10.80 lakh shares worth Rs 12.74 crores. The price band for the IPO is set between Rs 112 to Rs 118 per share.
Of the 54,03,600 shares offered -- 6,16,800 (11.41%) is reserved for QIBs, 17,96,400 (33.24%) for non-institutional investors, 17,96,400 (33.24%) for retail investors and 9,22,800 (17.08%) for anchor investors.
Retail investors can invest in the IPO with a minimum lot size of 1,200 shares, requiring an investment of Rs 1,41,600.
Indorient Financial Services Ltd. is the book-running lead manager of the ATC Energies IPO. Kfin Technologies Ltd. is the registrar whereas Alacrity Securities Ltd. is the market maker for the SME IPO.
ATC Energies IPO Subscription Status: Day 3
The IPO of ATC Energies has been subscribed 1.55 times as of 3:14 pm on Tuesday.
Qualified Institutions: 1.38 times
Non-Institutional Buyers: 0.8 times
Retail Investors: 2.35 times
Subscription status will be updated at regular intervals.
ATC Energies IPO GMP Today
The latest grey market premium on ATC Energies IPO stood at Rs 4 at 2:31 pm on Mar. 27. The GMP trends indicate that the shares of the company are likely to list at a premium of 3.39%. Unlisted shares of ATC Energies were trading at Rs 122 in the grey market.
Note: GMP is not an official data source and is based on speculation.
Use of Proceeds
The company will use proceeds from the IPO to repay borrowings, fund capex for upgrading factories, fund the working capital requirements of the company, 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.
