Ellenbarrie Industrial Gases' initial public offering was subscribed 0.11 times or 31% on the second day on Wednesday. On the first day, the IPO was subscribed 0.08 times or 8%.
The industrial gas manufacturer is looking to raise up to Rs 852.5 crore from the primary market. The IPO consists of a fresh issue worth Rs 400 crore and an offer for sale worth Rs 452.5 crore.
The mainboard IPO opened for subscription on Tuesday and will close on Thursday. Bids can be made for a minimum of 37 shares and in multiples thereafter.
Allotment of shares is proposed to be finalised on Friday. Successful bidders are expected to receive shares in their demat accounts on June 30, with refunds for non-allottees also initiated on the same day.
Ellenbarrie Industrial Gases' listing date is tentatively set for July 1 according to Chittorgarh. Shares of the company will be listed on both the NSE and BSE.
Price Band
The price band for the offer is set in the range of Rs 380 to Rs 400 per share. The company will issue a total of 2.13 crore shares, aggregating up to Rs 852.53 crore at a face value of Rs 2 each.
Subscription Status: Day One
The Ellenbarrie Industrial Gases IPO has been subscribed 0.31 times on Wednesday.
Qualified Institutions: Nil.
Non-Institutional Buyers: 0.58 times or 58%.
Retail Investors: 0.37 times or 37%.
Ellenbarrie Industrial Gases GMP
Ellenbarrie Industrial Gases is likely to deliver modest listing gains, based on the grey market premium. As of 6:36 p.m., the GMP fell to at Rs 17, indicating a likely listing price of Rs 417 per share. The expected percentage gain on listing day is 4.25%, according to Chittorgarh's unit InvestorGain.
It should be noted that 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.
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