Final Day — Maxvolt Energy IPO: GMP, Subscription Status, Allotment Date And More

The initial public offering of Maxvolt Energy Industries Ltd. which was fully subscribed on Thursday will conclude its subscription on Friday. The SME IPO which opened for bidding on Wednesday, was booked 0.59 times on Day 1 and 1.73 times on Day 2, led my demand from qualified institutional investors who bid for 25,46,400 shares against the 5,68,800 offered.

Here's all you need to know about Maxvolt Energy Industries IPO as bidding on day 3 resumes.

The company aims to raise Rs 54 crore from the primary markets through its IPO. Maxvolt Energy IPO is a book-built issue consisting of an offer-for-sale portion of 6 lakh shares valued at Rs 10.8 crore and a fresh issuance of 24 lakh shares aggregating Rs 43.2 crore. The price band is set at Rs 171 to Rs 180 per share. 

As per the RHP, of the 30,00,000 shares offered:

• 5,68,800 (18.96%) is reserved for Qualified Institutions

• 4,28,000 (14.27%) is reserved for Non-Institutional Buyers

• 10,00,000 (33.33%) is reserved for Retail Investors

• 8,51,200 (28.37%) is reserved for Anchor Investors

Retail investors can bid in the Maxvolt Energy IPO with a minimum lot size of 800 shares totalling an investment of Rs 1.44 lakh.

Smart Horizon Capital Advisors Pvt. is serving as the book-running lead manager for the Maxvolt Energy IPO whereas Bigshare Services Pvt. is the registrar for the issue. Rikhav Securities Ltd. is the market maker for this SME public offer. 

Maxvolt Energy IPO has been subscribed 3.2 times as of 4:15 p.m. on Friday.

• Qualified Institutions: 6.76 times

• Non-Institutional Investors: 1.44 times

• Retail Investors: 1.9 times

*The subscription status will be updated at regular intervals.

The grey market premium on the Maxvolt Energy IPO was Rs 0 as of 3:31 p.m. on Feb. 14 indicating a flat listing, according to InvestorGain. If the current GMP trends are sustained till the listing dates, shares of Maxvolt Energy are likely to list at Rs 180 apiece.

GMP trends so far indicated a favourable listing on the stock market. Shares of Maxvolt Energy Limited were trading flat when the IPO opened for subscription but gained a bit once the issue was fully subscribed on Thursday.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

The allotment for the Maxvolt Energy IPO is expected to be finalised on Monday, February 17. Shares of Maxvolt Energy will debut on NSE SME on Wednesday, February 19.

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.