HM Electro Mech IPO Day 3: Latest GMP, Subscription Status And Other Key Details
The latest GMP (grey market premium) of HM Electro Mech IPO was Rs 15 on Tuesday, as per InvestorGain.
The initial public offering of HM Electro Mech Ltd. has been subscribed nearly 90 times on the final day of bidding on Tuesday. The SME IPO opened for subscription on Friday, Jan. 24.
On the second day of bidding on Monday, the HM Electro Mech IPO was subscribed 21.09 times, led by demand from retail investors.
The company, which specialises in electrification projects with Indian Railways, banks, and municipal corporations, aims to raise Rs 27.74 crore through its initial share sale.
The BSE SME IPO will remain open for bidding till Tuesday evening. Here are the key details that investors must know about this SME IPO before investing:
HM Electro Mech IPO: Key Details
HM Electro Mech IPO is an entirely fresh issuance of 36.99 lakh shares offered at a price band of Rs 71 to Rs 75 per share. The total offer size is valued at Rs 27.74 crore at the upper price band.
Retail investors have to buy at least 1,600 shares in one lot, which takes the minimum investment amount to Rs 1,20,000.
Cameo Corporate Services Ltd. has been appointed as the registrar for the HM Electro Mech IPO. Beeline Capital Advisors Pvt. is acting as the book-running lead manager of the issue whereas Spread X Securities Pvt. is its market maker.
Share allotment in HM Electro Mech IPO is scheduled to be finalised on Jan. 28. Successful bidders will receive shares in their demat account on Jan. 29. Initiation of refunds for the non-allottees will also be done on the same day.
HM Electro Mech shares are expected to list on BSE SME on Jan. 31.
HM Electro Mech IPO Subscription Status: Day 3
The IPO of HM Electro-Mech was subscribed 91.75 times on Tuesday:
Qualified Institutions: 16.01 times
Non-institutional Investors: 183.65 times
Retail Investors: 95.55 times
*The subscription status will be updated at regular intervals.
HM Electro Mech IPO GMP Today
HM Electro Mech IPO GMP (grey market premium) was Rs 15 as of 7:32 p.m. on Tuesday, as per InvestorGain. This projects a potential listing gain of 20.00%, with the debut price of the HM Electro Mech stock being Rs 90 per share at the upper end of the price band.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
About HM Electro Mech Ltd.
Infrastructure company HM Electro Mech Ltd. specialises in turnkey projects such as supply, installation, testing, and commissioning of pumping machinery. It also offers operation and maintenance services to clients.
HM Electro Mech Ltd. is involved in electrification projects with Indian Railways, banks and municipal corporations as part of its core business. It has also ventured into EPC projects, including laying cross-country pipelines and civil work for water supply projects.
Use Of Proceeds
HM Electro Mech Ltd. in its prospectus has said that it will use the proceeds from the IPO to meet working capital needs as well as 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.
