Malpani Pipes And Fittings IPO GMP Tanks Ahead Of Closing Today; Check Day 3 Subscription Status
All you need to know about the Malpani Pipes IPO: the latest GMP, Day 3 subscription status, allotment and listing date.
The initial public offering of plastic pipe manufacturer Malpani Pipes and Fittings Ltd. will close for subscription on Friday, Jan. 31. The SME IPO received a good response from the investors who booked the issue 33.76 times on Thursday.
The demand for the SME issue was led by retail investors, followed by non-institutional buyers. Qualified institutions subscriptions stood at 88% at the end of Day 2.
The grey market premium (GMP) of Malpani Pipes continued to decline despite investor interest.
Here's all you need to know about the Malpani Pipes and Fittings IPO: the latest GMP, Day 3 subscription status, allotment and listing date.
Malpani Pipes And Fittings IPO Day 3 Subscription Status
The Malpani Pipes IPO has been subscribed 81.45 times as of 12:59 p.m. on Friday, as per market tracking site Chittorgarh.
Qualified Institutions: 55 times
Non-institutional Investors: 117.85 times
Retail Investors: 81.05 times
*The subscription status will be updated at regular intervals.
Malpani Pipes IPO GMP Today And Trends
The latest grey market premium of Malpani Pipes IPO was Rs 5 at 2:30 p.m. on Jan. 31, marking a premium of over 5.56% over the issue price. According to InvestorGain, the unlisted shares of Malpani Pipes and Fittings Ltd. could debut at Rs 95 apiece if the current GMP trends are sustained.
The GMP trends have shown a downward movement, the unlisted shares were trading at Rs 118 apiece when the IPO opened for subscription. The highest GMP was Rs 28 on Jan. 28 and the lowest was Rs 10 when bidding closed on Day 2.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Malpani Pipes IPO: Allotment And Listing Date
The allotment for Malpani Pipes and Fittings Ltd. is expected to be finalised on Feb. 1. Shares will be credited to the Demat account of successful bidders on Feb. 3 along with initiation of refunds for the non-allottees.
Malpani Pipes and Fittings Ltd. shares are proposed to be listed on the BSE SME platform on Tuesday, Feb. 4.
About Malpani Pipes And Fittings IPO
The price band of Malpani Pipes And Fittings IPO is set at Rs 85 to Rs 90 apiece. The offer size is valued at Rs 25.92 crore at the upper price band.
Investors may submit their bids with a minimum lot size of 1600 shares, resulting in an investment of Rs 1.44 lakh.
As per the company's RHP document, of the 28,80,000 shares offered -
5,58,400 (19.39%) is reserved for Qualified Institutions
4,16,000 (14.44%) is reserved for Non-institutional Investors
9,60,000 (33.33%) is reserved for Retail Investors
8,00,000 (27.78%) is reserved for Anchor investors
Malpani Pipes and Fittings Ltd. has proposed to use the net proceeds from the IPO to settle debts and fund capital expenditure on the purchase of machinery. A part of the money raised via the IPO will also be used for general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
