Parmeshwar Metal IPO Allotment To Be Out Soon: Here's How To Check Status And Latest GMP

Parmeshwar Metal Ltd. is likely to finalise the allotment of shares of its initial public offering on Jan. 7, following a stellar subscription. The issue, which opened for subscription on Jan. 2, was booked over 607 times on the final day of bidding, Jan. 6. Investors placed bids for 1,63,66,48,000 shares compared to 26,96,000 shares on offer.

The demand for the SME IPO was led by non-institutional investors who booked their allocation of more than 1202.83 times. NIIs placed bids for 69,52,36,000 shares against the 5,78,000 shares offered to them. This was followed by retail investors' bid for 80,48,78,000 shares in comparison to 13,48,000 shares offered, resulting in an oversubscription rate of 1202.83 times.

Qualified institutional buyers applied for 13,65,34,000 shares against the 7,70,000 shares on offer. The QIB portion of Parmeshwar Metal  IPO was booked 177.32 times.

Parmeshwar Metal IPO consisted entirely of a fresh issue of 40.56 lakh shares offered at a price band of Rs 57 to Rs 61 apiece. The IPO was valued at Rs 24.74 crore at the upper price band.

Investors who applied for shares in the Parmeshwar Metal IPO can check the allotment status online via the official website of BSE and the registrar,  Link Intime India.

• Visit the IPO allotment page on the BSE website here.

• Select 'equity' as the issue type.

• Choose 'Parmeshwar Metal Ltd.' from the dropdown menu for issue names.

• Enter your application number or PAN to proceed.

• Verify 'Captcha' to confirm you are not a robot.

• Click on Search to view your share allotment details.

• Visit the IPO allotment page on the Link Intime India website here.

• From the dropdown menu, select 'Parmeshwar Metal Ltd' from the list of companies.

• Select any one of PAN, Application Number, DP/Client ID or Account Number/IFSC to view your allotment status.

• Enter the required details.

• Click on 'Submit' to check the allotment status.

Following the allotment, the company will initiate refunds for the non-allotees and start credit of shares into the demat account of successful bidders on Jan. 8.

Shares of Parmeshwar Metal Ltd. are slated to be listed on the BSE SME on Jan. 9.

The grey market premium on Parmeshwar Metal IPO stood at Rs 40 as per the updates at 5:04 a.m. on Jan 7. According to InvestorGain, shares of the company are likely to debut at Rs 101, marking a premium of 65.57% over the price band.

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

Parmeshwar Metal Ltd. plans to utilise the IPO proceeds to fund capex on setting up a manufacturing facility in Gujarat's Dehgam, as well as furnace renovation for copper melting. A portion of the money will also be used for meeting working capital requirements and for general corporate purposes.

Parmeshwar Metal Ltd. is engaged in the manufacturing of a wide range of copper wire and rods by recycling copper scrap. The company's products serve as a raw material in making power cables, wires, transformers, automotive products and household cables.

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.