Srigee DLM IPO Booked Over 50 Times On Day 2; GMP Soars Over 30%; Check Details
The latest grey market premium (GMP) for the IPO stood at Rs 30 on May 6, indicating a potential gain of 30.30%.
The initial public offering of Srigee DLM Ltd. opened for subscription on Monday, May 5, and received a fantastic response from the investors as the SME issue was booked over 13 times on Day 1. The demand for the IPO was led by non-institutional investors who bid for 62,62,800 shares against the 2,46,000 on offer (subscribing 25.46 times). Retail investors bid for 90,18,000 shares against the 5,72,400 on offer (subscribing 15.75 times). Qualified Institutional investors subscribed 1.45 times the shares on offer.
The company aims to raise Rs 16.98 crore through the public offer. The company is involved in manufacturing and assembly services for industries such as home appliances and consumer durables.
As bidding for the SME IPO concluded on Day 2, here's all you need to know about the Srigee DLM IPO, including the latest subscription status, grey market premium, IPO offer size, price band and more.
Srigee DLM IPO: All You Need To Know
The Srigee DLM IPO is a book-building issue worth Rs 16.98 crore. The BSE SME issue comprises fresh issuance of 17.15 lakh shares. The price band for the IPO has been set between Rs 94 to Rs 99 per share.
The minimum lot size for retail investors is 1,200 shares, which amounts to an investment of Rs 1,18,800. High-net-worth individuals (HNIs) need to place bids for a minimum of two lots, or 2,400 shares, aggregating to an investment of Rs 2,37,600.
As per the company's RHP document, out of the 17,14,800 shares on offer:
3,25,200 (18.96%) is allocated to qualified investors
2,46,000 (14.35%) is allocated to non-institutional investors
5,72,400 (33.38%) is allocated to retail investors
4,84,800 (28.27%) is allocated to anchor investors.
GYR Capital Advisors Pvt. is the book-running lead manager of the Srigee DLM IPO. Bigshare Services Pvt. is the registrar, and Globalworth Securities Ltd. is the market maker for the issue. Mr. Shashi Kant Singh and Mrs. Suchitra Singh are the company promoters. Ahead of the IPO subscription, the Srigee DLM IPO had raised Rs 4.80 crore from anchor investors.
Srigee DLM IPO Subscription Status
Srigee DLM IPO was subscribed 57.60 times on Tuesday.
Qualified Institutions: 1.45 times
Non-Institutional Buyers: 111.94 times
Retail Investors: 65.08 times
Srigee DLM IPO GMP Today
According to Investorgain, the latest grey market premium (GMP) for the IPO stood at Rs 30 as of 6.00 PM on May 6. This indicates that the listing price will be Rs 129 apiece, with a potential gain of 30.30%.
Note: GMP is not an official source of data and is based on speculation.
Srigee DLM IPO Dates
The IPO subscription window will remain open from May 5 to May 7. The Srigee DLM IPO share allotment status is scheduled to be finalised on May 8.
Shares of Srigee DLM will be credited to the Demat accounts of successful bidders on May 9, and refunds for non-allottees will be done on the same day.
The tentative date for the listing of the Srigee DLM IPO is May 12. Shares of Srigee DLM Ltd. are scheduled to be listed on the BSE SME platform.
Srigee DLM IPO Business, Use of IPO Proceeds And Financials
Srigee DLM specialises in plastic injection moulding and electronics manufacturing solutions. It serves clients in industries such as consumer durables, home appliances, and automotive components.
Use of Proceeds
The company will use the proceeds from the IPO to fund its capital expenditure, set up a manufacturing facility in Uttar Pradesh, and acquire machinery and general corporate purposes.
Financials
The company’s profit after tax (PAT) rose 10.32% year-on-year to Rs 3.1 crore in FY24 from Rs 2.81 crore in FY23. Its revenue from operations rose 15.46% year-on-year to Rs 54.43 crore in FY24 from Rs 47.14 crore in FY23. For the nine months ended Dec. 31, 2024, it reported a net profit of Rs 3.77 crore and a total income of Rs 54.57 crore.
