Royalarc Electrodes Ltd. launched its IPO to raise Rs 36 crore from the primary market last week. The company is engaged in the business of manufacturing welding consumable products.
On day two of bidding on Tuesday so far, the SME IPO has been subscribed 0.29 times. Those looking to bid for shares in this NSE SME offer must check out these key details before submitting their bids.
Royalarc Electrodes IPO Subscription Status Day 2
The Royalarc Electrodes IPO has been subscribed 0.29 times as of 12:10 p.m. on Monday, as per market tracking site Chittorgarh:
Qualified Institutional Buyers: nil
Non-Institutional Buyers: 0.11 times
Retail Investors: 0.24 times
Royalarc Electrodes IPO GMP Today
The grey market premium on Royalarc Electrodes IPO stood at Rs 0 as of 10:55 a.m. on Feb. 17, according to InvestorGain. The current GMP trends indicate a possible flat listing for the offer.
Note: GMP is based on speculation and must not be considered official data.
Royalarc Electrodes IPO: All You Need To Know
Royalarc Electrodes IPO comprises a fresh issue of 18 lakh shares worth Rs 21.60 crore and an offer for sale of 12 lakh shares worth Rs 14.4 crore. The total offer size is valued at Rs 14.4 crore at the upper price band of Rs 114 to Rs 120.
Retail investors may bid in Royalarc Electrodes IPO with a minimum lot size of 1,200 shares, resulting in an investment of Rs 1.44 lakh.
The subscription window for Royalarc Electrodes IPO will remain open till Feb. 18. Allotment of shares in the offer is proposed to be finalised on Feb. 19. Credit of shares into the demat account of successful bidders will be done on Feb. 20. Refunds for the non-allottees will also be initiated on the same day.
Shares of Royalarc Electrodes Ltd. are proposed to be listed on the NSE SME platform Emerge on Feb. 21.
The company has appointed Fedex Securities Pvt. as the book-running lead manager of the Royalarc Electrodes IPO. Kfin Technologies Ltd. is the registrar for the IPO whereas Shreni Shares Ltd. is its market maker.
Royalarc Electrodes: Business
Royalarc Electrodes Ltd. manufactures welding consumables such as MIG/TIG wires, flux-cored wires, and welding electrodes. It serves industries such as railways, construction, and shipbuilding.
The company has proposed to use the net proceeds from the fresh issue to expand its manufacturing facility in Gujarat and meet its working capital requirements. A section of the proceeds will be used 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.
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