The initial public offering (IPO) of IC Electricals company which was subscribed 6.57 times on the first day of bidding on July 3, has entered the second day of bidding on Monday, July 6.
The SME IPO has received a fantastic response from the investors as the issue was fully subscribed on Day 1. The strong demand has continued on Day 2 with the IPO of IC Electricals receiving bids for over 7,33,64,400 shares against 34,71,600 offered, taking the overall subscription to 21.13 times as of 10:45 AM on Monday.
Amid the strong demand, the grey market premium (GMP) for the IC Electricals IPO has also drawn significant interest among the investors, especially the private market investors as the latest GMP signals over 55% listing gains.
Here's all you need to know about the IC Electricals IPO, including the latest GMP, price band, offer size, important dates, about the company and more.
IC Electricals IPO GMP Today
The GMP for the IC Electricals IPO stood at Rs 55 on July 6. It indicates a listing price of Rs 154 apiece at a premium of 55.56% on the upper limit of the price band.
The grey market premium for the SME IPO has shown consistent gains since it opened for subscription. The lowest GMP recorded for the IPO was Rs 28. The latest GMP is also the highest recorded for the IPO so far, indicating close to 100% increase.
Note: GMP does not represent official data and is based on speculation. Data from InvestorGain.
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IC Electricals IPO: Key Details
The IC Electricals Company IPO is a book-build issue of Rs 47.91 crore. It comprises a fresh issue of 48.39 lakh shares.
To participate in the IPO, retail investors need to bid for two lots comprising a total of 2,400 shares, requiring an investment of Rs 1,18,800. HNIs can participate in the IPO by bidding for a minimum of 3 lots, leading to an investment of Rs 3,56,400.
The price band for the IPO is set between Rs 94 and Rs 99 per share.
NEXGEN Financial Solutions Ltd. is the book-running lead manager and Skyline Financial Services Ltd. is the registrar of the issue.
IC Electricals IPO: Important Dates
The subscription window is open from July 3 to July 7, with the allotment expected to be finalised on July 8. The company will transfer shares to the demat accounts of successful bidders on July 9 and refunds for non-allottees will be made on the same day.
Shares of the company are scheduled to list on the NSE SME platform on July 10.
Use Of Proceeds
The company will use proceeds from the IPO to fund working capital requirements and for general corporate purposes.
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About IC Electricals
IC Electricals Company designs and manufactures electronic equipment for railways and executes electrification projects for the Indian Railways.
IC Electricals is solely focused on rail transportation. They have designed and manufactured various world-class high-tech electronics products for application on locomotives, trainsets and coaches. We have expertise in Power Electronics, Instrumentation & Distribution System, Microprocessor Based Control Systems for Railway Application, Rotating Machines and Railway Electrification.
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.
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