The initial public offering (IPO) of IC Electricals, which opened for subscription on July 3, will conclude its subscription process on July 7.
The SME IPO has received a fantastic response from the investors as the issue was booked over 100 times on the final day of bidding.
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 50% 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 51 on July 7. It indicates a listing price of Rs 150 apiece at a premium of 51.52% 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 and the highest was Rs 55.
Note: GMP does not represent official data and is based on speculation. Data from InvestorGain.
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IC Electricals IPO: Day 3 Subscription Status
The IPO has been subscribed 107.93 times as of 10:51 AM on July 7, with investors bidding for 37,46,79,600 shares against the 34,71,600 shares on offer.
IC Electricals IPO: Issue Size, Price Band And Lot Size
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.
The price band for the IPO is set between Rs 94 and Rs 99 per share.
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.
NEXGEN Financial Solutions Ltd. is the book-running lead manager and Skyline Financial Services Ltd. is the registrar of the issue.
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IC Electricals IPO: Allotment And Listing Date
The share allotment status for IC Electricals IPO 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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