Broach Lifecare IPO Skyrockets with 80x Subscription by Day 3; Solve Plastic IPO Hits 17x Mark

On the third day of bidding, Broach Lifecare’s initial public offering (IPO) was oversubscribed by almost 80 times, largely driven by strong retail interest. The retail portion of the IPO saw over 130 times subscription, while non-institutional investors (NII) subscribed 27 times.

The IPO allocation is divided equally, with 50% reserved for retail investors and the remaining for non-retail investors.

IPO Details

Broach Lifecare has priced its IPO at Rs 25 per share, offering 16.08 lakh fresh equity shares. The company aims to raise around Rs 4.02 crore through this issue. Despite the high demand, there is no grey market premium (GMP) for the company’s shares in the unlisted market, indicating that the listing price is expected to remain flat.

Broach Lifecare’s Specialisation

The company operates hospitals under the “Maple Hospitals” brand, specialising in heart care. Broach Lifecare provides non-invasive cardiology services such as 2D Echocardiography, Electrocardiography, Treadmill Tests, and other related treatments. Fedex Securities is acting as the book-running lead manager for this IPO, while Kfin Technologies is the registrar.

Solve Plastic Products IPO Subscribed 17 Times

Solve Plastic Products, which opened for subscription on August 13, has also seen strong demand. The IPO has been subscribed 17 times. The company is selling 13.02 lakh fresh equity shares and has received bids for 2.25 crore shares in total.

Solve Plastic Products IPO Details

The price for Solve Plastic Products’ IPO is fixed at Rs 91 per share. Investors can bid for a minimum of 1,200 shares in one lot. Like Broach Lifecare, Solve Plastic Products has no grey market premium, indicating a likely flat listing.

The company manufactures uPVC pipes and Rigid PVC electrical conduits under the brand “Balcopipes.” Finshore Management Services is managing the IPO, with Integrated Registry Management Services acting as the registrar.