Shubhshree Biofuels Energy IPO Surges 120x in Bids, Overshadowing Aditya Ultra Steel on Final Day

The initial public offering (IPO) of Shubhshree Biofuels Energy was massively oversubscribed, reaching 119.37 times on its final day of bidding. Investors placed bids for 11.91 crore shares, while only 9.98 lakh shares were available, as per NSE data.

Shubhshree Biofuels Energy offered 13.92 lakh new shares in this IPO, with the price set between Rs 113 and Rs 119 per share. The company plans to use the funds raised from the IPO to buy more plant and machinery, meet working capital needs, and for other general business purposes.

Established in 2013 in Jaipur, Shubhshree Biofuels Energy provides biomass fuels such as pellets and briquettes to industries like textiles, pharmaceuticals, and metal processing.

In addition, the IPO of Aditya Ultra Steel was subscribed 10.22 times on its last day. The company, which manufactures TMT bars under the “Kamdhenu” brand, offered 74 lakh fresh shares priced between Rs 59 and Rs 62. Aditya Ultra Steel was founded in 2011 and serves the construction and infrastructure sectors.

Similarly, the IPO of Gajanand International Ltd was subscribed 14.28 times. The company, which focuses on producing contamination-free cotton, offered 57.36 lakh fresh shares at Rs 36 each. Gajanand International, founded in 2009, will also list its shares on the NSE’s SME platform Emerge.