Ganesh Green Bharat IPO Subscribed Over 35x on Day 2; Effwa Infra’s Issue Booked Nearly 38x

The SME IPO of Ganesh Green Bharat has been very popular, getting subscribed over 35 times by the second day of bidding. The IPO, which ends tomorrow, received bids for 15 crore shares compared to the 45 lakh shares available.

Trading at a Premium

In the unlisted market, Ganesh Green Bharat’s shares are trading at a premium of ₹200. The company is offering its shares at a price range of ₹181-190 each, and investors can bid for a minimum of 600 shares in one lot.

This IPO is entirely a fresh equity issue of 65.91 lakh shares, through which the company aims to raise about ₹125 crore. Of the total offer, 50% is reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors.

Money Raised

The money raised from the IPO will be used to repay debt, fund capital expenses, meet working capital needs, and cover general corporate purposes. Ganesh Green Bharat has a diversified business, providing services in solar systems and allied services, electrical contracting, water supply projects, and manufacturing solar photovoltaic modules. Their in-house engineering and design capabilities allow them to offer a variety of products and solutions to their customers in these areas. Hem Securities is managing the issue, and Kfin Technologies is the registrar.

Effwa Infra and Research IPO

The IPO of Effwa Infra and Research is also seeing strong interest, being subscribed nearly 38 times by the second day of bidding. This issue also closes tomorrow.

The shares are priced between ₹78-82 each, and investors can bid for a minimum of 1,600 shares in one lot.

The funds from this IPO will be used for working capital, capital expenses, and general corporate purposes. Effwa Infra and Research offers engineering, consulting, procurement, construction, and project management services in water pollution control, including sewage and industrial effluent treatment, solid waste treatment, ventilation systems, hazardous waste management, and water treatment plants.