Innomet Advanced Materials IPO Allotment Finalized! Here’s How to Check Your Status Before NSE SME Listing
The IPO allotment for Innomet Advanced Materials has been finalized today, following high demand and strong subscriptions.
IPO Details
The SME IPO, worth ₹34.24 crore, was open for bidding from September 11 to September 13, with a price band of ₹100 per share. Investors who received the allotment will have the shares credited to their Demat accounts on September 17. Refunds for rejected applications will also be processed on the same day. The company is set to list on the NSE SME platform on Wednesday, September 18, 2024.
How to Check Allotment Status
If you want to check your allotment status, here’s a simple step-by-step guide:
- Visit the official website of Skyline Financial Services Private Ltd., the IPO registrar.
- From the selection menu, choose “Innomet Advanced Materials IPO.”
- Select how you want to check the status: by PAN, Demat account number, or application number.
- Pick the “Application Type,” either “ASBA” or “Non-ASBA.”
- Enter your relevant details like PAN, application number, or Demat account number.
- Complete the captcha for verification.
- Click ‘Submit’ to view your allotment status.
Innomet Advanced Materials IPO Subscription Details
This IPO was entirely a fresh issue of 34.24 lakh shares, with no offer for sale (OFS) component. The minimum lot size for retail investors was 1,200 shares, requiring a minimum investment of ₹1.2 lakh.
The IPO was in high demand, with a total subscription of 323.92 times during the three-day bidding process. A total of 105.34 crore shares were bid for, compared to the 32.52 lakh shares available. Retail investors subscribed 226.97 times, while the “others” category saw a subscription rate of 367.77 times.
Purpose of Funds
The company plans to use the funds from the IPO for several purposes, including:
- Meeting working capital requirements
- Purchasing machinery and equipment
- Repaying or prepaying loans
- General corporate purposes
- Covering expenses related to the issue
Lead Manager and Market Maker
Expert Global Consultants Private Limited is the lead manager of this IPO, while Prabhat Financial Services is the market maker for the issue.
About Innomet Advanced Materials
Incorporated in 1984, Innomet Advanced Materials Limited produces metal powders and tungsten heavy alloys. The company operates through two divisions: Innomet Powders and Innotung. It manufactures and supplies metal powders and components to both domestic and international markets, including the US, UK, Germany, and Japan.
Innomet’s product range includes over 20 different items, such as copper, bronze, brass, nickel, tin, and stainless steel powders. Despite a 9% revenue growth in FY24, the company’s profit after tax (PAT) dropped by 22%.
Review and GMP
According to Dilip Davda of Chittorgarh.com, the company has posted inconsistent profits, and the IPO appears to be highly priced based on FY24 earnings (over 51 P/E). He suggests that well-informed investors may invest for the long term, with a “may apply” rating.
The IPO’s Grey Market Premium (GMP) is ₹95 per share today, indicating an expected listing price of ₹195, which is a 95% premium over the issue price of ₹100.
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