Shivalic Power Control IPO Day 1: Subscription Soars Over 8x—Get the Latest on GMP and Key Dates
The Shivalic Power Control Initial Public Offering (IPO) opened for subscription on 24 June 2024 and will remain open until 26 June 2024. On its first day, the IPO was subscribed more than 8 times, showing a strong interest from investors.
Subscription Details on Day 1
As of 5:00 PM on 24 June 2024, the Shivalic Power Control IPO had been subscribed 8.42 times, according to Chittorgarh.com. The breakdown of subscriptions is as follows:
- Retail Investors: 13.65 times
- Qualified Institutional Buyers (QIBs): 1.41 times
- Non-Institutional Investors (NIIs): 5.57 times
Important Dates for the IPO
- Subscription Period: 24 June 2024 to 26 June 2024
- Allocation Date: Expected on 27 June 2024
- Listing Date: Tentatively set for 1 July 2024 on NSE SME
IPO Details: Price, Lot Size, and Objectives
The IPO consists of 64.32 lakh fresh shares, aiming to raise ₹64.32 crore. The price band for the IPO is set between ₹95 and ₹100 per share. The minimum bid lot size is 1,200 shares, meaning retail investors need to invest at least ₹120,000. For High Net-worth Individuals (HNIs), the minimum is 2 lots (2,400 shares), requiring an investment of ₹240,000.
The funds raised from this IPO will be used for:
- Working capital requirements
- Capital expenditures
- Procuring new machinery
- Civil construction for a warehouse roof
- Potential acquisitions
- General corporate expenses
GMP: Shivalic Power Control IPO Grey Market Premium
As per Investorgains.com, the current Grey Market Premium (GMP) for the Shivalic Power Control IPO is ₹155 per share. This suggests that the shares are trading at ₹255 in the grey market, which is 155% above the issue price of ₹100 per share.
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