Sheetal Universal IPO: The initial public offering of Sheetal Universal Ltd, which was opened for public subscription on Monday, has been closed on Wednesday, December 6. According to data till 4:40 pm on the final day of bidding on Wednesday, the SME IPO received a whopping 178.20 times subscription, getting bids for 57,52,16,000 shares as compared with 32,28,000 shares.
The category meant for non-institutional investors received 212.49 times subscription, while the quota for retail individual investors (RIIs) got subscribed a whopping 127.80 times.
The price of the Rs 23.80-crore Sheetal Universal SME IPO was fixed at Rs 70 a share.
On the second day of bidding on Tuesday, the SME IPO received 20.54 times subscription.
Sheetal Universal IPO GMP Today
According to market observers, unlisted shares of Sheetal Universal Ltd were trading Rs 12 higher in the grey market as compared with its issue price. The Rs 12 grey market premium or GMP means the grey market is expecting a 17.14 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The Sheetal Universal IPO is likely to be listed on NSE SME on December 9, while the share allotment is likely to take place on December 7.
Sheetal Universal IPO Details
The IPO comprised a fresh issue of 32,28,000 equity shares for public subscription with a face value of Rs 10 each. The company fixed the price band at Rs 70 per equity share for the IPO.
For investors, the minimum lot size to apply for the IPO is 2,000 shares. The minimum amount of investment required by retail investors is Rs 1,40,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to Rs 2,80,000.
The proceeds from the issue will be utilised towards funding capital expenditure, working capital requirement, general corporate purpose, and to meet public issue expenses.
Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the Sheetal Universal IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Sheetal Universal IPO is Spread X Securities.
The company’s revenue in FY23 stood at Rs 131.65 crore, while the profit after tax was Rs 1.98 crore.
(The headline and the story have been updated with the latest data)
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