Pattech Fitwell Tube Components SME IPO: Last day of issue subscribed 1.97x
The Pattech Fitwell Tube Components is an SME IPO offering of up to ₹12.00 crores in 24 lakh equity shares with a face value of ₹10. The price of the offering is ₹50 per share. 3000 shares are the minimum threshold order quantity. The IPO started trading on April 5, 2023, and it ended today, April 12, 2023. The IPO’s registrar is Bigshare Services Pvt Ltd and Fedex Securities Ltd is the lead manager of the IPO.
The market maker for Pattech Fitwell Tube Components Ltd.’s SME IPO will be Pure Broking Private Ltd. The company’s promoters are Bharatbhai Jivrajbhai and Jaysukhbhai Popatbhai Limbani. 2,400,000 equity shares are being issued on the public market by Pattech Fitwell Tube Components. The offering provides 1,200,000 shares to retail investors and 1,200,000 shares to other investors, including institutional, corporate, and HNI applicants (NII and QIB). According to the terms of the offering, HNI/NII investors would receive 50% of the net offer, with the remaining 50% going to retail investors.
On April 12, 2023, Pattech Fitwell Tube Components’ IPO had received 1.97 times as many subscriptions on its last day, 1.90 times in the retail category, and 2.05 times in the other category. On Day 1, Pattech Fitwell Tube Components SME IPO was subscribed 0.62x, 0.78x on Day 2, 1.07x on Day 3, and 1.23x on Day 4 of the issue.
In the retail category, there were 22,80,000 shares total bid as opposed to the 12,00,000 shares offered, while there were 24,57,000 shares total bid for the NII category as opposed to the 12 lakh shares offered. There were 47,37,000 total shares bid as opposed to 24 lakh total shares offered.
The basis for allotment will be completed on April 18, 2023, and reimbursements will start on April 19, 2023. The company is set to debut on the NSE SME segment on April 21, 2023.
At ₹6 per share today, the GMP movement is negative, which indicates a discounted listing on the stock exchanges. As a result, the fixed issue price of the Pattech Fitwell Tube Components Ltd. IPO is Rs. 50. The anticipated listing price is thus marked at roughly Rs. 44 per share as per the GMP indication on April 12, 2023, and the grey market anticipates a listing at a discounted price. The discount GMP may be a sign of a negative pricing listing on NSE SME as the GMP of Rs-6 on the set IPO price of Rs50 suggests a listing discount of -12.00% for Pattech Fitwell Tube Components Ltd.
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