Sungarner Energies IPO: Check GMP, subscription status on day 3, other details
Sungarner Energies Ltd. provides a variety of power solutions, including solar power, UPS, batteries, and inverters, according to the Red Herring Prospectus (RHP). Together with this, the company trades solar panels. Sungarner Energies Ltd offers its clients engineering, design, and solution-related services.
Additionally, the company offers a variety of services, including the operation and maintenance of solar power generation systems and projects involving solar power plants.
Six service centres for Sungarner Energies Ltd are located in India: Delhi, Uttar Pradesh, Haryana, Bihar, Assam, and Bengal. To reach all of India’s major districts by the end of 2025, the company is currently in the process of appointing 500 more franchisees to increase its footprint. Additionally, SunGarner began exporting its goods in the previous two years, and it has since done so to Nigeria, Bhutan, Dubai, Nepal, and Lebanon.
Sumit Tiwari and Snigdha Tiwari are the promoters of the company.
Sungarner IPO subscription status was 152.38 times on day 3. The issue received positive response from retail investors who’s portion set was subscribed 192.89 times, and non-institutional buyers who’s portion set was subscribed 110.59 times, according to data on chittorgarh.com.
The company has received bids for 8,87,45,600 shares against 640,000 shares on offer, at 18:09 IST, according to data on chittorgarh.com.
Sungarner IPO subscription status was subscribed 26.35 times on day 2, and was subscribed 2.68 times on day 1.
Sungarner Energies IPO GMP today
Sungarner Energies IPO GMP today or grey market premium is +17 same as the previous trading session. This indicates that the shares of Sungarner Energies IPO GMP were trading at a premium of ₹17 in the grey market on Wednesday, according to topsharebrokers.com.
Considering the upper end of the Sungarner Energies price band and the current premium in the grey market, the estimated listing price of Sungarner Energies Ltd share price is ₹100 apiece, which is 20.48% higher than the Sungarner Energies share of ₹83.
On Saturday and Sunday, Sungarner Energies Ltd shares were trading at their issue price with no premium or discount in the grey market.
The lowest GMP is recorded at ₹0 while the highest GMP is ₹17. According to topssharebrokers.com, today’s IPO GMP trend indicates strong listing. The lowest GMP is recorded at ₹0 while the highest GMP is ₹17.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Sungarner Energies IPO details
Sungarner Energies IPO price band has been fixed at ₹83 per equity share of face value of ₹10 each. The minimum lot size of this Sungarner Energies IPO is 1600 shares. Sungarner Energies Ltd IPO issue price is 8 times the face value of the equity share.
Sungarner Energies Ltd IPO consists of fresh issue of 640,000 equity shares aggregating to ₹5.31 crore. There is no offer for sale (OFS) component.
According to company’s Red Herring Prospectus (RHP) it intends to use the net proceeds to meet working capital requirements, general corporate purposes, and issue related expenses.
Sungarner IPO’s lead manager is Fast Track Finsec Private Ltd, and the registrar is Skyline Financial Services Private Ltd.
Sungarner Energies IPO Dates
Sungarner Energies Ltd IPO’s basis of allotment of shares will be finalised on Monday, August 28 and the company will initiate refunds on Tuesday, August 29, while the shares will be credited to the demat account of allottees on Wednesday, August 30. Sungarner Energies Ltd shares are likely to be listed on NSE SME on Thursday, August 31.
Sungarner Energies IPO review
“The company operates in a highly competitive and fragmented segment. It reported an average financial performance and its IPO price discounts all near-term positives. The small paid-up equity capital indicates a longer gestation period for migration. Well-informed investors may park funds for long-term rewards,” said Dilip Davda, the contributing editor at Chittorgarh.com.
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Updated: 23 Aug 2023, 06:21 PM IST
