Shares of Srigee DLM made a strong debut on the BSE SME platform on May 12, listing at ₹188.10 per share. This is 90 percent higher than the IPO issue price of ₹99, showing strong investor interest.
Before listing, the company’s unlisted shares were already trading at a grey market premium of around 45 percent. Market experts had expected a listing price of about ₹144, but the actual debut far exceeded those expectations.
Srigee DLM had floated a ₹16.98 crore IPO between May 5 and May 7. The issue was available at ₹94 to ₹99 per share and received record-breaking subscriptions. The IPO was subscribed a whopping 457 times. The non-institutional investors set the ball rolling with a subscription of 1,136 times, and even the retail investors subscribed to the extent of 244 times. Even the Qualified Institutional Buyers (QIBs) were keen and subscribed to the extent of 138 times.
Prior to the IPO opening to public, Srigee DLM had mobilized ₹4.8 crore on May 2 by issuing 4.84 lakh shares of ₹99 each to two institutional investors — Abundantia Capital and Vikasa India EIF I Fund — as part of the anchor investor route.
Srigee DLM is a plastic injection moulding firm. The IPO proceeds are to be used to establish a new production unit in Greater Noida in the state of Uttar Pradesh. The money will also be used to procure fresh machines and other general purposes to aid its expansion.
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Source: Moneycontrol.
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