Harikanta Overseas IPO Day 1: Subscription Details, Price, and GMP Revealed
Harikanta Overseas
IPOHarikanta Overseas IPO Sees Strong Response on First Day of Bidding
The initial public offer (IPO) for Harikanta Overseas opened for bidding on Wednesday, May 20, and has seen a strong response from investors. The offer will close for subscription later this week, on May 22. The SME IPO has been priced at ₹91 to ₹96 per share, with the company looking to raise ₹35.6 crore at the upper end of the offer price.
The offer is entirely a fresh issue of 0.27 crore shares, with no offer-for-sale (OFS) component, meaning that all proceeds will be received by the company. Investors can apply for the offer in lots of 1200 shares. The company plans to use the funds raised from the fresh share sale for meeting capital expenditure needs towards purchasing new machines and setting up factory premises, along with working capital needs and general corporate purposes.
As of 4:20 pm on the first day of the bidding process, the offer was booked 9 times, with bids received for 2,50,800 shares against 26,70,000 shares on offer. The retail investor segment was booked 5%, and the non-institutional investor (NII) quota was subscribed 0.10 times.
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| Subscription Status | Number of Shares | Percentage |
|---|---|---|
| Total Bids | 2,50,800 | 9 times |
| Retail Investor Segment | - | 5% |
| Non-Institutional Investor (NII) | - | 0.10 times |
The grey market premium (GMP) for Harikanta Overseas IPO remained nil so far, indicating that shares of Harikanta Overseas IPO could list at par with the upper end of the price band of ₹96 per share. The GMP signals investor willingness to pay over and above the offer price.
Harikanta Overseas IPO allotment is expected to be finalised next week on May 25, with the listing likely on May 27 on the BSE SME platform. The company is a manufacturer of synthetic textile fabrics with products ranging from Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fibre fabrics. The company mainly supplies fabrics for women’s wear, such as sarees, dress materials, and kurtas, while also offering fabrics for men’s kurtas.
Investor Takeaway
Investors can apply for the Harikanta Overseas IPO in lots of 1200 shares.
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