Highness Microelectronics IPO Generates Strong Demand, Institutional Investors Lead Subscriptions

Highness Microelectronics IPO Update

The Initial Public Offering (IPO) of Highness Microelectronics commenced on Tuesday, March 24 and is scheduled to conclude on Friday, March 27. The IPO price band has been set at ₹114 to ₹120 per equity share, with a face value of ₹10.

Key Details

• Minimum lot size: 1,200 equity shares
• Additional shares to be bid in multiples of 1,200
• 16.53 lakh shares available for subscription
• 1.52 lakh shares available for sale through an offer for sale
• 35.10 lakh shares in the company's current share capital, which will rise to 51.63 lakh shares post-IPO
• Market capitalization: ₹61.96 crore upon listing

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Allocation

• Anchor investors: 5.11 lakh equity shares
• Qualified institutional buyers (QIBs): 3.42 lakh shares
• Non-institutional investors: 2.59 lakh shares
• Retail investors: 6.02 lakh shares
• Market maker: 91,200 shares

Grey Market Premium (GMP)

• Current GMP: ₹25
• Estimated listing price: ₹145 per share (20.83% higher than the IPO price of ₹120)
• Grey market activities over the past nine sessions indicate an upward trend in GMP, suggesting a strong listing

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Subscription Status

• Subscription status on day 3: 76.53x
• Retail portion subscribed: 81.99x
• NII portion subscribed: 140.73x
• QIBs portion subscribed: 18.24x

Lead Manager and Registrar

• Lead manager: Fintellectual Corporate Advisors Private Limited
• Registrar: Skyline Financial Services Private Limited