Essen Speciality SME IPO lists at a premium of 31% on NSE SME
₹140 per share, nearly 30.8 percent higher than the issue price of ₹107 on the NSE SME exchange. The company set the price band for the IPO at ₹101 to ₹107 per equity share. The public issue that opened for subscription on Friday, June 23, closed on Tuesday, June 27.
On June 27, the final day of the bidding process, data showed that the Essen Speciality Films IPO had a staggering 71.03 times total subscription. In contrast to the 61.99 lakh shares that have been offered, the public offering got bids for 29.28 crore shares. Essen Speciality Films IPO day 3: Issue subscribed over 71 times on last day; NII portion booked 112 times The IPO consists of a fresh issue of 46.99 lakh shares and a sale of 15 lakh shares.
1,200 shares make up each lot in the offering. The company intends to use the net proceeds from the offering to finance the objectives, that include funding working capital needs and general corporate purposes, as well as the prepayment or repayment of all or part of certain outstanding borrowings. The company set aside 50% of the net offer for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for the retail investor category.
The IPO's registrar is Bigshare Services Pvt Ltd, and the sole lead manager is GYR Capital Advisors Pvt. The company's market maker is SMC Global Securities Ltd. The company produces and exports specialised plastic goods for the home renovation and furniture markets to well-known international modern trade stores like IKEA, Walmart, and Kmart, among others.
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