Indifra IPO Day 1: Issue sees muted response, subscribed just 33% till now; check GMP
Indifra received a muted response from investors on the first day of bidding. The issue was subscribed just 35 percent at 2:30 pm on Day 1, December 21, 2023. It has received bids for 7.1 lakh shares against 20.52 lakh shares on offer.
The category for retail investor category was subscribed 66 percent while the non-institutional investors (NII) portion was subscribed just 4 percent till now. The ₹14 crore IPO will close for subscription on Tuesday, December 26, 2023. It is entirely a fresh issue of 21.6 lakh shares by promoters of the company.
The price for the IPO has been set at ₹65 per share. Abhishek Sandeepkumar Agrawal and Sandeepkumar Vishwanath Agrawal HUF are the promoters of the company. They currently hold a 96 percent stake in the which, which will decrease to 67.55 percent post the issue.
Around 50 percent of the net offer is reserved for retail investors. The minimum lot size for an application is 2000 shares. The minimum amount of investment required by retail investors is ₹1,30,000.
Meanwhile, the minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹2,60,000. Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the Indifra IPO, while Kfin Technologies Limited is the registrar for the issue. The allotment for Indifra IPO is expected to be finalized on Wednesday, December 27, 2023, and tentatively it will be listed on NSE SME on Friday, December 29, 2023.
The company's shares in the grey market continued trading at 0, indicating no premium versus the IPO price at listing. It has been the same since it started trading in the grey market on December 18. However, one must note that grey market premium is only an indicator of how the company's shares are performing in the
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