Shreenath Paper Products IPO subscribed 6.5% so far on Day 1: Check price band, GMP, key dates and other details
Shreenath Paper Products, which opened for subscription earlier today, has seen a subscription of 6.5% so far on the first day of the bidding process.
By noon, the issue had attracted total bids for 3,54,000 shares via 112 applications, out of the 53,10,000 shares reserved for allotment. The portion reserved for qualified institutional buyers (QIBs) had not yet received any bids.
However, retail investors had bid for 3,18,000 shares via 106 applications, followed by non-institutional investors (NIIs), who had applied for 36,000 shares through 6 applications.
The end date for the issue, which is a completely fresh equity sale of 53 lakh shares, is February 28.
The company plans to utilize the IPO proceeds primarily for working capital needs and general corporate purposes, which is a common practice for SME IPOs.
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