Sona Machinery IPO subscribed 22x on Day 2; Shree Karni Fabcom's issue booked 6x so far on Day 1
Sona Machinery was subscribed 22 times so far on the second day of the bidding process. The issue, which closes on March 7, is entirely a fresh equity sale of 36.24 lakh shares.
The IPO is priced in the range of Rs 136-143 per share, where investors can bid for 1,000 shares in 1 lot.
In the public offer, about 50% of the offer is reserved for QIB investors, 35% for retail investors and the rest 15% for NII investors.
Funds raised from the IPO will be used for capital expenditure towards setting up of a new manufacturing unit, repayment of debt and other general corporate purposes.
Also Read: RK Swamy IPO subscribed 9.25 times so far on final day. Check GMP and other details
Sona Machinery is a diversified agro-processing equipment manufacturer, manufacturing equipment for the processing of rice, pulses, wheat, spices, Barnyard Millet etc. Its product portfolio includes Grains Pre-Cleaner machines, Rotary Drum Cleaner, Vibro Classifiers, Stone Separator among others.
For the period ended November 2023, the company clocked revenues of Rs 62.75 crore and net profit of Rs 6.47 crore.
Hem Securities is acting as the lead manager to the issue and Maashitla Securities is the registrar.
Meanwhile, the public offer of Shree Karni Fabcom, which opened earlier today received nearly 6 times subscription so far. The issue garnered bids for 77 lakh shares as against 13.39 lakh shares the company is offering.
The company has fixed a price band of Rs 220-227 apiece for the public offer.
The IPO is completely a fresh equity
