Sungarner Energies IPO Listing: SME shares treble investors’ money upon listing

livemint.com:

₹250 per share, 201.2 percent higher than the issue price of ₹83. Sungarner Energies shares extended gains post listing and were locked at 5% upper circuit following stellar debut. Sungarner Energies share price touched an intraday high of ₹262.50 and low of ₹237.50.

Sungarner Energies stock price ended at ₹262 apiece, up 4.80%. Also Read: Rishabh Instruments IPO: Issue subscribed 1.83 times on day 2 so far; retail, NII portion sees demand Sungarner Energies IPO price band was fixed at ₹83 per equity share of face value of ₹10 each. The minimum lot size of this Sungarner Energies IPO is 1600 shares.

Sungarner Energies Ltd IPO issue price is 8 times the face value of the equity share. Sungarner Energies Ltd IPO consists of fresh issue of 640,000 equity shares aggregating to ₹5.31 crore. There is no offer for sale (OFS) component.

According to company's Red Herring Prospectus (RHP) it intends to use the net proceeds to meet working capital requirements, general corporate purposes, and issue related expenses. Sungarner IPO's lead manager is Fast Track Finsec Private Ltd, and the registrar is Skyline Financial Services Private Ltd. Sungarner Energies Ltd IPO opened for subscription on Monday, August 21, and will closed on Wednesday, August 23.

Sungarner IPO subscription status was 152.40 times on day 3, the issue was subscribed 26.35 times on day 2, and 2.68 times on day 1. Sungarner Energies IPO GMP today or grey market premium is +45 same as the previous trading sessions. This indicated that the shares of Sungarner Energies IPO GMP were trading at a premium of ₹45 in the grey market on Thursday i.e on the day of listing, according to topsharebrokers.com.