1 week ago
Sumax Engineering IPO Fully Subscribed on First Day
Sumax Engineering is asking investors to buy shares in its company through an IPO.
The IPO opened on 25 August and received strong demand on its first day.
Retail investors placed bids for almost three times the shares available to them.
The grey market price was ₹35 higher than the top IPO price, but this is only an indication and not a guaranteed listing price.
The IPO price band is ₹95 to ₹101 per share.
Investors must bid for at least 2,400 shares.
The company plans to use some of the money to build factories in Rajasthan and Haryana.
Shares are expected to be listed on the NSE SME on 2 September if the proposed schedule is followed.
Sumax Engineering’s SME IPO opened on 25 August and was fully subscribed on its first day.
By 1:05 p.m., the issue was subscribed nearly 1.5 times, led by retail investors at nearly three times.
The grey market premium was ₹35, indicating a possible listing premium of about 35% over the ₹101 upper price.
The IPO comprises a fresh issue of 42,91,200 shares and an offer for sale of 9,96,000 shares.
Proceeds will fund proposed manufacturing units in Rajasthan and Haryana, working capital, and general corporate purposes.
- Who
- Sumax Engineering, which manufactures and trades products for automotive original equipment manufacturers and auto refinishers.
- What
- The company’s SME IPO opened for subscription and was fully subscribed on its first day.
- Where
- The shares are proposed to be listed on the NSE SME; planned manufacturing units will be built in Rajasthan and Haryana.
- When
- The IPO opened on Tuesday, 25 August, and is scheduled to close on Friday, 28 August; proposed listing is on Wednesday, 2 September.
- Why
- The company is raising funds for manufacturing units, working capital, and general corporate purposes.
Key facts
- Issue price band
- ₹95 to ₹101 per equity share
- IPO size
- 42,91,200 fresh shares and 9,96,000 offer-for-sale shares
- Fresh issue proceeds
- ₹43.34 crore
- Grey market premium
- ₹35, suggesting a possible premium of about 35% over the upper issue price
- Minimum retail bid
- 2,400 shares
- Anchor investment
- ₹14.50 crore raised through the allocation of 14,35,200 shares at ₹101 each
- Proposed listing date
- 2 September on the NSE SME
Sources
Related news
Hy-Tech Engineers IPO GMP Signals Potential 41% Listing Gain
Behari Lal Engineering IPO Debuts Amid Strong GMP Expectations
Hy-Tech Engineers IPO Ends 244 Times Oversubscribed Amid Strong Demand
Behari Lal Engineering IPO Subscribed 2.10 Times on Day 2
Tempsens Instruments IPO Draws Strong GMP Amid Valuation Concerns
Tempsens Instruments IPO Subscribed Over 184 Times, GMP Hits 99%
Haryana Plans 582 Village Knowledge Centres for Rural Services
UP Minister Visits Ankit Baliyan Family, Promises Strict Action
Congress Questions Haryana’s Falling Sex Ratio Despite Beti Bachao
Haryana Says Ayushman Bharat Health Services Continue Despite IMA Call
Private Hospitals Flag Ayushman Bharat Payment Delays and Claim Deductions
