The IPO of Subam Papers, which opened for bidding today, September 30, has experienced a lukewarm response from investors. As of 4 p.m., the overall subscription rate was 0.36 times.
The portion allocated for retail investors was subscribed at 0.57 times, while the non-institutional investor (NII) portion received bids for 0.36 times. Notably, the Qualified Institutional Buyers (QIB) did not receive any bids, as per the exchange data.
Subam Papers intends to issue 61.65 lakh shares in its entirety as a fresh offering in order to raise ₹93.70 crore through the IPO. With a face value of ₹10 per equity share, the offer’s price band is set between ₹144 and ₹152. A minimum investment of ₹1,21,600 is required from individual investors, with the IPO lot size specified at 800 shares.
On Friday, October 4, 2024, the allotment for the IPO is anticipated to be finalized. The tentative listing date for the shares is Tuesday, October 8, 2024, on the BSE SME platform.
Gretex Corporate Services Limited is the bookrunning lead manager of the Subam Papers IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Subam Papers IPO is Gretex Share Broking. The IPO is set to close on Thursday, October 3.
GMP signals over 23% Premium
As of today, the grey market premium (GMP) for Subam Papers IPO stands at ₹35 per share. This suggests that the shares are anticipated to list at ₹35 above their issue price. With this GMP and the IPO price, the estimated listing price of the shares would be ₹187, reflecting a 23% premium over the issue price of ₹152 per share.