• Flowing Recycling IPO subscribed 347.53 times
The SME IPO of Baheti Recycling Industries Limited was open for public subscription from Monday, November 28, 2022 to November 30, 2022. The public issue of ₹12.42 crore was subscribed 347.53 times, while its retail portion was subscribed 435.65 times. Non-institutional investors (NIIs) bid 259.21.
According to market observers, Bahati Recycling shares are available at a premium (GMP) of ₹38 in the gray market today. The shares of the company are expected to get listed on NSE SME next week on Thursday, December 8, 2022. The SME Platform of NSE is a platform for small and medium sized companies.
The finalization of the basis of share allotment is expected to take place next week on Monday, December 5, 2022 and the shares, if allotted, will be credited to the demat account of the bidders on Wednesday, December 7. The registrar for this IPO is erstwhile Shareregistry India Private Limited.
Incorporated in 1994, Baheti Recycling Industries Limited is an aluminum recycling company and is engaged in manufacturing aluminum based metal scrap to aluminum alloys in the form of ingots and aluminum de-ox alloys in the form of cubes, ingots, shots and notched bars . , It is also engaged in trading of scrap materials like Aluminum Scrap, Brass Scrap, Copper Scrap, Zinc Scrap etc. Shankarlal Bansilal Shah, Balkishan Shankarlal Shah and Yash Shankarbhai Shah are the Promoters of the company.
The company intends to use the proceeds from the new issue for modernization and expansion of the existing manufacturing unit, meeting working capital requirements and for general corporate purposes.
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