Shera Energy Limited launched its initial public offering (IPO) earlier this week on Tuesday, February 7, 2023 and Thursday, February 9, 2023, which is the last day of bidding for the issue. The SME IPO, which aims to raise ₹35 crore through its initial share sale, has an issue band price of ₹55 - ₹57.
As of 11:30 am on Thursday, the last day, Shera Energy IPO was oversubscribed 9.67 times, 19.86 times by retail investors, 0.01 times by qualified institutional buyers (QIBs) and 22.37 times by non-institutional investors (NIIs). exchanges data.
As per market observers, Shera Energy shares are earning a premium of ₹11 i.e. GMP (Grey Market Premium) in the gray market today. SME stock is expected to make its market debut next week on Friday, February 17, 2023 on NSE Emerge platform.
The NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on the NSE EMERGE platform.
The issue size of the Initial Share Sale is up to 61,76,000 Equity Shares, which includes Fresh Issue of up to 10,48,000 Equity Shares and Offer for Sale (OFS) of up to 51,28,000 Equity Shares. Holani Consultants Private Limited is the Book Running Lead Manager to the Issue.
Incorporated in 2009, the company manufactures products of non-ferrous metals such as copper, aluminum and brass under one roof. Shaikh Naseem, Shivani Shaikh and Isha Infrapower Pvt Ltd are the promoters of the company. The company placed a total of 18,00,000 equity shares for ₹10.08 crore in the Pre-IPO placement.
The company's chairman and managing director Naseem Shaikh had said that the net proceeds from the public offering would be used to meet working capital requirements and for general corporate purposes. "With the growing demand for our products, we need working capital to fuel our growth and take the company to the next level and IPO funding will help us," he said.
No comments:
Post a Comment