August 20, 2024
New Delhi, India
SME IPO
Sunlite Recycling Industries Limited made an impressive stock market debut on Tuesday, with shares being listed at ₹199.50 apiece on the NSE SME platform. This listing price reflects a stellar 90% premium over the issue price of ₹105 per share, surpassing market expectations and indicating strong investor confidence in the company.
Stock Market Debut: Sunlite Recycling Industries shares opened at ₹199.50 on the NSE SME, far exceeding the initial public offering (IPO) issue price of ₹105 per share. This listing significantly outperformed Street expectations, as the shares were trading at a premium of over 75% in the grey market prior to the debut.
The robust listing was driven by overwhelming demand for the IPO, which was subscribed more than 280 times, indicating strong investor interest in the company’s future prospects.
Sunlite Recycling Industries IPO Details:
- IPO Subscription Period: The Sunlite Recycling Industries IPO opened for public subscription on August 12 and closed on August 14.
- Allotment and Listing Dates: The IPO allotment date was August 16, and the shares were listed on August 20.
- Price Band: The IPO price band was set between ₹100 and ₹105 per share.
- Funds Raised: At the upper end of the price band, the company raised ₹30.24 crore through the book-built issue, which was entirely a fresh issue of 28.8 lakh equity shares.
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IPO Subscription Status: The Sunlite Recycling Industries IPO received an overwhelming response, being subscribed 282.45 times overall. Here’s a breakdown of the subscription figures:
- Retail Category: Subscribed 252.00 times.
- Qualified Institutional Buyers (QIB) Category: Subscribed 109.05 times.
- Non-Institutional Investors (NII) Category: Subscribed 584.10 times.
Utilization of Funds: The proceeds from the fresh issue will be used for:
- Capital Expenditure: Installation of new Plant & Machinery.
- Debt Repayment: Partial repayment of certain borrowings.
- General Corporate Purposes: To support various operational and strategic initiatives.
Lead Managers and Registrar:
- Book Running Lead Manager: Hem Securities Ltd is the lead manager for the IPO.
- Registrar: Cameo Corporate Services Ltd is handling the IPO registrar responsibilities.
Conclusion: Sunlite Recycling Industries’ strong debut on the NSE SME platform underscores the high investor demand and confidence in the company’s growth potential. With a listing price at a 90% premium over the issue price, the company has set a positive tone for its journey in the public markets. Investors who participated in the IPO have seen significant gains, and the future looks promising as the company executes its growth strategy.
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