Key Dates & Timeline
| Event | Date |
|---|---|
| IPO Opens for Subscription | September 1, 2025 |
| IPO Closes | September 3, 2025 |
| Allotment Finalized | September 4, 2025 |
| Refunds Initiated | September 5, 2025 |
| Shares Credited to Demat | September 5, 2025 |
| Listing on BSE SME | September 8, 2025 |
Issue Structure & Pricing
- Issue Type: Fresh equity issuance (SME IPO) of up to 13.08 lakh shares (face value ₹10 each), aiming to raise approximately ₹19.49 crore.
- Price Band: ₹140 to ₹149 per share.
- Lot Size: Minimum application of 2,000 shares, with incremental lots of 1,000 thereafter—translating to an investment of ₹2.8 lakh to ₹2.98 lakh for the minimum lot.
- Breakdown of Shares Offered:
- QIBs: 26,000 shares (~1.99%)
- NIIs & Retail Investors: 6,08,000 shares each (46.48% each)
Utilization of IPO Proceeds
| Purpose | Amount (₹ crore) | Approx. % of Total |
|---|---|---|
| Working Capital | 9.5 | 48.7% |
| Plant & Machinery (Capex) | 4.4 | 22.6% |
| Pre-payment of Term Loans | 1.32 | 6.8% |
| General Corporate Purposes | Remainder | ~21.9% |
Subscription Status (as of Day 2)
- Overall Subscription: Around 0.85–0.86× (85–86% subscribed)
- Category-wise Breakdown:
- Retail: ~1.02× (fully covered)
- NII: ~0.71–0.74×
- QIBs: 0× (no participation yet)
Grey Market Premium (GMP): Estimated at around ₹13, suggesting an expected listing price of ~₹162. However, grey market figures should be interpreted cautiously.
Summary Highlights
- IPO Size: ₹19.49 crore via fresh issuance
- Price Range: ₹140–149; Lot size: 2,000 shares
- Purpose of Funds: Balance between growth, debt repayment, and working capital
- Strong Financial Momentum: Double-digit revenue and profit growth with improving margins
- Subscription: Fully taken by retail; moderate interest from NIIs; no QIB uptake yet
- Grey Market Outlook: Positive sentiment but to be treated with caution
