Following a positive response to its initial public offering (IPO), Uniparts India announced the finalization of the basis of share allotment on Wednesday. The engineering systems and solutions provider is now gearing up for the lifting of the shares next week. The Uniparts India IPO received an overwhelming 25.32 times subscription on the closing of the application, last Friday, December 2. The shares are set for listing on BSE and NSE on December 12 and if the grey market premium (GMP) trends are anything to go by, the IPO is likely to make a debut with a premium over the price band. The shares of Uniparts are available at a premium (GMP) of Rs 60 in the grey market on Thursday, revealed IPO Watch. This means the grey market expects the IPO of Uniparts India, which was offered with a price band of Rs 548 to 577, to get a listing of around Rs 637 (Rs 577 + 60). However, it must be noted that the grey market is highly speculative in nature and trading based on GMP trends is not recommended. To minimize the risk, all trade on the stock market should be based on research of the company’s fundamentals and market trends. At the upper end of the price band, the public issue of Uniparts India is expected to fetch Rs 836 crore. The 1,44,81,942 equity shares of Uniparts India on offer are entirely an Offer for Sale (OFS) and the company will not be receiving any proceeds from the public issue. The company received 25,66,29,175 bids against the 1,01,37,360 shares on offer. The IPO received an overwhelming response across all the categories. The shares meant for Qualified Institutional Buyers (QIBs) were subscribed 67.14 times, whereas the quota for non-institutional investors Retail Individual Investors (RIIs) received subscriptions of 17.86 and 4.61 times respectively. The company has raised Rs 251 crore from anchor investors ahead of the IPO Uniparts India is a global manufacturer of engineered systems and solutions. Incorporated in 1994, the company is among the leading suppliers of systems and components for the off-highway market in agriculture and construction, forestry and mining, and aftermarket sectors on account of its presence across over 25 countries. Read all the Latest Business News here
Published on : 2022-12-08 07:14:46
Source :news18
Article from : See Article