Unlisted shares of Supreme Power Equipment Ltd are trading Rs 60 higher in the grey market, which is a 92.31 per cent listing gain from the public issue
Supreme Power Equipment IPO: The initial public offering of Supreme Power Equipment Ltd, which is going to be closed on Tuesday, is receiving a decent response from investors. Till 11:57 am on the final day of bidding on Tuesday, the IPO received 56.03 times subscription, garnering bids for 24,53,08,000 shares as against 43,78,000 shares.
The Rs 46.67-crore IPO was opened for public subscription on Thursday, December 21.
The category meant for non-institutional investors received 48.37 times subscription, while the quota for retail individual investors (RIIs) got subscribed 90.73 times. The quota for qualified institutional buyers (QIBs) got subscribed 1.06 times.
The IPO allotment will take place on December 27, while its listing will take place on December 29 on the SME NSE.
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Supreme Power Equipment IPO GMP Today
According to market observers, unlisted shares of Supreme Power Equipment Ltd are currently trading Rs 60 higher in the grey market as compared with its issue price. The Rs 60 grey market premium or GMP means the grey market is expecting a 92.31 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Supreme Power Equipment IPO
The Supreme Power Equipment IPO is entirely a fresh issue of 71.8 lakh shares. Supreme Power Equipment IPO price band is set at Rs 61 to Rs 65 per share. The minimum lot size for an application is 2,000 shares. The minimum amount of investment required by retail investors is Rs 1,30,000.
Narnolia Financial Services Ltd is the book-running lead manager of the Supreme Power Equipment IPO, while Purva Sharegistry India Pvt Ltd is the registrar for the issue. The market maker for Supreme Power Equipment IPO is Share India Securities.
Incorporated in 1994, Supreme Power Equipment Limited is engaged in manufacturing, upgrading and renovating various types of transformers such as power transformers, generator transformers, windmill transformers, distribution transformers, isolation transformers, solar transformers, energy efficient transformers, converters and rectifier transformers.
The proceeds of the IPO will be utilised towards capital expenditure, working capital requirements of the company, general corporate purposes, and issue expenses.
