Piotex Industries IPO Day 2: Issue booked 3.2 times so far; check GMP, subscription status, other key details of SME IPO

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Piotex Industries IPO: The initial public offering (IPO) of Piotex Industries IPO has been seeing stellar demand from investors. Piotex Industries IPO opened for subscription on May 10 and will close on May 14. 

Piotex Industries is a contract manufacturing firm and trades in yarns, fabrics, and cotton bales for various purposes such as apparel and home textiles

The company plans to raise ₹14.47 crore from the primary market. Piotex Industries IPO is an SME IPO and a fixed price issue.

Let us check Piotex Industries IPO GMP, subscription status and other key details.

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Piotex Industries IPO Subscription Status

Piotex Industries IPO has been subscribed 3.22 times so far on Monday, the second day of the bidding process. The issue received bids for 47.04 lakh equity shares as against 14.61 lakh shares offered, as per data available till 4:00 pm.

The IPO has been subscribed 5.00 times in the retail category and 1.36 times in the Non-Institutional Investors (NII) category so far.

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Piotex Industries IPO GMP

Piotex Industries IPO GMP today is ₹20 per share, as per market observers. This indicates that Piotex Industries shares are trading at a premium of 21.28% at ₹114 apiece in the grey market as against its IPO price of ₹94 per share.

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Piotex Industries IPO Details

The bidding for Piotex Industries IPO began on Friday, May 10 and will conclude on Tuesday, May 14. The IPO allotment is likely to be finalized on May 15 and the equity shares of Piotex Industries Ltd will list on BSE SME on May 17.

Piotex Industries IPO price band is fixed at ₹94 per share and the company intends to raise ₹14.47 crore from the IPO which is entirely a fresh issue of 15.4 lakh shares.

The IPO lot size is 1,200 shares and the minimum investment amount required by retail investors is ₹112,800.

Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Piotex Industries IPO, while Cameo Corporate Services is the IPO registrar.

The company proposes to use the net issue proceeds towards funding the working capital requirement and general corporate purpose.