Unlisted shares of Rulka Electricals Ltd are trading Rs 300 higher in the grey market, expecting a strong 127.66 per cent listing gain from the public issue
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Rulka Electricals IPO: The initial public offering of Rulka Electricals Ltd, which will be closed on May 21, has received an overwhelming response from investors. Till 10:43 am on the final day of bidding on Tuesday, the Rs 26.40-crore SME IPO received a 125.35 times subscription, garnering bids for 9,37,10,400 shares as against 7,47,600 shares on offer.
The Rulka Electricals IPO was opened for public subscription on Thursday.
The retail category has received a 152.05 times subscription, while the non-institutional investor (NII) category got a 223.81 times subscription. The qualified institutional buyers (QIBs) has also got a 4.76 times subscription.
The Rulka Electricals IPO allotment will likely be finalised on May 22, while the listing will take place on May 24 on the NSE SME.
The price band of the IPO was fixed at Rs 223-Rs 235 per share.
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Rulka Electricals IPO GMP Today
According to market observers, unlisted shares of Rulka Electricals Ltd are trading Rs 300 higher in the grey market as compared with its issue price. The Rs 300 grey market premium or GMP means the grey market is expecting a strong 127.66 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.
About Rulka Electricals IPO
The Rulka Electricals IPO is a combination of fresh issue of 8.42 lakh shares aggregating to Rs 19.80 crore and offer for sale of 2.81 lakh share aggregating to Rs 6.60 crore.
The price band of the IPO has been fixed at Rs 223 to Rs 235 per share. Investors can apply for a minimum lot size of 600 shares. The minimum amount of investment required by retail investors is Rs 1,41,000. The minimum lot size investment for HNI is 2 lots (1,200 shares) amounting to Rs 2,82,000.
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Beeline Capital Advisors Pvt Ltd is the book-running lead manager of the Rulka Electricals IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Rulka Electricals IPO is Sunflower Broking.
