Unlisted shares of Presstonic Engineering Ltd are trading Rs 50 higher in the grey market, which is a 69.44 per cent listing gain from the public issue
Presstonic Engineering IPO: The initial public offering of Presstonic Engineering Ltd, which opened for public subscription on December 11, is closing on Wednesday, December 13. Till 2:00 pm on the final day of bidding on Wednesday, the SME IPO has got a whopping 110.17 times subscription, receiving bids for 33,86,04,800 shares as against 30,73,600 on offer.
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The category meant for non-institutional investors received an overwhelming 71.45 times subscription, while the quota for retail individual investors (RIIs) got subscribed a whopping 140.19 times.
The IPO price was fixed at Rs 72 per share. The Rs 23.30-crore Presstonic Engineering SME IPO will be alloted on Thursday, December 14. Its listing will take place on the NSE SME on December 18.
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Presstonic Engineering IPO GMP Today
According to market observers, unlisted shares of Presstonic Engineering Ltd are currently trading Rs 50 higher in the grey market as compared with its issue price. The Rs 50 grey market premium or GMP means the grey market is expecting a 69.44 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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Presstonic Engineering IPO Details
Presstonic Engineering IPO is entirely a fresh issue of 32.37 lakh shares. The IPO price was fixed at Rs 72 per share. The minimum lot size for an application is 1,600 shares. The minimum amount of investment required by retail investors is Rs 1,15,200.
The proceeds will be utilised towards funding capital expenditure for the purchase of additional plant and machinery, prepayment in full of certain borrowings availed by the company, to meet the working capital requirements, to meet the issue expenses, and general corporate purposes.
Finshore Management Services Limited is the book running lead manager of the Presstonic Engineering IPO, while Cameo Corporate Services Limited is the registrar for the issue. The market maker for Presstonic Engineering IPO is Nikunj Stock Brokers.
Presstonic Engineering Limited was incorporated in 1996. It manufactures products for Metro Rail Rolling Stock, Metro Rail Signalling and Infrastructure.
Presstonic Engineering manufactures Metro Rail Rolling Stock Products, Metro Rail Signalling Products, and Infrastructure Products for global and domestic OEMs engaged in the manufacture and maintenance of rail and metro rail rolling stock and signalling equipment.
Its profit after tax during the financial year ended March 2023 stood at Rs 2.56 crore and its revenue was at Rs 21.13 crore.
