Image Source : PTI File Photo for representation only.
Shera Energy Limited IPO has been oversubscribed. The subscription window will close today, February 10. Against the IPO of 61.76 lakh shares worth Rs 35.20 crore opened on Tuesday, the company has received bids for 27 crore 50 lakh 34 thousand shares, through which applications worth Rs 1567.69 crore have been submitted.
The listing of the issue will take place on the emerge platform of the National Stock Exchange on February 17.
The SME IPO aims to garner Rs 35 crore through its initial share sale. The company has set a price band of Rs 55 to Rs 57.
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“The highest number of 190 times applications in the IPO came from Non-Institutional Investors-NII category. After this, the second number of applicants are retail investors, who have expressed their faith in the company by applying 51.30 times. The number of retail investors who have applied is 47456. 61.76 lakh shares of the company’s stock were subscribed in various perspective, out of which each category saw oversubscription, resulting in the IPO receiving applications for Rs 1567 crore out of 44.53 lakh applications,” Naseem Shaikh, CMD, Shera Energy, said.
Holani Consultants Private Limited is the Book Running Lead Manager the issue. Ashok Holani of Holani Consultants said that FII investors have showed good interest in the company’s IPO. HDFC, the country’s leading private sector bank, made applications worth 20 crore. Similarly, domestic institutional investors have applied for 60.27 crore.
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The company has already placed 18,00,000 equity shares aggregating to Rs 10.08 crore in pre-IPO placement.
Shera Energy manufactures products of non-ferrous metals like copper, aluminium and brass under one roof.
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