Pelatro Ltd. IPO Day 1: Retail Portion Subscribed 99% While QIB Stay Away From ₹55 Crore Public Issue

An SME company, Pelatro Ltd., a provider of marketing solutions, opened its initial public offering (IPO) to a tepid reception. The NSE SME IPO got off to a sluggish start on day one, with only 53 per cent of the issue being booked.

Based on NSE data, the initial public offering (IPO) received 10.01 lakh shares until 5.00 pm, out of the 18,76,800 shares that were offered.

Against the 9.13 lakh shares reserved for the category, over 9.1 lakh shares were applied for by retail individual investors. 99.9 per cent of the retail space was reserved.

Nevertheless, there were no applications received for the Qualified Institutional Buyers (QIB) section. 5,21,400 shares have been set aside by the company for this category. In the employees' category, 12,000 shares were up for bid during the IPO.

Price band and minimum bid

The price range for the Pelatro IPO is set at Rs 190 to Rs 200 per share. For retail investors, the issue has a lot size of 600 shares. For the investors to qualify, they must bid for a minimum of 600 shares, or in multiples of 600 shares thereafter, for a minimum investment of Rs1.2 lakh.

High-net-worth individuals (HNIs) must bid for a minimum of 2 lots (1,200 shares), so their minimum investment would be Rs 2.4 lakh.

IPO size and structure

The 100 per cent book-built Pelatro Limited IPO aims to raise Rs 55.98 crore. The public offering consists solely of a new 27.99 lakh share issuance; there is no offer-for-sale (OFS) element.

Subscription time table and listing

Subscriptions for the Pelatro IPO will end on September 19. On September 20, it is anticipated that the share allotment status will be decided. Shares awarded to successful bidders in the initial public offering (IPO) should arrive in their Demat accounts by September 23.

On the same day, refunds will be started for the remaining bidders. On September 24, the NSE Emerge platform is anticipated to list the Pelatro IPO stock.

Book-running lead manager

Pelatro has designated Bigshare Services Pvt. Ltd as the registrar and Cumulative Capital Pvt. Ltd as the book-running lead manager of the initial public offering. It is Shree Bahubali Stock Broking that makes the market.