Demand for Premium Plast Limited's initial public offering (IPO) remained high across all investor categories on Wednesday, October 23, the third and final day of bidding. Retail investors made up the majority of the nearly 39 times bookings for the NSE SME issue.
Compared to the 50.76 lakh shares available, bids for over 19.75 crore shares were received for the NSE SME issue, resulting in an overall subscription of 38.92 times, according to NSE bid data.
Subscription across categories
Premium Plast IPO was subscribed to highest in the retail sector. With applications for over 14.92 crore shares compared to the 22.83 lakh shares reserved for the category, the retail portion was booked 65.36 times.
Against the 22.83 lakh shares set aside for the category, the Non-Institutional Investors (NIIs) booked their shares 17.51 times with bids for almost 4 crore shares.
The Qualified Institutional Buyers (QIBs) applied for 34.35 lakh shares out of the 5.1 lakh shares reserved for them and thus subscribed to their quota 6.73 times.
IPO size and structure
The Rs 26.2 crore Premium Plast IPO is a book-building issue. The 53.46 lakh shares that are being offered in the NSE SME public offer are completely new.
Price band and minimum bid
The price range for the Premium Plast IPO has been set at Rs 46 to Rs 49 per share. For retail investors, a single lot of 3,000 shares, totalling Rs 1,47,000, is the minimum application size.
Listing and subscription timetable
Following the completion of the share allocation, successful bidders will receive shares of Premium Plast Limited in their Demat accounts on the same day, while unsuccessful bidders will begin receiving refunds on Friday, October 25.
Premium Plast's shares will be listed on Emerge, the NSE SME platform. October 28 has been tentatively set as the date of the IPO listing.
Subscriptions for the Premium Plast IPO began on Monday, October 21. Wednesday, October 23, is the last day of the three-day bidding period. The status of the Premium Plast IPO share allocation is expected to be finalised on Thursday, October 24.
