Sati Poly Plast IPO Subscribed 129x; Prizor Viztech, Aelea Commodities, and Three M Paper See Strong Investor Demand

India IPO

Updated July 15, 2024

The initial public offering of electric vehicle manufacturer Tunwal E-Motors was fully subscribed on the first day of bidding today.

Sati Poly Plast IPO Subscribed 129x; Prizor Viztech, Aelea Commodities, and Three M Paper See Strong Investor Demand

All four IPOs—Sati Poly Plast, Prizor Viztech, Aelea Commodities, and Three M Paper Boards—continued to attract strong investor interest on the second day of subscription, July 15.

Sati Poly Plast led the way, with its IPO subscribed 129.20 times as investors purchased 12.35 crore equity shares against an offer of 9.56 lakh shares. Retail investors were especially active, buying 224.2 times their allotted quota, while high net worth individuals (HNIs) picked 127.8 times their reserved portion. However, qualified institutional buyers (QIBs) showed less enthusiasm, purchasing just 6,000 shares out of the 2,53,500 reserved for them. The Bihar-based packaging materials company aims to raise Rs 17.36 crore with a price band of Rs 123-130 per share.

Ahmedabad-based Prizor Viztech, a security and surveillance solutions provider, ranked second in subscriptions. Its Rs 25.15-crore IPO was subscribed 54.77 times, with 11.37 crore equity shares bought against an issue size of 20.76 lakh shares. Retail investors subscribed 93.6 times, HNIs 56.6 times, and QIBs 1.95 times the reserved portions. Prizor Viztech plans to use the funds to set up a display centre and inventory storage in Ahmedabad, as well as for working capital and general corporate purposes.

Aelea Commodities saw its IPO subscribed 29.01 times, with retail investors buying 43.94 times their quota, HNIs 31.82 times, and QIBs 0.01 times. The Mumbai-based agricultural products trader aims to raise Rs 51 crore with a price band of Rs 91-95 per share.

Three M Paper Boards' IPO was subscribed 32.68 times on the second day, with 13.49 crore shares bid against the offer of 41.3 lakh shares. Retail investors bought 55.11 times their quota, HNIs 26.14 times, and QIBs 0.01 times. The company, which manufactures recycled paper-based duplex board products for packaging, aims to raise Rs 39.83 crore with a price band of Rs 67-69 per share.

All four public issues will close on July 16.

Meanwhile, the IPO of electric vehicle manufacturer Tunwal E-Motors was fully subscribed on its first day, July 15. Investors purchased 3.62 crore equity shares, 1.85 times the IPO size of 1.96 crore shares. The Pune-based two-wheeler maker seeks to raise Rs 115.64 crore with a price of Rs 59 per share, comprising Rs 81.72 crore in fresh shares and an offer-for-sale worth Rs 33.93 crore. This fixed price issue will close on July 18.