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19 Nov 2024
Sati Poly Plast shares made a remarkable stock market debut on Monday, despite overall weak market conditions. The shares began trading at ₹247 each on the NSE SME, marking a 90% premium over the issue price of ₹130 per share.
The IPO listing aligned with street estimates, as the grey market premium (GMP) for Sati Poly Plast was ₹140 per share, indicating an estimated listing price of ₹270 per share—a 107.69% premium over the issue price. However, due to the NSE's price control cap of 90% on SME IPOs during the pre-opening session, the listing price was limited to a 90% premium.
The Sati Poly Plast IPO, an SME offering, opened for subscription on July 12 and closed on July 16. The IPO allotment was finalized on July 18, and the listing date was July 22. The price band for the IPO was set at ₹123 to ₹130 per share. The company raised ₹17.36 crore through the book-built issue, which consisted entirely of a fresh issue of 13.35 lakh equity shares.
The IPO saw overwhelming demand during its subscription period, being subscribed 499.13 times overall, with bids for 44.22 crore equity shares against the 8.86 lakh shares on offer. The retail category was subscribed 670.62 times, the Qualified Institutional Bidders (QIB) category 146.00 times, and the Non-Institutional Investors (NII) category 569.52 times.
The net proceeds from the issue are intended to be used for working capital requirements and general corporate purposes. Beeline Capital Advisors Pvt Ltd acted as the book-running lead manager for the IPO, while Link Intime India Private Ltd served as the registrar.
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