By August 29, both businesses will have finalized their IPO share allocation. The BSE SME will begin trading its shares on September 2.
IPO Allocation & Listing
On August 28, the last day of bidding, investors responded favorably to the initial public offerings of IT solutions business Globtier Infotech and security & facilities management services provider NIS Management.
By August 29, both businesses will have finalized their IPO share allocation. The BSE SME will begin trading its shares on September 2.
Also Read: Smartphone restrictions in Japan
NIS IPO Oversubscribed Strongly
In contrast to the 39 lakh shares made available via 1,520 applications, NIS Management‘s Rs 60 crore public offering ran 2.95 times over the course of August 25–28, with buyers buying 1.15 crore shares.
The issuance received full support from investors in all categories, with the non-institutional investors‘ part receiving 6.71 subscriptions. Retail investors subscribed 1.1 times, while eligible institutional purchasers subscribed 2.12 times for the reserved portions.
Also Read: USA Gold Holds Steady Ahead of Fed Clues
Fresh Issue & Subscription
The IPO of the Kolkata-based firm included both a new issuance of 46.62 lakh shares and an offer by proprietor Debajit Choudhury to sell 7.44 lakh shares. The shares were sold at prices between Rs 105 and Rs 111 each.
Working capital needs will be the primary use of the proceeds from the new issuance, with the remaining cash going toward general business objectives.
In the meanwhile, Globtier Infotech‘s public subscription was reserved 1.32 times within that time frame.
Follow points:
Total applications received: 1,462
Shares applied for: 56.94 lakh
Offer size (available shares): 43.12 lakh
Fund Utilization & Valuation
The managed IT and SAP support service company located in Noida started a public offering of 43.12 lakh shares in order to raise Rs 31.05 crore. This included a new offering of 38.11 lakh shares and a sale of 5 lakh shares by proprietor Rekha Shukla.
For working capital needs, debt repayment, and other business purposes, the corporation plans to employ newly issued cash.
Through their IPOs, Globtier Infotech is looking for a value of Rs 109 crore, while NIS Management is seeking a valuation of Rs 220 crore.