The shares of SK Minerals, Shlokka Dyes, and Sihora Industries will be available for trading on the exchanges on October 17 when all three businesses finalize their IPO share allocation by October 15.
The initial public offering (IPO) of SK Minerals and Additives ended with respectable subscription numbers, however on the last day of bidding, October 14, the public offerings of Shlokka Dyes and Sihora Industries passed.
Through the IPO of 32.4 lakh shares at a price range of Rs 120-127 per share, Punjab-based SK Minerals, a company engaged in the marketing and production of specialty chemicals with a major focus on food and feed additives, is raising Rs 41.15 crore.
Through 2,256 applications, investors bid for 77.56 lakh shares against the offer size of 23.17 lakh shares during its IPO, which was subscribed for 3.35 times between October 10 and 14.
The offer subscription was most strongly supported by non-institutional investors, who picked up 5.56 times their quota. Retail and qualified institutional buyers (QIB) shares were subscribed for 3.4 and 1.01 times, respectively.
The company plans to use the IPO funds for general corporate purposes, equipment and machinery purchases, and working capital requirements.
Since its September 30 debut, Shlokka Dyes, a manufacturer of reactive dyes (a type of synthetic organic dyes) widely used in the textile sector, has twice delayed the closing date of its public issue and required ten days to reach full subscription.
Investors selected 70.71 lakh shares out of the 63.5 lakh shares offered through 1,151 applications, resulting in a final closing price of 1.11 times subscription on Tuesday, compared to 81 percent in the previous session.
Non-institutional investors’ reserved portion was subscribed 2.03 times, but QIB and retail investors’ reserved portions were booked 1.02 times and 66% of the total.
In order to raise Rs 57.79 crore through an initial public offering (IPO) at the top end of the pricing range of Rs 88-91 per share, Shlokka Dyes turned to the capital markets. These monies will go toward working capital, debt repayment, capital expenditures for machinery and plants, and other business needs.
In contrast to the IPO size of 16 lakh shares through 300 applications, the public offering of textile manufacturer Sihora Industries saw 1.26 times the subscription between October 10 and 14, with buyers bidding 20.24 lakh shares.
The company is raising Rs 10.56 crore through an initial public offering (IPO) for its narrow woven textiles, lace, woven labels, tapes, zippers, elastics, and other textile products used in the fashion and industrial sectors.
The proceeds of the offer will be used for general business objectives, working capital needs, loan repayment, and the acquisition of new plant and machinery.
The shares of SK Minerals, Shlokka Dyes, and Sihora Industries will be available for trading on the exchanges on October 17 when all three businesses finalize their IPO share allocation by October 15.