AMIC Forging Limited IPO: Check GMP, subscription status on day 3, other key details
- AMIC Forging Limited IPO opens for subscription with a price band of ₹121 to ₹126. Minimum bid is for 1000 shares. AMIC Forging Limited IPO, worth ₹34.80 crore, is a fresh issue of 2,762,000 equity shares.
AMIC Forging Limited IPO has opened for subscription on Wednesday, November 29, and will close on Friday, December 1. AMIC Forging Limited IPO's price band is set in the range of ₹121 to ₹126. Investors can bid for a minimum of 1000 shares and in multiples thereof. The face value of the equity shares is ₹10 each.
Previously known as Kali Mata Forging Private Limited, AMIC Forging Limited is a forging manufacturer that produces forged components for a range of industries. The business produces precision machined parts in accordance with international standards and customer specifications to meet the needs of a variety of industries, including heavy engineering, steel, oil and gas, petrochemicals, chemicals, refineries, thermal power, nuclear power, hydropower, cement, sugar, and other related sectors.
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Girdhari Lal Chamaria, Anshul Chamaria, Manju Chamaria, and Rashmi Chamaria are the company's promoters.
The company's listed peers are Maiden Forgings Ltd (with P/E of 10.42), and Ramkrishna Forgings Ltd (with P/E of 139.21), according to Red Herring Prospectus (RHP).
AMIC Forging Limited IPO details
AMIC Forging Limited IPO, which is worth ₹34.80 crore, is completely a fresh issue of 2,762,000 equity share; there is no offer for sale (OFS) component, according to RHP.
The net proceeds from the new issue will be used by the company for general corporate purposes, working capital needs, and the establishment of a manufacturing facility.
In addition, the company believes to strengthen its capital base and reap the rewards of listing its equity shares on exchanges, which will include, among other things, raising the company's profile among current and prospective clients.
AMIC Forging Limited IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
The registrar of the AMIC Forging IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Gretex Corporate Services Limited. Gretex Share Broking is the market maker for the AMIC Forging IPO.
AMIC Forging subscription status
AMIC Forging subscription status is 287.44 times on day 3. The issue received positive response from retail investors who's portion set was subscribed 269.84 times, and non-institutional buyers who's portion was subscribed 589.20 times, according to data on chittorgarh.com. Qualified Institutions Buyers (QIBs) subscribed 91.43 times to the issue.
The company has received bids for 52,80,34,000 shares against 18,37,000 shares on offer, at 16:47 IST, according to data on chittorgarh.com.
AMIC Forging subscription status is 5.20 times on day 1, and the issue was subscribed 24.16 times on day 2.
AMIC Forging IPO GMP today
AMIC Forging Limited IPO GMP today or grey market premium is +70. This indicated AMIC Forging today is trading at a premium of ₹70 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of AMIC Forging share price was indicated at ₹196 apiece, which is 55.56% higher than the IPO price of ₹126.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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