AMIC Forging Limited IPO opens tomorrow, price band set at ₹121 -126 per share | Mint
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Business News/ Markets / Ipo/  AMIC Forging Limited IPO opens tomorrow, price band set at 121 -126 per share
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AMIC Forging Limited IPO opens tomorrow, price band set at ₹121 -126 per share

AMIC Forging Limited IPO will open 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.

AMIC Forging Limited IPO will open for subscription on Wednesday, November 29, and will close on Friday, December 1. (www.amicforgings.com)Premium
AMIC Forging Limited IPO will open for subscription on Wednesday, November 29, and will close on Friday, December 1. (www.amicforgings.com)

AMIC Forging Limited IPO will open 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.

Also Read: Swashthik Plascon IPO: Check latest GMP, subscription status on day 2, other key details

The allocation of shares for the AMIC Forging IPO is scheduled to be finalised on Wednesday, December 6, according to chittorgarh.com. The tentative listing date for the AMIC Forging IPO is set for Monday, December 11 on BSE SME. The allocation to anchor investors for AMIC Forging Limited IPO is scheduled to take place on Tuesday, November 28. 

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.

“We believe that listing will enhance our corporate image and brand name and create a public market for Equity Share of our Company in India and will further enable us to avail future growth opportunities," the company said in its RHP.

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.

Also Read: Rockingdeals Circular Economy IPO allotment today: Latest GMP, steps to check Rockingdeals IPO allotment status

AMIC Forging Limited IPO GMP today

AMIC Forging Limited IPO GMP today or grey market premium was 0, which meant shares were trading at their issue price of 126 with no premium or discount in the grey market according to topsharebrokers.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Marinetrans India IPO opens on November 30, price band set at 26 per share

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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Published: 28 Nov 2023, 03:38 PM IST
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