Cell Point India IPO: Issue subscribed 30% so far on Day 1; retail portion booked 42%

Cell Point India IPO Subscription Status: The initial public offering (IPO) of Cell Point India received 30% subscription so far on Thursday, the first day of bidding process.

The public issue received bids for 14.35 lakh shares as compared to the IPO size of 50.34 lakh shares, till 3:25 pm.

Cell Point India IPO was subscribed 0.42 times in the retail category, while it received 0.16 times subscription in the non-institutional investors (NII) category so far on Day 1. Qualified Institutional Buyers (QIB) were yet to bid for the IPO, as per data on chittorgarh.com. 

Cell Point India IPO opened for subscription on June 15 and will remain open till June 20. The SME company has offered its public issue at a fixed price of ₹100 per share. The lot size of the issue is 1,200 shares. 

Read Here: Cell Point India IPO opens today. GMP, review, other details. Apply or not?

The company aims to raise ₹50.34 crore from its public offer through issuance of fresh 50.34 lakh shares.

Cell Point (India) is a multi-brand retail seller of smartphones, tablets, mobile accessories, and mobile-related products. It is also engaged in multi-brand retail selling of consumer durable electronics goods like Smart TVs.

The company will fix the basis of share allocation on June 23 and the stock is proposed to be listed on June 29, at NSE SME platform.

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The company proposes to utilize the net issue proceeds for repayment of certain borrowings, repairs and renovation of existing retail outlets and setting of new retail outlets, working capital requirements and general corporate expenses.

Meanwhile, Cell Point India IPO GMP or grey market premium was ₹12 after the issue opened for subscription, according to market observers. It means the shares of Cell Point India IPO were available at a premium of ₹12 in the grey market today.