City Crops Agro IPO: GMP, subscription status on day 2, other details
City Crops Agro IPO opens for subscription, priced at ₹25 per equity share, with a lot size of 6000 shares.
City Crops Agro IPO has opened for subscription on Tuesday, September 26, and will close on Friday, September 29. City Crops Agro IPO price band has been set at ₹25 per equity share of face value of ₹10 each. City Crops IPO lot size is 6000 equity shares and in multiples of 6000 equity shares thereafter. The issue price is 2.5 times of the face value of the equity shares.
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City Crops Agro IPO details
City Crops Agro Limited IPO, which is worth ₹15 crores, is completely a fresh issue of 6,000,000 equity share; there is no offer for sale (OFS) component. Kaupilkumar Hasmukhbhai Shah and Shitalben Kaupilkumar Shah are the promoter of the company.
The company plans to use the net proceeds from the offering to meet working capital requirements, fund general corporate purposes, and cover issue related expenses.
The book running lead manager of the issue is Turnaround Corporate Advisors Pvt Ltd, and registrar to the issue is Skyline Financial Services Pvt Ltd.
According to red herring prospectus (RHP), out of 60,00,00 equity shares, 3,00,000 equity shares at face value of ₹10 each at a price of ₹25 per equity share aggregating to ₹75 lakhs is reserved for the market makers.
Further, 57,00,000 equity shares at face value of ₹10 each at a price of ₹25 per equity share aggregating to ₹1425 lakhs is net issue to the public.
As per the RHP, listed peers of City Crops Agro Limited (which has a P/E ratio of 22.03), are MK Exim (India) Ltd (with P/E ratio of 16.88), and Alstone Textiles (India) Ltd (with P/E ratio of 2.89).
City Crops Agro Ltd was established in 2013 and is primarily involved in the selling of agricultural products such seeds, rice, wheat, onions, potatoes, tomatoes, isabgol, and pulses. Products from City Crops Agro are available on an integrated online platform that also offers vegetables, pulses, and oil seeds as well as cereals. Additionally, the business performs contract manufacturing for agricultural products like castor, onion, and cucumber.
City Crops Agro IPO subscription status
City Crops Agro IPO subscription status was 1.03 times on day 2. The issue received lukewarm response from retail investors who's portion set was subscribed 66%, and positive response from non-institutional buyers who's portion set was subscribed 1.41 times, according to data on chittorgarh.com.
The company has received bids for 58,98,000 shares against 6,000,000 shares on offer, according to data on chittorgarh.com.
City Crops Agro IPO subscription status was 88% on day 1.
City Crops Agro IPO GMP today
City Crops IPO GMP today or grey market premium was ₹0, which meant City Crops shares were trading at their issue price of ₹25 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.
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