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Business News/ Markets / Ipo/  Indian Emulsifiers IPO: SME issue subscribed over 460 times on day 4; NII portion booked highest; check GMP
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Indian Emulsifiers IPO: SME issue subscribed over 460 times on day 4; NII portion booked highest; check GMP

Indian Emulsifiers IPO: The SME IPO was subscribed more than 460 times on the fourth and final day of its issue, with the retail portion booked the highest among the three groups of investors.

Indian Emulsifiers IPO: The SME IPO was subscribed over 100 times on the third day of issue (Picture Credit: https://indianemulsifiers.com/)Premium
Indian Emulsifiers IPO: The SME IPO was subscribed over 100 times on the third day of issue (Picture Credit: https://indianemulsifiers.com/)

Indian Emulsifiers IPO: The initial public offering (IPO) of small and medium-sized enterprise (SME) Indian Emulsifiers Limited was subscribed more than 460 times on the fourth and last day of its issue. The SME IPO opened for subscription on Monday, May 13 and will closed on Thursday, May 16, 2024.

The Mumbai-based company had reserved a total of 1,070,000 equity shares or 33.32 per cent to retail investors, 19 per cent for qualified institutional buyers (QIBs), and 14.33 per cent for non-institutional investors (NIIs) in the issue. 1,070,000 equity shares are also set aside for market makers, while 28.3 per cent shares were sealed for anchor investors.

Also Read: Premier Roadlines IPO allotment finalised today; latest GMP, 5 steps to check status

Indian Emulsifiers IPO Subscription Status:

According to NSE data, Indian Emulsifiers IPO was subscribed 460.7 times on the last day of bidding. The SME IPO received 98,45,47,000 share applications against offered 21,40,000 shares on Thursday. NIIs bid the highest as the portion reserved for them was booked 779.63 times.

The NII portion received 35,86,32,000 shares against 4,60,000 shares offered. The portion reserved for retail investors was subscribed 484.66 times, while the portion reserved for QIBs was booked 175.95 times on the last day, according to stock exchange data. The SME IPO was subscribed nine times on the first day and 37 times on the second day of the issue. On the third day, the issue was booked over 100 times.

Indian Emulsifiers IPO Details:

Indian Emulsifier IPO is a book built issue of 42.39 crore. The issue is entirely a fresh issue of 32.11 lakh shares. The SME IPO's price band is set at 125 to 132 per share. The minimum lot size for an application is 1,000 shares. The minimum amount of investment required by retail investors is 132,000.

The allotment for the Indian Emulsifier IPO is expected to be finalized on Friday, May 17, 2024. Indian Emulsifier IPO will list on NSE SME with tentative listing date fixed as Wednesday, May 22, 2024. The promoter of the company is Yash Tikekar.

Also Read: Go Digit IPO: Issue subscribed 36% on day 1, retail portion fully booked; check GMP

Ekadrisht Capital Private Limited is the book running lead manager of the Indian Emulsifier IPO, while Maashitla Securities Private Limited is the registrar for the issue. The market maker for Indian Emulsifier IPO is SS Corporate Securities.

The company proposes to utilize the net proceeds from the issue towards funding the following:

-Funding of capital expenditure requirements of the company towards plant and machinery, civil work and installation costs
-Funding Working capital requirements of our company
-General corporate purposes

Company Details:

Indian Emulsifiers was established in 2020 and is a manufacturer and supplier of specialty chemicals i.e., esters, amphoterics, phosphate esters, imidazolines, wax emulsions, among others. The company supplies over 40 specialty chemicals to a wide range of industries, including mining, textile, cleaning, PVC/rubber, personal care, food, and others.

Indian Emulsifiers operates a manufacturing plant located in Ratnagiri, Maharashtra. The facility has a production capacity of 4,800 metric tons per annum, which has been increased from 2,400 MT per annum by the installation of additional reactors. 

The plant is equipped with process control, an innovative R&D center, quality control, and application laboratories. The company has two warehouses one situated in Raigad, Maharashtra and the second one in Ratnagiri Maharashtra. 

Also Read: Indian Emulsifiers files draft papers with NSE to raise funds via IPO

Indian Emulsifiers IPO GMP:

Trust Fintech IPO GMP or grey market premium was 245, which meant shares were trading at premium of 185.61 per cent to an estimated listing price of 377, over their issue price of 132 in the grey market, according to investorgain.com. 'Grey market premium' indicates investors' readiness to pay more than the issue price.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 15 May 2024, 09:57 PM IST
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