Meta Infotech IPO subscribed 60.54x so far on Day 3; check GMP, other key details

Meta Infotech IPO commenced on Friday, July 4 and will conclude on Tuesday, July 8. Meta Infotech IPO price band has been set between ₹153 and ₹161 per equity share, each with a face value of ₹10. Investors can place bids for a minimum of 800 equity shares and in multiples of 800 shares thereafter.

Meta Infotech Limited specialises in delivering cybersecurity solutions across multiple sectors, including banking, IT, and manufacturing.

The firm provides services such as consulting, implementation, and ongoing support, with an emphasis on safeguarding and preserving the integrity of information and systems.

They serve as authorised resellers of cybersecurity products from global original equipment manufacturers (OEMs), offering solutions for secure access and protection of cloud workloads.

Meta Infotech delivers comprehensive cybersecurity solutions tailored for industries such as banking, IT, insurance, and manufacturing. The company enhances and secures network resources, guaranteeing reliable and scalable connectivity for managing digital infrastructure.

As per red herring prospectus (RHP), the company's listed peers are TAC Infosec Ltd (with a P/E of 76.35), Quick Heal Technologies Ltd (with a P/E of 391.32), Sattrix Information Security Ltd (with a P/E of 33.17).

Meta Infotech IPO Subscription Status

Meta Infotech IPO subscription status is 60.54 times on day 3, so far, as per chittorgarh.com. The retail portion was subscribed 53.67 times, and NII portion was booked 121.07 times. Qualified Institutional Buyers (QIBs) is subscribed 30.36 times, and the employee section was booked 46%.

The company has received bids for 20,13,36,800 shares against 33,25,600 shares on offer, at 13:14 IST, according to data on chittorgarh.com

On the first bidding day, Meta Infotech IPO subscription status was 2.90 times, and the issue was booked 11.69 times on the second bidding day.

Meta Infotech IPO Details

Meta Infotech IPO consists of a fresh issue of 9,93,000 equity shares, aggregating to ₹15.99 crore, and offer-for-sale (OFS) consist of 37,35,000 equity shares.

The Meta Infotech IPO plans to use the net proceeds from the issue for various purposes, including the full or partial repayment of outstanding loans; financing capital expenditures for the establishment of new office facilities; creating an interactive experience center; and for general corporate purposes.

Meta Infotech IPO GMP today

Meta Infotech IPO GMP today is +52. This indicates Meta Infotech share price was trading at a premium of ₹52 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 Meta Infotech share price is indicated at ₹213 apiece, which is 32.30% higher than the IPO price of ₹161.

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

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.