NewJaisa Technologies IPO closes today: Check GMP, subscription status, other key details

NewJaisa Technologies IPO opened for subscription on Monday, September 25, and will close today (Wednesday, September 27). NewJaisa IPO price band has been set in the range of ₹44 to ₹47 per equity share of face value of ₹5 each. NewJaisa IPO lot size is 3000 equity shares and in multiples of 3000 equity shares thereafter.

The floor price is ₹44 per equity share which is 8.8 times of the face value and the cap price is ₹47 per equity share, which is 9.4 times of the face value.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

NewJaisa Technologies IPO in consultation with the Book Running Lead Manager (BRLM) to the issue finalised allocation of 24,18,000 equity shares to anchor investors at anchor investor allocation price ₹47 per equity share, according to company's exchange filing on Friday, September 22.

Indorient Financial Services Ltd is the BRLM of the NewJaisa Technologies IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Also Read: Vinyas Innovative IPO opens: GMP, review, subscription status on day 1, other key details

As stated in the Red Herring Prospectus (RHP), NewJaisa Technologies Ltd is a technology-driven Direct to Consumer refurbished IT devices company offering excellent used electronics at a significant discount compared to new products. The objective of NewJaisa Technologies is to offer top-notch, refurbished gadgets at competitive costs.

The company does not have any listed peer companies, according to the RHP.

NewJaisa Technologies IPO details

A fresh issue of 8,496,000 equity shares totalling ₹39.93 crore makes up the NewJaisa IPO issue and there's no offer for sale (OFS) component. Vishesh Handa and Mukunda Raghavendra are the company's promoters.

As on the date of RHP (September 16), the promoters collectively hold 1,78,56,000 equity shares constituting 53.69% of the post-issued, subscribed and paid-up equity share capital of the company.

The company plans to use the net proceeds from the offering to pay for general corporate expenses, working capital needs, technology development, brand and marketing initiatives, plant, machinery, and equipment purchases, as well as facility expansion and renovations.

Also Read: E Factor Experiences IPO: GMP, subscription status on day 1, review, other key details to know

NewJaisa Technologies IPO subscription status

NewJaisa IPO subscription status today is 6.85 times on day 3. The issue received response from retail investors whose portion set was subscribed 6.54 times, and non-institutional buyers whose portion set was subscribed 15.34 times, and Qualified Institutions buyers was subscribed 1.02 times, according to data on chittorgarh.com.

The company has received bids for 3,87,30,000 shares against 8,496,000 shares on offer, according to data on chittorgarh.com.

NewJaisa IPO subscription status was 35% on day 1, and the issue was subscribed 98% on day 2.

NewJaisa IPO GMP today

NewJaisa IPO GMP today or grey market premium is +7. This indicates NewJaisa share price were trading at a premium of ₹7 in the grey market on Wednesday, according to topsharebrokers.com

Considering the upper end of the NewJaisa Technologies IPO price band and the current premium in the grey market, the estimated listing price of NewJaisa share price is ₹54 apiece, which is 14.89% higher than the IPO price of ₹47.

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

Also Read: JSW Infra IPO: Issue booked over 13 times on last day so far; check GMP, should you subscribe?

NewJaisa Technologies IPO Review

“The company is engaged in the business of refurbishing old IT hardware and related devices and gaining momentum as demands for such products are on the rise post the pandemic. The government of India mulling a ban on imports of desktops/laptops etc. augurs well for this company. The FY23 result indicates the prospects ahead for this company. Investors may park funds for medium to long-term rewards,” said Dilip Davda, the contributing editor at Chittorgarh.com.

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 taking any investment decisions.