NewJaisa Technologies IPO: GMP, subscription status on day 2, other key details to know

NewJaisa Technologies IPO opened for subscription on Monday, September 25, and will close on 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. 

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. 

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.

NewJaisa Technologies IPO subscription status

NewJaisa IPO subscription status today is 98% on day 2. The issue received response from retail investors whose portion set was subscribed 1.81 times, and non-institutional buyers whose portion set was subscribed 37%, according to data on chittorgarh.com.

The company has received bids for 55,62,000 shares against 8,496,000 shares on offer, according to data on chittorgarh.com.

NewJaisa IPO subscription status was 35% on day 1.

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NewJaisa IPO GMP today

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

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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.

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