Popular Foundations IPO ends today: Latest GMP, subscription status and other key details of SME IPO

Popular Foundations IPO is a fixed price issue of 19.87 crore which comprises only a fresh issue of 53.7 lakh shares with no offer for sale component.

Pranati Deva
Updated19 Sep 2024, 04:46 PM IST
Popular Foundations IPO Day 4: Latest GMP, subscription status and other key details of SME IPO
Popular Foundations IPO Day 4: Latest GMP, subscription status and other key details of SME IPO

Popular Foundations opened its SME IPO for subscription on September 13, and the issue is set to close on September 19. The company aims to raise approximately 20 crore through this offering, with plans to list its shares on the BSE SME platform with a price set at 37 per share.

Popular Foundations IPO Subscription Status

The IPO has been witnessing overwhelming demand, with the issue subscribed 9.21 times till 4:40 pm on Wednesday, the last day of the bidding. The IPO received bids for 4.69 crore equity shares against the 51 lakh shares on offer.

The retail investor segment received 14.88 times subscription, while the non-institutional investors (NII) category was booked 3.54 times so far.

Also Read | SME IPOs: The new gold rush or a fool’s gold?

About the IPO

Popular Foundations IPO comprises only a fresh issue of 53.7 lakh shares with no offer for sale component. The company plans to use the net proceeds for several key objectives, including prepaying or repaying a portion of its existing borrowings, funding working capital needs, and general corporate purposes.

Retail investors must apply for a minimum lot size of 3,000 shares, amounting to an investment of 1,11,000. High net-worth individuals (HNIs) must apply for at least two lots, or 6,000 shares, totalling 2,22,000.

The allotment for the IPO is expected to be finalised on Friday, September 20, 2024. The shares will be listed on the BSE SME platform on Tuesday, September 24, 2024.

Srujan Alpha Capital Advisors LLP is the book-running lead manager of the Popular Foundations IPO, while Bigshare Services Pvt Ltd serves as the registrar. Spread X Securities is the market maker for Popular Foundations IPO.

Also Read | Northern Arc Capital IPO Day 3: GMP, subscription status, review. Apply or not?

About the company

Established in 1998, Popular Foundations Limited provides specialised engineering and construction services, offering end-to-end solutions across the construction sector. The company focuses on non-residential and non-government projects, primarily in Chennai, while also completing successful projects in cities like Pondicherry, Bangalore, Trichy, and Coimbatore. 

Popular Foundations Limited saw a 7 percent revenue growth and a 191 percent rise in profit after tax (PAT) between the fiscal years ending March 31, 2023, and March 31, 2024.

Also Read | Upcoming IPO: Haryana-based Oswal Pumps aims to raise ₹1,000 crore

Popular Foundations IPO GMP today

The IPO's grey market premium (GMP) today is 0 per share, which indicates an expected listing price of 37, the same as its issue price. The GMP has been the same since September 10.

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.

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First Published:19 Sep 2024, 04:46 PM IST
Business NewsMarketsIPOPopular Foundations IPO ends today: Latest GMP, subscription status and other key details of SME IPO

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