Pune E-Stock Broking IPO: Check GMP, subscription status on day 3, other key details to know

  • Pune E-Stock Broking IPO opens on March 7 and closes on March 12 with a price band of 78 to 83 per share. The company offers trading platforms for Equity, Futures & Options, Currency, and Commodities. Pune E-Stock Broking IPO GMP is +83, indicating a premium of 83 in the grey market.

Dhanya Nagasundaram
Updated12 Mar 2024, 12:37 PM IST
Pune E-Stock Broking IPO has opened for subscription on Thursday, March 7, and willclose on Tuesday, March 12.
Pune E-Stock Broking IPO has opened for subscription on Thursday, March 7, and willclose on Tuesday, March 12. (https://www.pesb.co.in/)

Pune E-Stock Broking IPO opened for subscription on Thursday, March 7, and will close on Tuesday, March 12. Pune E-Stock Broking IPO price band has been set in the range of 78 to 83 apiece of face value of 10 each. The lot size consists of 1,600 shares. Investors can bid for a minimum of 1,600 shares and in multiples thereof.

It reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The market maker category has been reserved upto 6,91,200 equity shares or 15% of the issue.

Also Read: Pune E-Stock Broking IPO: Price band, issue size, GMP, key details to know

Pune E-Stock brokerage Ltd is a corporate brokerage business, as stated in the Red Herring Prospectus (RHP). Through CTCL (Computer to Computer Link) Terminals, Web Interfaces, and Mobile Apps (Android & iOS), the firm primarily provides its clients with a platform for trading Equity, Futures & Options, Currency, and Commodities with the Stock Exchange (NSE, BSE, MCX).

The clientele of the company consists of both direct clients and authorised persons, dispersed over more than ten cities. As of March 2023, the total number of clients was 60,640. Delhi and Ahemdabad are home to the company's two branch offices.

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As per the RHP, the company's listed peers are Share India Securities Ltd (with a P/E of 18.34), ICICI Securities Ltd (with a P/E of 18.02), and Angel One Ltd (with a P/E of 17.47).

Between March 31, 2023, and March 31, 2022, Pune E - Stock Broking Limited's profit after tax (PAT) dropped by -4.69%, while revenue fell by -12.06%.

Pune E-Stock Broking IPO subscription status 

Pune E-Stock Broking IPO subscription status is 134.14 times, on day 3, so far. The issue received positive response from retail investors who's portion set was subscribed 187.71 times, and non-institutional buyers who's portion set was subscribed 176.83 times, according to data on chittorgarh.com. Qualified Institutions Buyers subscribed to the issue 8.11 times. 

The company has received bids for 36,78,57,600 shares against 27,42,400 shares on offer,  at 12:33 IST, according to data on chittorgarh.com.

Pune E-Stock Broking IPO subscription status is 13.09 times, on day 1, and on the second day, the issue was booked 65.80 times.

Also Read: Gopal Snacks IPO: Price band, finances- here are 8 key things to know from RHP

Pune E-Stock Broking IPO details

Pune E-Stock Broking IPO, which is worth 38.23 crore, comprises a fresh issue of 4,606,400 equity shares with a face value of 10. This is a completely a fresh issue, and there is no offer-for-sale component.

The net proceeds from the offering will be used by the company to fund its general corporate purpose as well as its working capital requirements.

The registrar for the Pune E-Stock Broking IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Share India Capital Services Private Limited. Share India Securities is the market maker for the Pune E-Stock Broking IPO.

The company's promoters are Sandip Sunderlal Shah, Paresh Sunderlal Shah, Daidipya Ghodnadikar, Vrajesh Navnitbhai Shah, Devendra Ramchandra Ghodnadikar, and Vrajesh Krishnakumar Shah. A total of 80,34,858 equity shares, or 72.75% of the company's pre-issue paid-up share capital, are held by the promoters and promoter group.

Also Read: V R Infraspace IPO allotment to be finalised today: 6 steps to check status; know latest GMP

Pune E-Stock Broking IPO GMP today

Pune E-Stock Broking IPO GMP or grey market premium is +95. This indicates Pune E-Stock Broking share price were trading at a premium of 95 in the grey market, according to www.investorgain.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Pune E-Stock Broking share price is 178 apiece, which is 114.46% higher than the IPO price of 83.

Based on last 15 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is 3, while the highest GMP is 100, according to investorgain.com analysts. 

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

Pune E-Stock Broking IPO Review 

“The company that is currently providing broking services is mulling expansion of its activities by adding more segments to be a financial services provider under one roof. Though it posted inconsistency in its top and bottom lines for FY21 to FY23, its working for H1-FY24 indicates the results of its expansion. Based on FY24 annualized earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards,” said Dilip Davda, the contributing editor at Chittorgarh.

Also Read: SME IPOs: A gateway to emerging market opportunities

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

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First Published:12 Mar 2024, 12:37 PM IST
HomeMarketsIPOPune E-Stock Broking IPO: Check GMP, subscription status on day 3, other key details to know

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