Shanthala FMCG Products IPO Day 3: SME issue subscribed 3.7 times so far; retail portion booked 2.85x

Shanthala FMCG Products IPO: The initial public offering (IPO) of Shanthala FMCG Products Ltd has received strong response from investors so far. 

Shanthala FMCG Products IPO, which opened for subscription on October 27, will close today, October 31, Tuesday. The public issue of the FMCG products distribution company is an SME IPO and a fixed price offer. 

Shanthala IPO Subscription Status

Shanthala FMCG Products IPO has been subscribed 3.68 times so far on Tuesday, the third and the last day of the bidding process. The issue received bids for 61.65 lakh equity shares as against 16.77 lakh shares on the offer, as per data available at 3:30 pm.

The public issue has been subscribed 2.85 times in the retail category and 4.49 times in the Non-Institutional Investors’ (NII) category so far.

Read here: Shanthala FMCG Products IPO: Check GMP, subscription status, other key things to know

Shanthala FMCG Products IPO GMP

Shanthala IPO GMP today, or grey market premium today, is ₹0 per share, as per market observers. This means that the company’s shares are trading at par with their issue price, without any premium or discount, in the grey market.

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Shanthala FMCG Products IPO Details

Shanthala FMCG Products IPO opened for subscription on October 27 and will close on October 31. The IPO allotment is expected to be finalized on November 3 and the company may initiate refunds on November 6, while it will credit shares to the demat accounts on November 7.

The equity shares of Shanthala FMCG Products Ltd are proposed to be listed on NSE SME with tentative listing date fixed as November 8, 2023.

The ₹16.07-crore worth Shanthala FMCG Products IPO is entirely a fresh issue of 17.66 lakh equity shares. The IPO price band has been fixed at ₹91 per share. 

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The IPO lot size is 1,200 shares and the minimum investment amount required by retail investors is ₹109,200.

The company’s promoters are Manjunath Mallya, Shobitha Malya, Sneha Vinayak Kudva, and Yogish Mallya.

The company intends to utilize the net proceeds from the issue for funding additional working capital requirements and for general corporate purposes.

First Overseas Capital Ltd is the book running lead manager for the Shanthala FMCG Products IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

Read all IPO-related news here