SME IPO Astron Multigrain subscribed 0.74x on Day 1; retail portion fully booked, GMP signals 19% listing pop

The initial public offering (IPO) of Astron Multigrain, which opened for subscription today, December 01, received a healthy response from investors. By the end of Day 01, the issue was subscribed 0.74 times, with 19.72 lakh shares bid for against the 27.72 lakh shares on offer.

The retail portion was subscribed 1.10 times, while the non-institutional investor segment was booked at 0.32 times.

Astron Multigrain Issue Details

The ₹18.40 crore issue comprises a combination of a fresh issue of 0.23 crore shares aggregating to ₹14.74 crores and an offer for sale of 0.06 crore shares aggregating to ₹3.65 crores.

The price band has been fixed at ₹63 per share, while the lot size is set at 4,000 shares, requiring a minimum investment of ₹252,000 for retail investors. The SME IPO is proposed to list on the BSE SME platform, tentatively on Monday, December 08.

The company plans to utilize the proceeds from the issue for purchasing new machinery, meeting working capital requirements, and for general corporate purposes.

In other issue details, the Astron Multigrain IPO allotment of shares is expected to be finalized on Thursday, December 04. The company will initiate refunds on Friday, December 05, and the shares will be credited to the demat accounts of allottees on the same day following refunds.

Finaax Capital Advisors Private Limited is the book-running lead manager, and Bigshare Services Pvt. Ltd. is the registrar of the issue. The market maker of the company is Prabhat Financial Services Ltd.

Meanwhile, as per market sources, the grey market premium (GMP) for Astron Multigrain is 12, indicating that the stock might debut on the exchanges with a premium of 19% at ₹75 per share.

About Astron Multigrain

Established in 2018, the company is into the manufacturing of instant noodles. It manufactures noodles on a contract manufacturing basis for Gokul Snacks Private Limited, which sells the products manufactured by the company under its trade name. It also manufactures noodles for its own brand sales, which are sold under the trade name “Astron’s Swagy Noodles.”

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