Kore Digital IPO : Issue subscribed 2.75 times on Day 2; NII portion overbooked
1 min read 05 Jun 2023, 04:58 PM ISTKore Digital IPO: The public issue's subscription period, which began on Friday, June 2, will end on Wednesday, June 7. The shares are being offered at a price of ₹180, and the company expects to raise around ₹18 crore through this offering.
PremiumThe SME initial public offering (IPO) of Kore Digital Ltd was subscribed 2.75 times on Day 2, at 17:55 IST. The public issue that opened for subscription on Friday, June 2, will close on Wednesday, June 7.
On the second day of the subscription, the issue received overall good response from non-institutional bidders (NII)subscribed to 4.29 times of the portion set aside, and retail investors subscribed to 1.04 times of the portion reserved.
The company has received bids for 27,45,600 shares against 10,00,000 shares on offer, according to data from the NSE at 17:55 IST.
The qualified institutional buyers' (QIBs) portion did not receive any bids.
On Day 1 of the subscription, the issue saw some positive response from non-institutional bidders subscribed to 4.09 times of the portion set aside, and retail investors subscribed to 18% of the portion reserved. The issue was subscribed 2.24 times on Friday.
The company expects to raise roughly ₹18 crore through the offer of the shares, which are being offered at a price of ₹180.
The IPO offering would consist of up to 10 lakh equity shares with a face value of Rs. 10 apiece. The issue's net proceeds will be used to cover working capital needs, investments in strategic acquisitions, and other routine corporate costs.
The issue's book running lead manager is First Overseas Capital, and Bigshare Services is the registrar.
Following the subscription, shares will be allocated on Monday, June 12 and are expected to list on the NSE Emerge platform on Thursday, June 15.
A SME IPO is a fundraising procedure that allows a small or medium-sized business to go public like other, larger firms and also gives smaller businesses a platform to be listed on indices.The SME gets listed at BSE SME or NSE Emerge Platforms.
Kore Digital was set up with the intention of offering top-notch communication solutions to business and telecom network operators. In Maharashtra, the company is a rising passive telecom infrastructure provider, specialising in the installation and commissioning of poles, towers, and optical fibre cable systems.
The company recorded revenues of ₹11.9 crore and a net profit of ₹3.3 crore for the nine months that ended in December 2022.
Kore Digital IPO: Issues details, subscription status, GMP, other key things to know
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