Sonalis Consumer Products IPO: Issue over subscribed on Day 1; sees huge response from retail investors
Sonalis Consumer Products IPO subscribed 1.64 times on Day 1, with positive response from retail investors. The IPO will close on June 9.
PremiumSonalis Consumer Products Subscription Status: The SME initial public offering (IPO) of Sonalis Consumer Products Ltd was subscribed 1.64 times on Day 1. The public issue that opened for subscription on Wednesday, June 7, will close on Friday, June 9.
On Day 1 of the subscription, the issue received overall positive response from retail investors who's set portion was fully booked to 2.63 times, while non-institutional bidders (NII)subscribed to 73% of the portion set aside, according to data on chittorgarh.com.
The company has received bids for 15,48,000 shares against 944,000 shares on offer, according to data from according to data on chittorgarh.com.
Investors can bid for a minimum of 4,000 shares in one lot and multiples thereafter at the fixed price of ₹30 set by the company.
The issue's book-running lead manager is Global Consultants, while Sonalis Consumer Products IPO's registrar is Purva Sharegistry.
Newly issued 9.44 lakh shares totalling ₹2.83 crore make up the SME IPO. The net IPO proceeds from Sonalis Consumer Products are intended to be used for general company purposes, working capital requirements, and issuance costs.
The company sells a wide variety of nutritious snacks and foods across the three states of Maharashtra, Gujarat, and Goa.
It took over the Appetite Food company's business distribution network, which has been in operation since March 5, 2020. In accordance with the Business Transfer Agreement dated May 15, 2022, Sonalis Consumer Products acquired the company for ₹12.87 lakh, along with all of its movable assets, current assets, and liabilities.
Following the subscription, shares will be allocated on Wednesday, June 14 and are expected to list on the BSE SME platform on Monday, June 19.
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.
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