Storage Technologies share price lists with stellar premium of 90% at ₹148.20 on the BSE SME

Storage Technologies and Automation Ltd share price listed with a stellar premium of 90% over the issue price at ₹148.20 on the BSE SME on Wednesday.

Storage Technologies and Automation Ltd IPO also referred as Racks & Rollers IPO saw strong subscription indicating towards keen investor interest as the offer was subscribed 278.82 times  with retail portion being subscribed 242.74 times. 

The Storage Technologies and Automation IPO GMP, also known as the grey market premium, stood at +60. This indicated that the Storage Technologies and Automation share was selling for a premium of ₹60 on the Grey market, according to investorgain.com.

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Considering the upper end of the IPO pricing range and the existing premium on the grey market being taken into consideration, Storage Technologies and Automation shares also referred to as Racks & Rollers shares were expected to list at ₹138 per share, which is 76.92% more than the IPO price of ₹78.

Storage Technologies and Automation Ltd IPO also referred as Racks & Rollers IPO started in Monday 30 April 2024 and closed on 3 May 2024. 

The Storage Technologies and Automation IPO, also referred as the Racks & Rollers IPO, is a new offering of 38,40,000 equity shares with a face value of ₹10, and it is valued at about ₹29.95 crore.

Storage Technologies and Automation IPO also referred as Racks & Rollers IPO price band had been set in the range of ₹73 to ₹78 per equity share of face value of ₹10 each.

There is no offer-for-sale portion  in the IPO.

The proceeds of the issue will be used by Storage Technologies and Automation to meet their working capital needs as well as for general corporate purpose.

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Storage Technologies uses a racking method for storage, according to the Red Herring Prospectus (RHP).The company specializes in metal storage rack design, fabrication, and installation in addition to automated warehouses and other storage solutions.

The company offers a variety of products and services that demonstrate their dedication to providing innovative, practical solutions for a range of warehousing needs. These industries include oil and gas, automotive components and aerospace, food and beverage, pharmaceutical, textile, retail, fast-moving consumer goods (FMCG), and others. These industries have unique storage and logistical needs that must be met.