Neetu Yoshi Ltd., which launched its initial public offering (IPO) on Friday, June 27, has been booked more than 17 times on the last day of bidding, on July 1.
The IPO received bids for more than 11.9 crore shares against 68.32 lakh shares on offer, till 12:19 p.m. as per the BSE data. The issue has been booked 17.45 times so far.
Retail investors led the demand with a subscription of 24.24 times, followed by Non-Institutional Investors (NIIs) at 23.55 times. The Qualified Institutional Buyers (QIBs) booked 98% of their quota.
Neetu Yoshi Ltd. is engaged in manufacturing customised products across various grades of ferrous metallurgical materials.
Neetu Yoshi IPO GMP
According to InvestorGain, the latest GMP (Grey Market Premium) for the Neetu Yoshi IPO stood at Rs 25 at 11:35 am on July 1. According to the latest GMP, the estimated listing price for the issue stands at Rs 100 (issue price plus GMP), indicating an expected gain of 33.33% per share over the upper limit of the price band.
Note: GMP is not an official source of data and is based on speculation.
Neetu Yoshi IPO Key Details
Neetu Yoshi Ltd. IPO is a book-building issue of Rs 77.04 crore. The SME IPO consists entirely of a fresh issue of 102.72 lakh shares.
The IPO price band has been fixed at Rs 71 to Rs 75 apiece. Investors can bid for a minimum of 1,600 shares and in multiples thereof.
The IPO share allotment status is expected to be finalised on July 2, after the end of the subscription period. The company will process refunds for non-allottees on July 3. The successful bidders will also receive shares in their Demat accounts on the same day.
Shares of the company are scheduled to be listed on the BSE SME platform on July 4.
Horizon Management Pvt. is the book-running lead manager for the Neetu Yoshi IPO. Skyline Financial Services Pvt. serves as the registrar for the issue. The market makers for the IPO are NNM Securities Pvt., RK Stock Holding Pvt. and Choice Equity Broking Pvt.
Use of Proceeds
Neetu Yoshi Ltd. plans to utilise the net proceeds from its IPO for setting up a new manufacturing facility and meeting general corporate purposes.
About Neetu Yoshi
Neetu Yoshi Ltd. offers a diverse product portfolio that includes mild steel, spheroidal graphite iron, cast iron and manganese steel components, ranging from 0.2 kg to 500 kg. The company is an RDSO-certified vendor for Indian Railways. It specialises in both standard and customised products, supplying components such as braking solutions, suspensions, propulsion aids and coupling attachments for trains.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
. Read more on IPOs by NDTV Profit.Neetu Yoshi IPO will close for subscription today. The share allotment for the IPO is scheduled for July 2. Read MoreIPOs
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