Amkay Products Limited IPO close with bumper subscription: Issue booked 693 times on day 3
Upstox
3 min read • Updated: May 3, 2024, 7:52 PM
Summary
Amkay Products Limited IPO is a book-built issue, comprising an entirely fresh issue of 22.92 lakh shares. Amkay Products IPO share allotment status is expected to be finalised on May 6. Amkay Products Limited shares are tentatively scheduled to get listed on the BSE SME platform on May 8.
Amkay Products Limited IPO subscription saw an overwhelming response from investors on the third and last day of bidding period on Friday, May 3, with the issue being oversubscribed by a staggering 693.44 times.
The book-built issue of ₹12.61 crore consists entirely of a fresh issue of 22.92 lakh shares.
The Amkay Products Limited IPO received bids for more than 113.86 crore shares, against 16.42 lakh shares on offer, according to the BSE data.
The non-institutional investor (NII) category demonstrated significant interest with a subscription rate of 721.98 times. The NIIs applied for 32.2 crore shares against 4.46 lakh shares on offer. The retail category was booked 973.13 times, with demand for 74.15 crore shares against 7.62 lakh shares on offer.
The qualified institutional buyers’ (QIBs) category was booked 173 times. The investors applied for more than 7.5 crore shares against 4.34 lakh shares on offer.
Amkay products IPO was open for subscription from April 30 to May 3.
Amkay Products Limited IPO price band
The price band for the Amkay Products Limited IPO was set at ₹52 to ₹55 per share.
Investors were permitted to bid for a minimum of 2,000 shares and in multiples thereof during the bidding process. Retail investors were allowed to bid for a minimum of one lot, equivalent to 2,000 shares, with a corresponding investment of ₹1,10,000.
For High Net-Worth Individuals (HNI), the minimum investment requirement was set at two lots, equivalent to 4,000 shares, amounting to ₹2,20,000.
Amkay Products Limited IPO key dates and other details
The basis of allotment for the Amkay Products Limited IPO is scheduled for Monday, May 6, followed by the initiation of refunds and the credit of shares to demat accounts on Tuesday, May 7. The listing date for the IPO on the BSE SME platform is set for May 8, 2024.
While Hem Securities Limited has been appointed as the book running lead manager for the Amkay Products IPO, Bigshare Services Pvt Ltd has been designated as the registrar for the issue.
Amkay Products Limited IPO objective
Amkay Products Limited plans to use the net proceeds from the IPO for various purposes, such as funding capital expenditure for the installation of additional machinery, addressing working capital requirements, and fulfilling general corporate purposes.
About Amkay Products Limited
Amkay Products specialises in the manufacturing, assembly, and marketing of medical devices, disposables, and a range of healthcare products, including face masks, alcohol swabs, lancet needles, nebulizers, and Pulse Oximeters. Its portfolio includes over 30 products. Additionally, Amkay Products is involved in branding and marketing initiatives for diapers, plastic gloves, and suction machines.