Associated Coaters IPO subscribed 10 times on day 1, retail portion booked 18x: Check key details

Associated Coaters IPO opened to a strong demand from the investors on Thursday, May 30, as the issue was fully subscribed within an hour of launch. The BSE SME IPO saw a decent demand across all categories after the opening of the subscription window.

The initial public offer of Associated Coaters Limited was booked more than 10 times on the first day of bidding.

The public issue received bids for 37.12 lakh shares against 3.56 lakh shares on offer, leading to an overall subscription of 10.42 times, the BSE data showed.

Retail investors led the demand for Associated Coaters’ shares as the issue was subscribed 17.96 times in the category. Retail investors applied for nearly 32 lakh shares against 1.78 lakh shares. The non-institutional investors’ (NIIs) segment was booked 2.88 times with biddings for 5.14 lakh shares against 1.78 lakh shares set aside for them.

Associated Coaters IPO subscription opened on Thursday, May 30 and will close on Monday, June 3.

The public issue is a fixed price offer worth ₹5.11 crore comprising an entirely fresh issue of 4.22 lakh shares. The company has set aside 66,000 shares for the market maker, Gretex Share Broking.

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Associated Coaters IPO price band, lot size and minimum investment

The issue price of Associated Coaters shares has been fixed at ₹121 per share. The minimum investment for the retail investors is 1 lot of 1,000 shares, aggregating to a minimum investment of ₹1,21,000.

The book running lead manager for the issue is Gretex Corporate Services and the registrar for the public issue is Bigshare Services Pvt Ltd.

Associated Coaters IPO allotment and listing dates

The allotment of Associated Coaters shares is likely to be decided by Tuesday, June 4. Successful bidders will receive shares in their Demat accounts on Wednesday, June 5, and refunds will be initiated for those applicants who have not been allotted any shares on the same day. Associated Coaters shares will tentatively list on the BSE SME platform on Thursday, June 6.

Associated Coaters IPO objective

Associated Coaters will use the funds raised via the IPO for funding capital expenditure for the installation of plant and machinery in the company’s current premises. Additionally, the funds will be used for fulfilling the company’s working capital requirements and for undertaking the company’s general corporate purposes.

About Associated Coaters

Associated Coaters was founded in 2017 and provides services for the pre-treatment and powder coating of aluminium extrusions in the architectural and real estate industry. The company has an annual powder coating capacity of 1,200 metric tons with two coating plants.

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