Associated Coaters IPO booked 371 times on day 3, retail investors subscribe 495x: Check subscription updates

Associated Coaters IPO closed with a bumper subscription on the third and final day of bidding on Monday, June 3, led by strong demand in retail and NIIs categories.

The initial public offering of Associated Coaters Ltd received bids for nearly 13.22 crore shares against 3.56 lakh shares on offer leading to overall subscription of 371.32 times, the BSE data showed.

The retail segment of the public issue was booked 495 times with applications for over 8.81 crore shares against 1.78 lakh shares on offer. The non-institutional investors (NIIs) portion was subscribed 240 times with bids for more than 4.27 crore shares against 1.78 lakh shares reserved for the category.

In the qualified institutional buyers (QIBs) category the maiden issue received applications for 13.62 lakh shares.

Associated Coaters IPO is a fixed-price issue of ₹5.11 crore. The BSE SME IPO consists of an entirely fresh issue of 4.22 lakh shares, including a market maker portion of 66,000 equity shares.

Associated Coaters IPO price band, allotment and listing

Priced at ₹121 per share, the minimum lot size for an application was 1,000 shares, aggregating to a minimum investment of ₹1,21,000 for retail investors. For High Net-Worth Individuals (HNIs), the minimum lot size was two lots, or 2,000 shares, amounting to an investment of ₹2,42,000.

Bigshare Services Pvt Ltd is the registrant for the Associated Coaters IPO, and Gretex Corporate Services Limited is the book running lead manager. Gretex Share Broking is the market maker for Associated Coaters’ initial public offering.

The promoters of the company, Jagjit Singh Dhillon and Navneet Kaur, hold 100% stake in the company. Following the IPO, the promoter ownership will reduce to 68.79% of the company’s total shareholding.

The Associated Coaters IPO subscription was open from May 30 to June 3. The IPO share allotment status is expected to be determined on Tuesday, June 4, while the refunds and the credit of shares to demat accounts will take place on June 5.

The IPO listing date has been tentatively slated for Thursday, June 6. Shares of Associated Coaters will list on BSE SME platform.

Associated Coaters IPO objectives

Through the IPO, Associated Coaters seeks to raise funds primarily for specific purposes crucial to the company’s growth and development. The company will use the proceeds to finance capital expenditure necessary for the installation of plant and machinery on the company’s existing premises. Additionally, a portion of the proceeds will be used towards meeting the company’s working capital needs.

About Associated Coaters

Associated Coaters, established in 2017, specialises in pre-treatment and powder coating services for aluminium extrusions, catering primarily to the real estate sectors. With an annual capacity of 1,200 metric tons, the company’s facilities include an automatic coating plant and a manual coating plant.

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