Cryogenic OGS share price: Stock makes solid debut at 90% premium on BSE SME; here’s how much investors gained

Cryogenic OGS share price: Shares of specialised engineering company Cryogenic OGS made a solid debut on the SME platform of BSE on Thursday, July 10.

The stock listed at ₹89.30, a premium of 90% over the issue price of ₹47 per share.

Cryogenic OGS share price: Here's how much investors made

The initial public offer was subscribed to a massive 646.47 times, with bids for 1,74,93,57,000 shares compared to 27,06,000 shares on offer.

The qualified institutional buyers (QIBs) portion fetched 209.59 times the subscription as they applied for 15,02,79,000 shares against 7,17,000 shares on offer.

The part for non-institutional investors (NIIs) was booked 856.10 times. They submitted applications for 62,40,96,000 compared to 7,29,000 shares reserved.

The individual investors (retail) category got filled a whopping 773.80 times, as they subscribed to 97,49,82,000 shares against 12,60,000 shares offered.

The capital generated will be used to meet working capital requirements and general corporate purposes.

"We believe that listing will enhance our corporate image and visibility of brand name of our company. We also believe that our company will receive the benefits from listing of equity shares on the BSE SME (“BSE”). It will also provide liquidity to the existing shareholders and will also create a public trading market for the equity shares of our company," Cryogenic OGS said in its RHP.

The issue's sole book-running lead manager was Beeline Capital Advisors, while MUFG Intime India was the registrar.

Cryogenic OGS Ltd manufactures equipment for various sectors like oil, gas, chemicals, petrochemicals, and the allied fluid industry. It provides customised solutions to meet the specific demands of its customers.