Indobell Insulation IPO Day 3: BSE SME issue booked 54 times on high demand, check subscription status

Indobell Insulation Limited IPO continued to see strong demand across investor categories on the last day of bidding on Wednesday, January 8. The initial public offering was booked more than 27 times driven by high demand from retail investors.

The BSE SME IPO opened for subscription on Monday, January 6, 2025. Indobell Insulation Limited aims to raise ₹10.14 crore through the maiden share sale.

The public offer received bids for over 11.34 crore shares against 20.94 lakh shares on offer, leading to an overall subscription of 54.1 times, as per the BSE data.

The retail individual investors applied for more than 5.48 crore shares against their allocated quota of 10.47 lakh shares. The retail portion was booked 52.4 times. The Non-Institutional Investors (NIIs) subscribed their category 51.4 times with bids for more than 5.38 crore shares against 10.47 lakh shares on offer. In the Qualified Institutional Buyers (QIBs) category the IPO received bids for 48 lakh shares.

The IPO received a total of 19,391 applications so far, with the retail investor segment receiving 18,276 applications, and the NIIs witnessing a total of 1,110 applications.

Indobell Insulation IPO key details

Indobell Insulation IPO consists of entirely a fresh issue of 22.05 lakh shares, worth ₹10.14 crore, and there is no offer-for-sale (OFS) component.

The IPO price band has been fixed at ₹46 per share. The minimum lot size is 3,000 shares for retail investors. The minimum bid amount per lot size is ₹1,38,000 for retail investors. The High Net Worth Individuals (HNIs) can apply for at least two lots of 6,000 shares, aggregating to a minimum investment of ₹2,76,000 shares.

Finshore Management Services Ltd is the book-running lead manager of the Indobell Insulation IPO, while Integrated Registry Management Services Private Ltd is the registrar for the issue.

The IPO allotment status is expected to be finalised on Thursday, January 9. The company will process refunds and transfer of shares to the Demat accounts on Friday, January 10.

The listing date for the Indobell Insulation IPO has been tentatively fixed as January 13. Shares of the company will be listed on the BSE SME platform.

About Indobell Insulation and use of IPO proceeds

Indobell Insulations Limited is a leading manufacturer and contractor specialising in a wide range of insulation products and services. The company manufactures high-quality nodulated and granulated wool, including ceramic fibre and mineral fibre nodules, as well as prefabricated thermal insulation jackets.

The company’s products are used for insulating various applications, from residential and commercial buildings to industrial plants. Indobell’s core business lies in the power industry, where it offers a host of insulation services, such as scaffolding, surface protection, refractory, passive fire protection, and borosilicate lining for chimneys.

The company plans to use the IPO funds for capital expenditure towards the purchase of additional plants and machinery. A portion of the funds will also be used for working capital needs and general corporate purposes.

In the current financial year, the company reported revenue of ₹5.56 crore for the six-month period ended September 30, 2024. Its net profit stood at ₹42.39 lakh for the period under review.

For FY24, Indobell Insulations’ revenue stood at ₹17.98 crore compared to ₹21.05 crore in FY23. Its net profit increased to ₹1.03 crore in FY24 compared to ₹90 lakh in the preceding fiscal.