Innomet Advanced Materials IPO day 3: NSE SME issue booked over 297 times, NIIs steal the show

The NSE SME IPO received bids for more than 96.72 crore shares compared to 32.52 lakh shares on offer.

Innomet Advanced Materials IPO subscription was open from September 11 to September 13.

Innomet Advanced Materials Limited IPO was subscribed 314.76 times in the non-institutional investors (NIIs) category and 226.96 times in the retail segment.

The NIIs placed bids for 51.18 crore shares against the 16.26 lakh shares set aside for them. On the other hand, the retail investors applied for 36.9 shares as compared to 16.26 lakh shares set aside for them.

The Qualified Institutional Buyers (QIBs) placed bids for 8.63 crore shares of Innomet Advanced Materials Limited.

Innomet Advanced Materials Limited IPO offer size and other details

Innomet Advanced Materials IPO was a book-building issue aimed at raising ₹34.24 crore. The IPO comprised an entirely fresh issue of 34.24 lakh shares.

Innomet Advanced Materials IPO price was set at ₹100 per share.

The minimum application size for retail investors in the IPO was a single lot of 1,200 shares, amounting to an investment of ₹1,20,00. High Networth Individuals (HNIs) had to apply for at least two lots, aggregating to ₹2,40,000.

Innomet Advanced Materials IPO registrar is Skyline Financial Services Private Ltd, while Expert Global Consultants Private Limited is the book-running lead manager of the issue. The market maker of the IPO is Prabhat Financial Services.

Innomet Advanced Materials IPO key dates

Innomet Advanced Materials IPO allotment status is expected to be finalised on Monday, September 16. Refunds will be initiated to unsuccessful bidders on September 17, while shares will be credited to the Demat account of successful bidders the same day.

Shares of Innomet Advanced Materials Limited are expected to be listed on the NSE SME platform on September 18.

Innomet Advanced Materials IPO objectives

Innomet Advanced Materials plans to use the net proceeds of the IPO to purchase machinery and equipment and fund working capital requirements. The company will also utilise the funds for partial or total repayment and prepayment of its outstanding debts. A part of the proceeds will further go towards general corporate purposes and issue expenses.

About Innomet Advanced Materials Limited

Innomet Advanced Materials Limited manufactures metal powders and tungsten-heavy alloys. Incorporated in 1984, the company operates through two divisions, namely Innomet Powders and Innotung. Innomet Advanced Materials has a portfolio of 20 products, including copper, bronze, brass, nickel, tin and stainless-steel powders that it supplies to various industries.