IPO highlights: Divine Hira Jewellers IPO booked 3.93 times on final day, Super Iron Foundry makes flat debut

Bidding in the two active initial public offerings (IPOs) – both belonging to the small and medium enterprise (SME) group – closed today after garnering reasonable interest from investors as sentiment in the broader market remained positive for a third day in a row. An SME stock also made its trading debut today but failed to generate any returns for its investors.

Divine Hira Jewellers IPO closes with decent demand

The ₹31.84-crore SME IPO of Divine Hira Jewellers Ltd saw decent demand as the bidding window closed today. At the end of bidding on the last day at 5 pm, the NSE SME issue was overall booked 3.93 times. The retail segment was subscribed 6.62 times, while the non-institutional investors’ (NIIs) quota was bought 1.27 times.

The NSE SME IPO was a fixed-price issue. It was made up entirely of a fresh issuance of 35.38 lakh shares. The IPO price was fixed at ₹90 apiece. The minimum lot size was 1,600 units.

The allotment for the IPO is expected to be finalised on March 20. Divine Hira Jewellers shares are scheduled to be listed on the NSE Emerge platform on March 24.

Paradeep Parivahan IPO fully subscribed

The ₹44.86-crore SME IPO of Paradeep Parivahan Ltd managed to get fully subscribed on the last day of bidding.

On the third day of bidding, the BSE SME issue was overall booked 2 times. The Qualified Institutional Buyers (QIBs) segment was subscribed 1.33 times. The retail quota was booked 1.66 times, while the NIIs category was subscribed 3.64 times.

Paradeep Parivahan IPO was a 100% book-built issue. It was entirely a fresh issuance of 45.78 lakh shares, with no offer-for-sale (OFS) component. The price band for the IPO was set at ₹93 to ₹98 per share and the minimum bid size for an application was 1,200 shares.

The allotment is expected to be finalised on March 20. Paradeep Parivahan shares are scheduled to be listed on the BSE SME platform on March 24.

Flat listing for Super Iron Foundry

Shares of West Bengal-based Super Iron Foundry Ltd made a weak trading debut on the BSE SME platform today, with the stock listing flat compared to its issue price.

The Super Iron Foundry stock opened the session at ₹107.95 apiece on the BSE SME platform against its IPO price of ₹108 per share. Within minutes of listing, the share price dropped almost 5% to hit the day’s low of ₹102.6 apiece.

The ₹₹68.05-crore BSE SME IPO of Super Iron Foundry was open for bidding from March 11 to March 13. The issue was subscribed just around 1.61 times during the three-day window, with bids received for over 96.79 lakh shares against 59.85 lakh shares on offer.