IPO highlights: NAPS Global India IPO booked 47% on Day 2, Shreenath Paper Products lists at 20% discount

Primary markets continued to witness subdued activity on Wednesday. The only active initial public offering (IPO) of a small and medium enterprise (SME) saw tepid demand even as bidding entered the second day. Meanwhile, another SME firm listed at a steep discount on the BSE SME exchange, wiping off investors’ wealth.

NAPS Global India IPO day 2

The ₹11.88-crore SME IPO of NAPS Global India was struggling to find investors on the second day of bidding as well. At the end of bidding at 5 pm on the second day on March 5, the BSE SME issue was booked only 47% with bids for 5.88 lakh shares compared to 12.48 lakh shares on offer. The IPO was booked 77% in the retail category, while the Non-Institutional Investors (NIIs) portion was bought just 17%.

The NAPS Global India IPO is a fixed-price issue that aims to raise a total of ₹11.88 crore. The IPO is entirely made up of a fresh issuance of 13.20 lakh shares.

Shares in the NAPS Global India IPO are being offered at ₹90 apiece. The minimum bid quantity to apply for the issue, also known as the lot size, is 1,600 shares.

Bidding for the IPO closes on March 6. The allotment of shares is expected to be finalised on March 7. NAPS Global India shares are scheduled to be listed on the BSE SME platform on March 11.

Balaji Phosphates allotment to be out today

The Balaji Phosphates IPO had closed with a subscription of 1.26 times. Shares are scheduled to list on the NSE Emerge platform on March 7.

Shreenath Paper Products shares list at 20% discount

Another SME firm witnessed a flop trading debut on Wednesday, keeping up with the recent trend of listing disasters. Shreenath Paper Products shares listed at a 20% discount on the BSE SME platform at ₹35.2 per piece compared with its issue price of ₹44 apiece. Soon after listing, the stock further declined up to 5% to hit the lower circuit limit at ₹33.44 per share.

Paper products supplier Shreenath Paper Products launched its IPO on February 25 to mobilise ₹23.36 crore from investors. The IPO received decent demand from retail investors and closed with an overall subscription of nearly two times at the close of bidding on February 28.