IPO market highlights: Beezaasan Explotech makes weak debut, Balaji Phosphates IPO booked over 50% on Day 2

On Monday, the primary market had a sombre day. Balaji Phosphates Ltd's IPO failed to enthuse investors on the second day of bidding, and another SME issue made a weak debut.

Beezaasan Explotech shares started trading on the BSE SME platform at a discount over 16% compared to the IPO price. On the other hand, Balaji Phosphates IPO failed to get fully subscribed on Day 2.

Recent losses in the secondary markets have dried up the IPO pipeline and only one SME IPO is open for subscription currently.

The secondary markets remained volatile, with benchmark indices closing lower on selling by foreign investors in blue-chip stocks. Weak sentiment in the broader markets also weighed on primary market activities.

Balaji Phosphates IPO Day 2

On Monday, the second day of bidding, Balaji Phosphates Ltd's public offer was booked nearly 56% amid poor response from investors across categories. The IPO was booked 18% on the first day.

Balaji Phosphates received bids for 34.68 lakh shares against 62.28 lakh equity shares on offer at the end of the second day's bidding at 5 p.m. The ₹50.11-crore IPO opened for bidding on February 28.

Among investor categories, the retail portion of the SME IPO was booked at 54%. The Non-Institutional Investors (NIIs) booked 98% of their allocated quota. The Qualified Institutional Buyers (QIBs) segment did not receive any bid even on the second day.

The NSE SME issue is open for bidding till March 4. The IPO comprises a fresh issue of 59.4 lakh shares worth up to ₹41.58 crore and an offer-for-sale (OFS) of 12.18 lakh shares, amounting to ₹8.53 crore.

After the bidding, the company is likely to announce share allotment on Wednesday, March 5. The tentative date for listing shares on the NSE Emerge is March 7.

Shreenath Paper Products IPO share allotment

Shreenath Paper Products Ltd is expected to announce the share allotment status on Monday after the successful close of its ₹23.36-crore SME IPO. The public offer was subscribed more than 2 times on the final day, led by high demand from retail investors.

The IPO share allotment status can be checked on the BSE, and on the official website of the IPO registrar, Bigshare Services Pvt. Ltd. The tentative date for the listing of shares on the BSE SME platform is March 5. The fixed price issue was open for bidding from February 25 to February 28. The IPO price was fixed at ₹44 per share.

Beezaasan Explotech shares list at over 16% discount

Explosives products and accessories maker Beezaasan Explotech made a weak debut on the BSE SME platform on Monday as its shares listed at a discount of 16.6%.

According to the BSE data, the stock was listed at ₹146 per share against the issue price of ₹175 apiece.

Shares of the company later rose by 5% from the listing price to close the day at ₹153.3 per share on the BSE. Beezaasan Explotech shares, however, closed lower by over 12% compared to the issue price of ₹175 per share.

The company launched its IPO to raise ₹59.93 crore from the primary market. The IPO was entirely a fresh issuance of 34.25 lakh shares. The IPO was open for subscription from February 21 to February 25. The issue was booked more than five times.