IPO wrap: HM Electro Mech closes with strong demand, GB Logistics IPO subscribed over 185 times

It was yet another dull day for the primary markets on January 28, with only two initial public offerings (IPOs) of small and medium enterprises (SMEs) available for bidding. Both the BSE SME issues closed today with impressive subscription numbers.

On the last day, the GB Logistics Commerce IPO was booked more than 185 times, while the initial public offering of HM Electro Mech Ltd was subscribed 93.5 times.

Share allotment status for another SME IPO of CLN Energy Ltd was also scheduled to be finalised on Tuesday.

HM Electro Mech IPO closes today on a solid note

The ₹27.74-crore HM Electro Mech IPO closed for bidding today on a solid note. The BSE SME issue was overall subscribed 93.54 times. The retail segment was booked 97.73 times, while the Non-Institutional Investors’ (NIIs) category was subscribed 184.34 times. The Qualified Institutional Buyers (QIBs) booked their quota nearly 18 times.

The IPO price band was fixed at ₹71 to ₹75 per share, while the minimum bid quantity to apply for the issue was a single lot size of 1,600 shares. HM Electro Mech shares are scheduled to be listed on the BSE SME platform on January 31.

GB Logistics Commerce IPO sees huge demand on closing day

The ₹25.07-crore SME issue of GB Logistics Commerce Ltd also witnessed huge demand on the last day of bidding. The IPO was subscribed 185.31 times across investor categories. The retail quota was booked 122 times, while the NIIs category was booked 402 times. The QIBs subscribed their category by 26.85 times.

The price band for the IPO was fixed at ₹95 to ₹102 per share. The minimum lot size for an application was 1,200 shares. The stock is scheduled to be listed on the BSE SME platform on January 31.

CLN Energy IPO allotment

CLN Energy Ltd. will announce the share allotment status today after successfully submitting its ₹72.3-crore SME IPO.

The IPO applicants can check the status online on the official websites of the BSE and the issue registrar, Bigshare Services Pvt. Ltd.

The CLN Energy IPO, open for bidding from January 23 to January 27, was subscribed 5.5 times. The stock will be listed on the BSE SME platform on January 30.