IPO wrap, June 30: IndoGulf closes day 3 with 26x subscription; five new offers open for bidding

The primary market witnessed new openings on Monday, June 30. The initial public offerings (IPO) of Silky Overseas, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions, and Vandan Foods opened for subscription.

Offers of IndoGulf Cropsciences, Moving Media Entertainment and PRO FX Tech closed for subscription on Monday.

The portion reserved for the non-institutional investors (NIIs) category witnessed the highest response, with a subscription of 48.39 times.

The portion reserved for qualified institutional buyers, or QIBs, saw a subscription of 33.26 times, while the retail individual investors (RIIs) category was subscribed 14.78 times.

Money raised to the tune of ₹65 crore will be utilised for the working capital needs of Indogulf—₹34.12 crore for repayment of debt clearance, ₹14 crore for capital expenditure purposes, and a portion for corporate general purposes.

Moving Media Entertainment plans to raise ₹43.4 crore through its SME IPO. The company has fixed the price band of the issue at ₹66 to ₹70 per share. The lot size, or the minimum bid quantity to apply for the issue, is 2000 shares.

On the last day of bidding, the SME issue garnered bookings of 23.65 times until 5 PM. It had received 7,840,800 bids against 3,315,200 reserved shares on Monday.

Established in 2009, Pushpa Jewellers specialises in traditional and modern gold jewellery with intricate detailing using premium stones like emerald, jade, pearl, and meena. 

The company will use ₹5.35 crore to set up new showrooms. It will use ₹45.39 crore towards working capital expenses. Part of the IPO proceeds will be used for general corporate purposes and strategic initiatives.