IPO wrap: Laxmi Dental IPO subscribed over 5 times on Day 1, Standard Glass Lining shares list at 23% premium and more

Primary market investors were actively bidding in three initial public offerings (IPOs) on Monday, one mainboard issue and two small and medium enterprise (SME) issues. Markets also witnessed two strong IPO listings, keeping the investor sentiment upbeat.

Here’s a look at the major developments in the IPO market on January 13.

Laxmi Dental IPO Day 1

Laxmi Dental IPO saw a strong demand on the first day as the mainboard issue was fully subscribed within hours of launch. At the end of bidding at 5 pm on the first day, the IPO was overall booked 5.28 times with bids for over 4.73 crore shares against 89.7 lakh shares on offer.

The retail investors’ portion was overbooked by 12.4 times, while the Non-Institutional Investors’ (NII) category was overbid 10.85 times. The Qualified Institutional Buyers (QIBs) booked their quota 13%.

The Laxmi Dental IPO is a book-built issue of ₹698.06 crore. It is a combination of a fresh issuance of 32 lakh shares, aggregating to ₹138 crore, and an offer-for-sale (OFS) of 1.31 crore shares, aggregating to ₹560.06 crore. The price band for the IPO is fixed at ₹407 to ₹428 per share. The minimum lot size is 33 shares for the retail investors.

Bidding for the IPO will close on January 15. The allotment for shares is expected to be finalized on January 16. Laxmi Dental shares are scheduled to be listed on the BSE and the NSE on January 20.

Barflex Polyfilms Day 2

The NSE SME IPO of Barflex Polyfilms Ltd saw a decent response on the second day of bidding. The IPO was booked more than 4 times. The retail portion was overbid by 7 times, while the NIIs’ segment was booked over 3 times.

The IPO price band has been fixed at ₹57 to ₹60 per share, with the minimum lot size being 2,000 units for retail investors. Bidding for the ₹39.42-crore IPO will close on January 15. The stock is scheduled to be listed on the NSE Emerge platform on January 20.

Sat Kartar Shopping IPO Day 2

The ₹33.8-crore SME IPO of Sat Kartar Shopping Ltd continued to see strong demand on the second day of bidding as well on Monday. By the end of bidding at 5 pm, the NSE SME issue was subscribed more than 42 times. The retail investors’ portion was overbought nearly 65 times, while the NIIs category was subscribed 44.5 times. The QIBs booked their quota more than 2 times.

The price band for the Sat Kartar Shopping IPO has been set at ₹77 to ₹81 per share, while the lot size for an application is 1,600 for retail investors. Bidding will close on January 14.

The stock is scheduled to be listed on the NSE SME platform on January 17.

Standard Glass Lining Technology shares list at 23% premium

Standard Glass Lining Technology Ltd made a strong trading debut on the stock exchanges, with the shares listing at a 23% premium at ₹172 apiece on the NSE compared to the issue price of ₹140 per share.

On the BSE, the stock was listed at ₹176, up 25.71%, from the issue price.

The ₹410.05-crore Standard Glass Lining IPO was oversubscribed by a whopping 183 times during the three-day bidding from January 6 to January 8.

Indobell Insulation IPO listing

Insulation products manufacturer Indobell Insulation Limited made a strong trading debut today with its shares listing at a 90% premium to the IPO price at ₹87.4 apiece on the BSE SME platform. The stock rallied 5% to touch the upper circuit limit at ₹91.77 apiece, nearly doubling the IPO investors’ money in debut trade. The IPO price was fixed at ₹46 per share.

The ₹10.14-crore BSE SME issue was open for subscription from January 6 to January 8. The IPO was subscribed more than 54 times.