Osel Devices IPO fully subscribed within hours of opening for subscription, check key dates, price band and more

Osel Devices IPO was fully subscribed within hours of opening for subscription on Monday. The initial public offering was subscribed 2.51 times until 1:40 p.m.

The portion reserved for retail investors attracted 4.48 times the subscription, while the non-institutional investors (NIIs) quota subscribed 1.26 times.

The ₹70.66 crore IPO, which will conclude on September 19, is a fresh issue of 44.1 lakh equity shares. The price band has been fixed at ₹155-₹160 per share.

The funds raised will be used to prepay or repay borrowings, fund working capital requirements, and general corporate purposes.

Retail investors can bid for at least one lot size, which consists of 800 shares worth ₹1,24,000.

The book-running lead manager for the issue is Horizon Management Pvt Ltd, while Mas Services Ltd is the registrar.

Osel Devices IPO: Key dates

• Bidding period: September 16- September 19
• Allotment finalisation: September 20
• Refund initiation: September 23
• Demat transfer: September 23
• Listing on NSE SME: September 24

About Osel Devices

Founded in 2006, Osel specialises in light-emitting diode (LED) display systems and advanced hearing aids. Its manufacturing facility is in Greater Noida.

Osel's LED display systems are suitable for a wide range of commercial applications, from advertising media and billboards to command control centres and corporate meeting rooms.

Osel also manufactures hearing aids to enhance the quality of life for individuals with hearing impairments. The company's product range includes both digital programmable and non-programmable hearing aids.