Osel Devices IPO: NSE SME issue booked over 194 times on final day, NIIs quota subscribed 321x

Osel Devices Limited IPO closed with a bumper subscription on the last day of bidding on Thursday, September 19, led by non-institutional investors (NIIs).

The NSE SME issue was booked 194.31 times with bids for 57.06 crore shares against 29.36 lakh shares offered for subscription.

The retail portion of the IPO was subscribed 206.07 times. Compared to 14.68 lakh shares reserved for the category, retail investors applied for 30.26 crore shares. The NIIs booked their portion 321.75 times with bids for 20.25 crore shares against 6.29 lakh shares on offer for the segment. The qualified institutional buyers booked their quota 78.01 times with bids for 6.54 crore shares compared to 8.38 lakh shares set aside for them.

Osel Devices IPO issue size and other details

The ₹70.66-crore public offer consisted of an entirely fresh issue of 44.16 lakh shares. Osel Devices IPO price band was fixed at ₹155 to ₹160 per share. The minimum lot size to apply for the NSE SME issue for retail investors was 800 shares, aggregating to an investment of ₹1,28,000.

Osel Devices IPO dates

Osel Devices IPO share allotment status is expected to be finalised by Friday, September 20, after the bumper subscription.

Subsequent to the allotment of shares refunds will be initiated for unsuccessful bidders on Monday, September 23, and on the same day successful bidders will receive shares in their Demat accounts.

Shares of the company will be listed on the NSE SME platform, Emerge. The IPO listing date has been tentatively fixed as September 24.

Osel Devices IPO: Objective

The company proposes to use the funds raised via the public issue for prepayment or repayment of loans availed by the company. A portion of proceeds will also be used for funding of working capital requirements and general corporate purposes.

About Osel Devices Limited

Osel Devices Limited, founded in 2006, manufactures a comprehensive range of LED display systems and hearing aids. The company had 68 employees as of March 31, 2024.