Owais Metal and Mineral Processing IPO allotment: Check steps to know status online

Owais Metal and Mineral Processing IPO share allotment is expected to be finalised on Thursday, February 29, following a huge response from investors. The SME public offer was oversubscribed an astounding 229 times during the subscription period, which concluded on Wednesday, February 28.

The initial public offer of Owais Metal and Mineral Processing received bids for 73,22,65,600 shares, a staggering 229.33 times of the total 31.95 lakh shares on offer for public investors.

The SME IPO, an entirely fresh issue of 49.07 lakh shares, saw retail buyers going for 248.50 times subscription. Qualified Institutional Buyers (QIBs) subscribed 92.06 times and Non-Institutional Investors (NIIs) bid 329.36 times, the NSE data showed.

Investors can check the allotment status of the Owais Metal and Mineral Processing IPO online by logging into the official website of Bigshare Services, the registrar for the public issue.

Steps to check Owais Metal and Mineral Processing IPO share allotment status

Here's the step-by-step process to check the IPO allotment status:

• Go to the official website of the registrar — https://ipo.bigshareonline.com/ipo_status.html
• Select 'Owais Metal and Mineral Processing' from the drop down menu for company names.
• Provide Application No/CAF No or Beneficiary ID, or PAN.
• Enter 'captcha' and click 'Search' to know IPO allotment status.

If all the provided details are found to be correct, you will receive information about the status of your IPO share allotment. Investors will also be informed about the number of shares allotted to them in the final allotment.

The name of the company on the drop down list and share allotment details will appear once the IPO allotment is finalised by the company.

Owais Metal and Mineral Processing IPO listing and other details

The public issue is expected to be listed on NSE SME platform, Emerge, on Monday, March 4.

The IPO's book-running lead manager is Gretex Corporate Services Limited. Gretex Share Broking is the market maker for Owais Metal and Mineral Processing IPO.

On Friday, February 23, anchor investors infused a total of ₹11.90 crore into the public issue, and the company allocated 13.68 lakh shares to these anchor investors at ₹87 per share.

Persistent Growth Fund-Varsu India Growth Story Scheme 1, Vikasa India EIF I Fund - Zodiac Global Opportunity Fund, Finavenue Capital Trust – Finavenue Growth Fund, and LC Radiance Fund VCC participated in the anchor investment round.

As the allotment of shares is currently in progress, refunds will be initiated for those who do not receive allotted shares. The refund process is scheduled for Friday, March 1, 2024, with shares expected to be credited to investors' Demat accounts on the same day.

Owais Metal and Mineral Processing plans to utilise the net proceeds from the fresh issue to boost its manufacturing capacity. A significant portion of these funds will be allocated to acquiring equipment, ultimately streamlining and enhancing the manufacturing process. Additionally, a portion of the net proceeds will be directed towards the company's working capital needs to ensure operational smoothness.