Owais Metal and Mineral Processing IPO fully subscribed on first day: Check price band, lot size and other key details

Owais Metal and Mineral Processing Ltd IPO subscription opened to a good response from investors on Monday, February 26. According to the exchange data, the ₹42.69-crore public offer was subscribed 0.97 times until 12 noon on the first day.

The Owais Metal and Mineral Processing Ltd IPO received bids for 142 lakh equity shares against 31.93 lakh shares on offer for public investors, reflecting a subscription of 4.4 times.

The public offer drew huge response from retail investors as retail individual investors’ (RII) category was subscribed more than 6.9 times in the first few hours of opening of the subscription. Till 3:30 pm, retail investors placed bids for 37.16 lakh shares as against 15.98 lakh shares reserved for the category, according to NSE data.

The IPO did not receive any bid from qualified institutional buyers (QIBs) while non-institutional investors placed bids for 2.84 lakh equity shares compared to 6.84 lakh shares reserved for the segment.

Owais Metal and Mineral Processing IPO price band, lot size and other details

The ₹42,69-crore initial public offering comprises a fresh issue of around 49.07 equity shares of ₹10 each and no component of the offer for shares. This includes a Market Maker’s portion of 3,44,000 equity shares and Anchor allocation of 13,68,000 shares.

The Owais Metal and Mineral Processing IPO subscription will close on February 28, 2024.

The company has fixed the price band at ₹83 to ₹87 per share and the minimum lot size is 1,600 shares. The minimum investment by retail investors is ₹139,200 while for HNI the minimum investment limit is ₹278,400 for two lots (3,200 shares).

The company has set aside 22,80,000 equity shares for QIBs, 6,84,800 equity shares for non-retail investors and 15,98,400 shares for retail investors.

The company aims to raise around ₹42.69 crore through the IPO. It has proposed to utilise around ₹19.77 crore for purchase of plant and machinery for manufacturing and ₹18 crore for meeting working capital requirements besides meeting IPO-related expenses.

Owais Metal and Mineral Processing IPO allotment status is expected to be finalised on February 29. Owais Metal and Mineral Processing IPO will list on the SME platform of NSE, Emerge, on Monday, March 4.

Gretex Corporate Services Limited is the book running lead manager of the IPO. Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Owais Metal and Mineral Processing IPO is Gretex Share Broking.

Owais Metal and Mineral Processing IPO Anchor Investors

Owais Metal and Mineral Processing garnered a total of ₹11.90 crore from anchor investors on Friday, February 23. The company issued 13.68 lakh shares to anchor investors at a price of ₹87 per share, the upper limit of the price band.

According to exchange data, Persistent Growth Fund-Varsu India Growth Story Scheme1, 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.

About Owais Metal and Mineral Processing Limited

Owais Metal and Mineral Processing Ltd is involved in the manufacturing and processing of various metals and minerals. The company is diversified across the broad spectrum of natural resources.

The company produces Manganese Oxide (MNO), MC ferro manganese, wood charcoal and is involved in processing of minerals such as ferro alloy, quartz and manganese ore.

It serves the major markets in Madhya Pradesh, Maharashtra, Punjab, Delhi, and Gujarat. It recently made foray into wood charcoal and processed quartz, with manufacturing units in Rajasthan and Meghnagar.

Meghnagar is situated at a strategic location on the border of Gujarat, Madhya Pradesh and Rajasthan. Gujarat, Madhya Pradesh and Rajasthan are the three major consumers of manganese oxide and MC ferro manganese.