Popular Foundations IPO Day 1: Issue subscribed 0.72 times so far; check price band, lot size and more

Popular Foundations IPO received 0.72 times so far on Friday, the first day of subscription. The BSE SME initial public offering, which will conclude on September 18, is a fixed-price issue at ₹37 apiece.

The quota for retail investors has been subscribed 0.95 times, while the portion for non-institutional investors received 0.49 times the subscription.

The initial share sale is entirely a fresh issue of 53.7 lakh shares to raise ₹19.87 crore. Interested investors can bid for at least 3,000 shares or one lot worth ₹1,11,000.

The net proceeds from the fresh issue will be used to prepare or repay the existing borrowings, fund working capital requirements and address general corporate purposes.

Srujan Alpha Capital Advisors LLP is the IPO's book-running lead manager, while Bigshare Services Pvt Ltd is the registrar. Spread X Securities is the market maker.

Popular Foundations IPO: Timeline

Subscription period: September 13-September 18 Allotment finalisation: September 19 Refund initiation: September 20 Demat transfer: September 20 Listing: September 23

About Popular Foundations

Popular Foundations provides comprehensive engineering and construction solutions. It specialises in delivering end-to-end service projects, including factories, commercial buildings, educational institutions and residential developments.

While it serves various sectors, the company focuses on non-residential and non-governmental civil construction projects, predominantly in and around Chennai. Popular Foundations has expanded its footprint to cities such as Pondicherry, Bengaluru, Tanjore, Trichy, Vizhuppuram, Madurai and Coimbatore.

Ananthanarayanan Venkatesh and Vinita Venkatesh are the promoters of the company. They currently hold 83.36% stake in the firm, which will be reduced to 61.39% post-issue.