Primary market action: 2 BSE SME issues fully subscribed within hours of launch; check details

The buzz around the initial public offers (IPOs) of small and medium enterprises (SMEs) is getting stronger, with two more issues witnessing strong response on the first day of subscription on August 22. It was an action-packed day for the primary market on Thursday, with two IPOs opening for bidding and share allotment of three public issues.

The subscription window for Rapid Multimodal Logistics IPO and Resourceful Automobile IPO opened today. Both the BSE SME issues were fully subscribed within hours of launch.

Rapid Multimodal Logistics IPO

According to BSE data, the Rapid Multimodal Logistics IPO received bids for over 28.17 lakh shares against 9.6 lakh shares offered for subscription. The issue was subscribed 2.93 times on the first day of bidding.

Retail investors drove the demand as the issue was subscribed 5.36 times in the category. The Non-Institutional Investors’ (NIIs) category was booked 51%.

Rapid Multimodal Logistics Ltd. aims to raise ₹8.49 crore via a fresh issue of 10.11 lakh shares. The IPO price has been fixed at ₹84 per share.

The IPO subscription will close on August 27. The tentative listing date for Rapid Multimodal Limited shares has been fixed as August 30.

Rapid Multimodal Logistics Limited provides logistics services such as planning, route optimization, carrier selection, and documentation.

Resourceful Automobile IPO

Resourceful Automobile IPO was subscribed 10.34 times on the first day on August 22. The public issue saw significant demand as investors bid for more than 1 crore shares against the 9.73 lakh shares offered for subscription.

Resourceful Automobile IPO was subscribed 17.91 times in the retail category and 2.78 times in the NIIs’ category.

Resourceful Automobile IPO is a book-building issue worth ₹11.99 crore. The BSE SME issue consists of a fresh issuance of 10.25 lakh shares. The issue price has been fixed at ₹117 per share.

Resourceful Automobile IPO’s subscription window will close on August 26. Shares of Resourceful Automobile IPO are expected to be listed on the BSE SME platform on August 29.

Resourceful Automobile Limited sells Yamaha two-wheelers and operates its showrooms under the name ‘Sawhney Automobile’. The company plans to use the funds generated via the public issue to open new showrooms in Delhi-NCR.

Share allotment status of three IPOs

Interarch Building Products IPO

Interarch Building Products Limited IPO share allotment status will be finalised on August 22. Refunds will be initiated for unsuccessful bidders on August 23 and shares of the company will be credited into the Demat accounts of successful bidders on the same day. The tentative listing date for Interarch Building Products Limited’s shares is August 26. Shares of Interarch Building Products Limited will list on the NSE and BSE exchanges.

Interarch Building Products IPO was worth ₹200 crore and consisted of a fresh issue of 22 lakh shares along with an offer for sale (OFS) of 44 lakh shares worth up to ₹400.29 crore.

Interarch Building Products IPO was booked 93.46 times. The mainboard issue saw bids for 43.87 crore shares against 46.91 lakh shares on offer.

Forcas Studio IPO

Forcas Studio Limited IPO share allotment status will be finalised on Thursday, August 22. The initiation of refunds for unsuccessful bidders will be made on August 23 and shares of Forcas Studio will be credited into the Demat account of successful bidders the same day. Shares of Forcas Studio Ltd will list on the NSE SME platform, Emerge. The tentative IPO listing date has been fixed as August 26.

Forcas Studio’ public issue is aimed at raising ₹37.44 crore and consists of an entirely fresh issue of 46.8 lakh shares. Forcas Studio IPO saw strong demand in its three-day subscription window and was booked nearly 417 times.

Forcas Studio Limited was incorporated in April 2010. The company is a seller of men's clothing, such as shirts, jeans, t-shirts, trousers, cotton pants, sportswear, party wear and fashion wear.

Brace Port Logistics IPO

Brace Port Logistics IPO’s share allotment status will be finalised today on Thursday, August 22. Refunds will be initiated for unsuccessful bidders on Friday, August 23, and successful bidders will receive shares of Brace Port Logistics in their Demat accounts on the same day. Brace Port Logistics shares will be listed on the NSE SME platform, Emerge. The tentative listing date for Brace Port Logistics IPO is August 26.

Brace Port Logistics' public issue was aimed at raising ₹24.41 crore through a fresh issuance of 30.51 lakh shares.

Brace Port Logistics IPO was booked 658 times on the final day of subscription as it received bids for over 155 crore shares against 23.5 lakh shares on offer.

The company will use the money raised via the public issue for funding its working capital requirements and for other general corporate purposes.

Brace Port Logistics Limited was incorporated in November 2020. The company specialises in providing ocean cargo logistics services to its clients.

Upcoming IPOs

Seven new IPOs will open for subscription next week. The upcoming public offers include Indian Phosphate IPO, Premier Energies IPO, Jay Bee Laminations IPO, Paramatrix Technologies IPO, Aeron Composite IPO, ECOS (India) Mobility & Hospitality IPO and Bajaj Housing Finance IPO.