Sai Swami Metals and Alloys IPO subscription closes with 544 times bidding, check key details
Upstox
3 min read • Updated: May 3, 2024, 7:48 PM
Summary
Sai Swami Metals and Alloys IPO share allotment status is expected to be finalised on Monday, May 6. Successful applicants can check the allotment status of shares through the websites of registrar, Bigshare Services Pvt Ltd and the BSE.
Sai Swami Metals and Alloys IPO, a fixed-price fresh issue of 25 lakh shares, was subscribed 544 times on the final day of bidding on Friday, May 3.
The public issue opened for subscription to the public on April 30.
The ₹15-crore BSE SME public issue received bids for more than 128.98 crore shares against 23.72 lakh shares on offer during its three-day bidding.
The portion reserved for retail investors was subscribed 529 times with bids coming in for over 62.74 crore shares against 11.86 lakh shares on offer for the segment. The non-institutional buyers’ (NIIs) portion was booked 534 times with biddings for over 63.32 crore shares against 11.86 lakh shares reserved for the category.
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The qualified institutional buyers (QIBs) placed bids for 2.91 crore shares.
The company also set aside 5.12% or 1,12,000 shares for the IPO's market maker, Sunflower Broking. There was no anchor investor portion in the IPO.
With the bidding phase now over, subscribers will now be keen to know the allotment status of shares. The company is expected to finalise the basis of allotment of shares on Monday, May 6. Successful applicants can check the allotment status of shares through registrar portal or the BSE's official website.
Sai Swami Metals and Alloys has appointed Bigshare Services Pvt Ltd as the registrar for the public issue.
Sai Swami Metals and Alloys IPO details
Sai Swami Metals and Alloys IPO price band was fixed at ₹60 per share. The IPO lot size was of 2,000 shares, amounting to a minimum investment of ₹1,20,000. On the other hand, for high networth individuals, the minimum lot size for an application was 2 lots or 4,000 shares, amounting to ₹2,40,000.
Sai Swami Metals and Alloys will initiate refunds for non allottees on May 7. On the same day, shares will be transferred to the Demat accounts of successful applicants.
Sai Swami Metals and Alloys IPO shares are scheduled to get listed on the BSE SME platform, with a tentative listing date fixed as Wednesday, May 8.
The company will use IPO proceeds for meeting a range of objectives. The proceeds will be utilised for incremental working capital requirements as well as for buying machinery and equipment needed for business operations.
About Sai Swami Metals and Alloys Ltd
Established in September 2022, Sai Swami Metals and Alloys is into selling and trading of a wide range of stainless steel products, catering varied needs of customers. Its products encompass a variety of kitchenware such as dinner sets, SS water bottles, stainless steel sheets, SS casseroles, SS multi kadai, stainless steel circles, and various utensils.