Shreenath Paper IPO subscribed 55% so far on day 2; check allotment and listing date

Shreenath Paper Products IPO: Shreenath Paper Products' initial public offer has been subscribed 55% so far until 3:29 pm on Thursday, February 27, the second day of subscription.

The portion reserved for retail investors was booked 1.04 times, while non-institutional investors quota was subscribed 6%.

The money raised will be used to meet incremental working capital requirements and corporate general purposes.

Shreenath Paper Products IPO lot size

Retail investors can bid for a minimum of 3,000 shares, requiring an investment of ₹1,32,000. The minimum investment for high-net-worth individuals (HNIs) is ₹2,64,000 for 6,000 shares.

Shreenath Paper Products IPO: Allotment and listing date

The Shreenath Paper Products IPO's basis of allotment will be finalised on Monday, March 3. The refund for investors who did not secure allotment will be released on March 4. Shares will be credited to the Demat account of successful investors on the same day. The listing will occur on March 5.

The IPO's book-running lead manager is Galactico Corporate Services Ltd, while Bigshare Services is the registrar.

About the company

Incorporated in 2011, Shreenath Paper Products is a supplier of paper products. Its offerings include sublimation base paper, straw paper, cup stock paper, thermal base paper, security PSA sheets, high-strength paper, C1S and C2S papers, and more.

It serves industries such as FMCG, pharmaceuticals, textiles, e-commerce, and food and beverages, primarily in Maharastra, Madhya Pradesh, and Gujarat.

It offers paper in various grades, ranging from 24 to 350 grams per square meter, manufactured from recycled waste paper, virgin pulp and bagasse (agricultural waste).

Promoters Alok Parekh, Navneetdas Parekh, Ronak Parekh, Harish Parekh, Hasumati Harish Parekh, Hasumati Navneetdas Parekh, Neha Parekh, and Sayali Parekh presently hold 100% of the company. Their stakeholding will be reduced to 72.98% after issue.