Shubhshree Biofuels Energy IPO Day 3: NSE SME issue booked 133 times; NIIs, retail investors show strong demand

Shubhshree Biofuels Energy Limited IPO closed with a bumper subscription on the last day of bidding on Wednesday, September 11, as the public issue was booked 133 times. The demand for the IPO shares was driven by the Non-Institutional Investors (NIIs) and the retail bidders.

The NSE SME issue received bids for nearly 11.92 crore shares against 8.96 lakh shares on offer.

The NIIs applied for more than 4.9 crore shares compared to 1.99 lakh shares set aside for the category, leading to a subscription of 246.1 times of the quota.

The IPO was subscribed 135.65 times in the retail category, with applications for over 6.28 crore shares against the 4.63 lakh shares set aside for the category.

The Qualified Institutional Buyers (QIBs) placed bids for over 73.26 lakh shares against 2.33 lakh shares set aside for the category. Shubhshree Biofuels Energy IPO was booked 31.32 times in the segment.

Shubhshree Biofuels Energy IPO details

Shubhshree Biofuels Energy Limited aims to raise ₹16.56 crore through its initial public offering. The IPO offer size comprised an entirely fresh issue of 13.92 lakh shares.

Shubhshree Biofuels Energy IPO price band was fixed at ₹113 to ₹119 per share. The minimum application size for retail investors was a single lot of 1,200 shares, amounting to an investment of ₹1,42,800. The minimum bid size for High Networth Individuals (HNIs) was 2 lots, or 2,400 shares, aggregating to ₹2,85,600.

Bigshare Services Pvt Ltd is the registrar for the issue while Hem Securities Limited is the book running lead manager.

Shubhshree Biofuels Energy IPO share allotment status and listing date

Shubhshree Biofuels Energy IPO was available for subscription from September 9 to September 11. After the successful subscription, the company is expected to finalise IPO share allotment status on Thursday, September 12.

Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on Friday, September 13, and the allottees will receive shares in their Demand accounts the same day. The IPO listing has been scheduled for September 16. Shares of Shubhshree Biofuels Energy Limited will make their debut on the NSE Emerge platform.

Shubhshree Biofuels Energy IPO objective

Shubhshree Biofuels Energy plans to use the proceeds of the public issue for the installation of additional plants and machinery. A portion of the IPO proceeds will also be used for meeting working capital requirements and general corporate purposes.

About Shubhshree Biofuels Energy

Shubhshree Biofuels Energy Limited, established in 2013, supplies biomass fuels, biomass pellets and briquettes. The company primarily caters to customers in Haryana, Uttar Pradesh, Rajasthan and the Delhi-NCR region. The company employed 26 workers as of March 30, 2024.