Slone Infosystems IPO subscribed 109 times on day 3, retail portion booked over 168 times
Upstox
3 min read • Updated: May 7, 2024, 11:29 AM
Summary
Slone Infosystems IPO share allotment status is likely to be finalised on May 8. Shares of Slone Infosystems are likely to be listed on the NSE SME platform on May 10.
Slone Infosystems IPO subscription continued to see a strong demand from investors on the third day of bidding on Tuesday, May 7. The NSE SME public issue was booked over 109 times on the third day of subscription driven by robust retail demand.
The initial public offering (IPO) of Slone Infosystems opened for subscription on May 3 and will close on May 7. The IPO is a fixed price issue of ₹11.06 crore, comprising a fresh issue of 14 lakh shares.
Slone Infosystems IPO received bids for over 14.5 crore shares against 13.29 lakh shares on offer, leading to an overall subscription of 109.16 times on the third day, the NSE data until 11 am on May 7 showed.
The subscription was led by retail investors as the category was subscribed nearly 168.65 times with biddings for more than 11.21 crore shares against 6.65 lakh shares on offer for the segment. The IPO was subscribed 49.44 times in the Non-Institutional Investors’ (NIIs) category as the investors submitted applications for over 3.28 crore shares against 6.64 lakh shares on offer for the segment.
The IPO received 88,000 bids from the Qualified Institutional Buyers (QIBs).
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Slone Infosystems IPO price band, lot size, allotment and listing
The public offer for Slone Infosystems’ shares opened on the NSE SME platform to raise ₹11.06 crore from investors. Slone Infosystems IPO is a fixed price issue comprising a fresh issue of 14 lakh shares, which include a market maker portion of 70,400 shares. There is no anchor allocation in the public issue.
Slone Infosystems’ IPO price has been fixed at ₹79 per share. Retail investors can bid for a minimum lot size of 1,600 shares, aggregating to a minimum investment of ₹1,24,800 for retail investors.
Slone Infosystems IPO share allotment is expected to be finalised on May 8.
Slone Infosystems IPO shares are likely to be listed on the NSE SME platform on May 8. The book running lead manager of the IPO is Jawa Capital Services Private Limited and Kfin Technologies Limited is the registrar for the issue.
Slone Infosystems IPO objective
The hardware company plans to use the proceeds of the IPO for capital Expenditure towards purchase of Laptops, Desktops, SSD and RAM. The company will also repay and prepay borrowings availed by the Company.
About Slone Infosystems
Slone Infosystems was incorporated in December 2022, the company is engaged in providing IT hardware solutions and sells and rents IT equipment, such as laptops, desktops, servers, and workstations.