Slone Infosystems IPO booked 19 times on day 1 driven by high retail demand: check subscription updates, allotment and listing

The initial public offering (IPO) of IT services company Slone Infosystems Ltd opened to a strong demand from the investors on Friday, May 3. The Slone Infosystems Ltd IPO was booked more than 19 times on the first day of subscription.

The NSE SME public issue received bids for 2.67 crore shares against 13,82,600 shares on offer for public investors, reflecting a subscription of 19.31 times, at the end of the first day of subscription on Friday.

The surge in demand for Slone Infosystems Ltd IPO shares was driven by high interest among retail investors. The retail portion was booked 33.13 times with biddings for more than 2.2 crore shares against 6.65 lakh shares on offer. In the non-institutional investors (NIIs) category the public issue was booked nearly 7 times with biddings for over 45.95 lakh shares against 6.64 lakh shares set aside for the category.

Slone Infosystems IPO received bids for 56,000 shares from the QIBs (Qualified Institutional Buyers) on day 1.

Slone Infosystems IPO subscription is open from May 3 to May 7. The ₹11.06-crore public issue comprises 14,00,000 lakh shares, including a market maker portion of 70,400 shares.

Slone Infosystems IPO price band, lot size and minimum investment

The Slone Infosystems IPO is a fixed price issue of ₹11.06 crore of 14 lakh shares of face value of ₹10 each. The promoters of the company are Rajesh Srichand Khanna, Manisha Rajesh Khanna, Mohit Rajesh Khanna

The company has reserved 47.54% of the issue for retail investors and 47.43% for the other investors. Another 5.03% of the total IPO offer size has been set aside for the market maker. There is no anchor portion in the public issue.

Jawa Capital Services Private Limited is the book running lead manager for Slone Infosystems IPO and Kfin Technologies Limited is the registrar for the issue.

Slone Infosystems IPO share price has been fixed at ₹79 apiece. The minimum lot size is 1,600, aggregating to an investment of ₹126,400 by retail investors. The minimum lot size for high net worth individuals (HNIs) is 2 lots or 3,200 shares, amounting to an investment of ₹252,800.

Slone Infosystems IPO listing date

The Slone Infosystems IPO subscription will close on May 7. The IPO share allotment is expected to be finalised on May 8.

The successful bidders can expect the shares in their Demat accounts by May 9 and the refunds will also be initiated for non allottees the same day. Slone Infosystems shares will tentatively list on May 10 on the NSE SME platform, Emerge.

Slone Infosystems IPO objective

The IT services company plans to use the proceeds of the IPO for the purchase of Capital Expenditure such as laptops, desktops, SSD and RAM. The company will also use a portion of the IPO fund towards the repayment or prepayment of certain borrowings and other general corporate purposes.

About Slone Infosystems

Slone Infosystems provides IT hardware solutions to its clients. The company was incorporated in December 2022. The company provides laptops, desktops, servers, and workstations on rent and also sells them. The company also offers services such as managing cloud servers and servicing IT equipment.

To know more about IPOs listing, schedule and upcoming IPOs, click here