Storage Technologies and Automation IPO subscribed 30 times on second day, check latest update
Upstox
2 min read • Updated: May 2, 2024, 8:53 PM
Summary
Storage Technologies and Automation IPO subscription is open from April 30 to May 3. Storage Technologies and Automation IPO price band has been fixed at ₹73-78 per share.
Storage Technologies and Automation IPO has been subscribed 30 times on the second day of bidding on Thursday, May 2.
The initial public offer of the storage racks maker was booked 30 times driven by demand from retail investors. The public issue received bids for over 8.24 crore shares compared to 27.5 lakh shares on offer, according to BSE data.
The ₹29.95- crore BSE SME public offer has received strong demand from retail investors and Non-institutional investors (NIIs) so far.
According to the BSE data, the retail individual investors’ category was booked more than 48.25 times with biddings for over 6.15 crore shares against 12.75 lakh shares on offer. In the NII category the IPO was subscribed 27.92 times with bids for more than 2.08 crore shares compared to 7.47 lakh shares reserved for the segment.
The QIBs’ portion was booked only 12% with bids for 88,000 shares compared to 7.28 lakh shares reserved for the segment.
Storage Technologies and Automation IPO price band, lot size, allotment and listing
Storage Technologies and Automation IPO is a book-built issue comprising a fresh issue of 38.4 lakh shares.
The Storage Technologies and Automation IPO price band has been fixed at ₹73 to ₹78 per share. For retail investors the minimum lot size for subscription is 1600 shares, which translates to a minimum investment of ₹1,24,800.
The IPO of Storage Technologies and Automation opened for bidding on April 30. The issue will close for subscription on May 3. The company is likely to finalise the IPO share allotment status on May 6.
Storage Technologies and Automation IPO shares are likely to be listed on the BSE SME platform on May 8.
The book running lead manager of the IPO is Oneview Corporate Advisors Private Limited and Integrated Registry Management Services Private Limited is the registrar for the issue.
The company intends to utilise the funds generated via the IPO for general corporate purposes and to meet working capital requirements.
About Storage Technologies and Automation
The storage racks manufacturing company was founded in October 2010, the company is engaged in the manufacturing and installation of storage racking systems. The company claims that it has served more than 900 customers across the globe and executed more than 2500 projects.