Storage Technologies and Automation IPO booked 100% on Day 1: Latest subscription updates and other details
Upstox
3 min read • Updated: April 30, 2024, 3:23 PM
Summary
Storage Technologies and Automation IPO share allotment status is expected to be finalised on May 6. Shares of Storage Technologies and Automation are likely to be listed on the BSE SME platform on May 8.
Storage Technologies and Automation IPO subscription opened on Tuesday, April 30, to a strong demand from the investors. The initial public offer, a fresh issue of 38.4 lakh shares of a face value of ₹10 each, was fully booked within hours of launch driven by a strong interest from retail investors.
The book-build issue worth ₹29.95-crore is open for subscription from April 30 to May 3.
The public issue was booked 1.41 times with biddings for more than 38.68 lakh shares compared to over 27.5 lakh shares on offer, the BSE data till 1:40 pm showed.
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The retail investors showed strong interest in the IPO as the portion set aside for them was booked more than 2.5 times within a few hours. The retail investors applied for 33.02 lakh shares against 12.75 lakh shares reserved for them. The Non Institutional Investors (NIIs) submitted bids for 5.66 lakh shares against 7.47 lakh shares on offer for the segment, booking the portion 76%.
However, no bid was received in the Qualified Institutional Buyers (QIBs) category for the 7.28 lakh shares on offer for them.
Storage Technologies and Automation, which is into manufacturing of metal storage racks and various other storage solutions, has reserved not more than 50% of the net issue for qualified institutional buyers (QIBs), not less than 35% of the net issue for retail investors and not less than 15% of the net issue for non-institutional investors (NIIs).
The BSE SME issue allocated 10.89 lakh shares worth ₹8.5 crore to anchor investors on April 29, ahead of the launch.
Promoters Khasim Sait, Mohammad Arif Abdul Gaffar Dor, Syed Azeem, Hanif A Khatri, Afzal Hussain and Nuumaan Khasim currently hold 100% stake in the company. After the public issue, their holding will be diluted to 70%.
Storage Technologies and Automation IPO price band
Storage Technologies and Automation IPO price band has been fixed in a range of ₹73 to ₹78 per share, with a minimum lot size for an application at 1,600 shares. At this price band, retail investors would require a minimum investment of ₹1,24,800 to bid for one lot of shares. High net worth individuals would be required to invest in a minimum 2 lots, aggregating to a total amount of ₹2,49,600.
Storage Technologies and Automation IPO share allotment and listing
Storage Technologies and Automation IPO share allotment status is expected to be finalised on May 6. The company will initiate refunds to the unsuccessful bidders on April 7. Shares will be credited to the demat accounts of successful bidders the same day as well.
The company will list its shares on the BSE SME platform with a tentative listing date fixed as May 8, 2024.
Storage Technologies and Automation IPO registrar
Oneview Corporate Advisors has been appointed as the book-running lead manager of the IPO. Integrated Registry Management Services is the registrar to the public issue. The market maker for the public issue is Nikunj Stock Brokers.
About Storage Technologies and Automation Ltd
Storage Technologies and Automation, established in October 2010, is into the manufacturing and installation of metal storage racks. Its services span automated warehouses and various other storage solutions. The company offers services to many industries, including oil and gas, food and beverages, pharmaceuticals, automotive, FMCG, aerospace, textiles and retail.
Storage Technologies and Automation Ltd manages approximately 56,250 square feet of space in Bengaluru for manufacturing purposes and 20,000 square feet of storage space.