Storage Technologies and Automation Ltd IPO subscribed 258 times on day 3: Subscription update, allotment and listing
Upstox
3 min read • Updated: May 3, 2024, 8:04 PM
Summary
Storage racking system manufacturer Storage Technologies and Automation IPO subscription opened on BSE SME platform on April 30. The IPO price band was fixed at ₹73 to ₹78 per share.
Storage Technologies and Automation IPO was booked a whopping 258 times on the final day of bidding on Friday, May 3. The issue attracted robust bids from institutional buyers as well as retail investors.
According to the BSE data, the initial public offer of Storage Technologies and Automation attracted bids for 71.12 crore equity shares against the net issue size of 27.5 lakh shares. This translated into an oversubscription of 258.61 times.
The IPO received a robust response from non-institutional investors (NIIs). The NIIs portion attracted bids for over 31.59 crore shares against 7.47 lakh shares on offer, resulting in an oversubscription of 422 times.
Qualified institutional buyers placed bids for 8.58 crore shares against 7.28 lakh shares set aside for them. The QIB portion was booked 117.86 times.
Retail individual investors’ category was booked more than 242.74 times with bids for 30.94 crore equity shares against 12.75 lakh shares on offer.
Storage racking system manufacturer Storage Technologies and Automation launched the public offer on the SME platform of BSE on April 30 to raise ₹29.95 crore from public investors.
The issue was fully subscribed on the first day itself riding on strong demand from retail investors.
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Storage Technologies and Automation IPO details
Storage Technologies and Automation, a book built issue, comprised a fresh issue of 38.4 lakh shares and no offer-for-sale component.
The IPO price band was fixed at ₹73 to ₹78 per share. The minimum lot size for an application was 1,600 shares for retail investors. The minimum amount of investment was ₹124,800.
Integrated Registry Management Services Private Limited is the registrar for the IPO.
Storage Technologies and Automation IPO share allotment and listing
Storage Technologies and Automation (Racks and Rollers) is expected to finalise the share allotment on Monday, May 6. Investors can check the share allotment status on the official website of IPO registrar Integrated Registry Management Services Private Limited.
Storage Technologies and Automation are likely to make their market debut on Wednesday, May 8.
About Storage Technologies and Automation
The company is engaged in design, manufacturing, installation services of metal storage racks, automated warehouses and other storage solutions. Storage Technologies caters to a wide range of industries such as oil and gas, automotive components and aerospace, food and beverages and cold storage, pharmaceutical, textile, retail, FMCG and others.
The company has proposed to utilise ₹27.50 crore of IPO proceeds to finance working capital requirements.