Sunlite Recycling Industries IPO subscribed over 8 times on first day; check key details

Sunlite Recycling Industries IPO (Sunlite Recycling Industries International Limited) garnered strong demand on Monday, August 12, the first day of subscription. The public issue was booked more than eight times, led by strong retail demand.

The issue was booked 8.18 times. Investors placed bids for over 1.56 crore shares against the 19.12 lakh shares on offer. Retail investors applied for over 1.08 crore shares of Sunlite Recycling Industries against 9.56 lakh shares set aside for the category. The retail portion of the IPO was booked 11.29 times.

The public offer was subscribed 8.36 times in the Non-Institutional Investors (NIIs) category, with bids for over 34.32 lakh shares against 4.1 lakh shares reserved for the segment.

The qualified institutional buyers (QIBs) placed bids for over 14.29 lakh shares against 5.46 lakh shares set aside for the category. The issue was booked 2.61 times in the QIBs category.

Sunlite Recycling Industries IPO offer size and price band

Sunlite Recycling Industries IPO is a book-building issue worth ₹30.24 crore. The NSE SME IPO is an entirely fresh issue of 28.8 lakh shares. Sunlite Recycling Industries IPO price band has been set at ₹100 to ₹105 per share.

Retail investors interested in applying for Sunlite Recycling Industries IPO can place bids for a minimum lot size of 1200 shares, which aggregates to an investment of ₹126,000. High Net Worth Investors can place bids for a minimum lot size of 2 lots or 2,400 shares, which amounts to an investment of ₹2,52,000.

Sunlite Recycling Industries IPO dates

Sunlite Recycling Industries IPO subscription is open from August 12 to August 14. The IPO share allotment status is likely to be finalised by Friday, August 16. After the finalisation of the IPO share allotment status, refunds will be initiated for unsuccessful bidders on Monday, August 19, and successful bidders will receive shares in their Demat accounts the same day. Shares of Sunlite Recycling Industries will list on the NSE SME platform, Emerge.

The tentative listing date for Sunlite Recycling Industries IPO is Tuesday, August 20.

Sunlite Recycling Industries IPO registrar

Cameo Corporate Services Limited is the registrar for Sunlite Recycling Industries' IPO. Hem Securities Limited is the book-running lead manager, and Hem Finlease is the market maker for the issue

Sunlite Recycling Industries: Key financials

In FY24 Sunlite Recycling Industries’ revenue increased over 1% to ₹1,166.55 crore compared to ₹1,150.39 crore in FY23. The company’s profit-after-tax surged to ₹8.9 crore in FY24 an increase of nearly 59% compared to ₹5.6 crore in FY23. In FY24 Sunlite Recycling Industries’ net worth grew over 453% to ₹20.03 crore compared to ₹3.62 crore in FY23.

Sunlite Recycling Industries: Promoters

Sunlite Recycling Industries' promoters are Nitin Kumar Heda, Prahladrai Ramdayal Heda, and Khushboo Manishkumar Heda. The promoters held a 100% stake in the company before the public issue, and after the public issue, their shareholding will reduce to 73.53%.

Sunlite Recycling Industries IPO objective

Sunlite Recycling Industries will use the money raised via the public issue to fund capital expenditures towards the installation of a new plant and machinery. The money will also be used to repay and prepay certain borrowings availed by the company and for general corporate purposes.

About Sunlite Recycling Industries Limited

Sunlite Recycling Industries was established in 2012. The company manufactures copper goods such as rods and wires, earthing wires, earthing strips, copper conductors, and wire rods by recycling copper scrap for power generation.

The company has a registered office and manufacturing facility in Kheda, Gujarat. As of March 31, 2024, it employed 38 people.