SME IPO: Shri Techtex Public Offer Closes; Subscription Status, GMP, Allotment, Listing, And More

SME IPO: Fabric manufacturer, Shri Techtex closed its initial public offering (IPO) on July 28 with stellar demand from investors. The SME IPO has oversubscribed by 148.36 times driven by non-institutional and retail investors. The company planned to raise Rs 45.14 crore through the IPO which was purely a fresh issue with no offer for sale (OFS). The proposed equity shares of the IPO are set to be listed on the Emerge platform of the stock exchange NSE.

As per the data, the IPO oversubscribed by 148.36 times with the non-institutional investors (NII) portion subscribing by 250.61 times. The retail investors' category subscribed 156.24 times, and the qualified institutional buyers (QIBs) portion subscribed 58.03 times.

However, the grey market premium (GMP) stood at Rs 36 per share on Saturday. As per the reports, Shri Techtex sees a premium listing of 59.01% from its IPO issue price of Rs 61 apiece.

Shri Techtex IPO was entirely book building and the price band is fixed at Rs 54 to Rs 61. The face value of equity shares offered in the IPO is Rs 10 each. The IPO opened on July 26 and closed on July 28.

After the IPO, the main focus will shift to the allotment status of the equity shares offered in the issue. The company is expected to carry the basis of allotment of equity shares of the IPO is expected to be scheduled on August 2, while refunds will be initiated likely on August 3, and credit of shares in Demat accounts seen on August 4.

The listing is seen on August 7 on NSE Emerge.

Shri Techtex plans to utilise the proceeds of the IPO for the construction of a factory shed; the purchase of machineries; the commissioning of the solar plant's working capital requirements; and general corporate purposes.

Although the allotment status is not available right now, investors can check their application status on August 2 through various portals such as BSE, NSE, Demat Account, and Bank account. Also, the application status can be checked on the IPO's registrar Link Intime India.

The company is engaged in the business of manufacturing Polypropylene (PP) Non-Woven Fabric. It has a manufacturing facility in Simaj of Dholka Taluka in Ahmedabad District of Gujarat. The manufacturing facility is well connected with near about transport hubs. Further, its manufacturing facility is spread across 41548 sq. meters. The manufacturing facility is installed with a manufacturing capacity of 3600 MT PP non-woven fabric per annum.

Its net worth stood at Rs 29.82 crore by the end of FY23 as against Rs 21 crore in FY22 and Rs 20.76 crore in FY21.