The final day of bidding is underway for both these mainboard IPOs today – Ganesh Consumer Products IPO and Atlanta Electricals IPO. Both issues are closing their IPO subscription window today.
Ganesh Consumer Products focuses on consumer staples, Atlanta Electricals caters to the transformer manufacturing sector, giving investors distinct options in the primary market.
Let’s take a look at their subscription trends, grey market activity, and expected listing dates
Ganesh Consumer IPO vs Atlanta Electricals IPO Day 3: GMP details
On the last day of bidding, the grey market premium (GMP) of Ganesh Consumer Products IPO is at Rs 5, as of the latest. This translates to a potential listing around Rs 327. This is roughly 1.5% above the upper price band of Rs 322.
On the other side, the shares of Atlanta Electricals in the unofficial market is standing at Rs 124. This points to a potential listing of Rs 878. This is about 16% higher than the issue price of Rs 754. Since opening, Atlanta Electricals’ GMP has risen by 42%.
Ganesh Consumer IPO Vs Atlanta Electricals IPO Day 3: IPO Subscription
Now, coming to the subscription figures, both IPOs are just hours away to close their bidding window. Ganesh Consumer Products’ IPO has seen a total subscription of 0.87 times so far. Breaking it down, the retail segment is subscribed 0.69 times, the QIB portion at 0.68 times, while the NII category leads with 1.51 times subscription as of the latest.
In contrast, Atlanta Electricals on the Day 3 of bidding was oversubscribed 10.79 times overall by the midday of its bidding . This was led by non-institutional investors at 24.55 times, retail investors at 6.29 times, and QIBs at 8.67 times.
Ganesh Consumer IPO Vs Atlanta Electricals IPO Day 3: Lead managers, registrars
For Ganesh Consumer Products, the key players of the issue include DAM Capital Advisors, IIFL Capital Services, and Motilal Oswal Investment Advisors as the book-running lead managers (BRLMs). MUFG Intime India is the registrar.
For Atlanta Electricals, Arihant Capital Markets is the book-running lead managers, while KFin Technologies is acting as the registrar.
Ganesh Consumer IPO Vs Atlanta Electricals IPO Day 3: Utilisation of Proceeds
Ganesh Consumer Products plans to use the funds raised through the issue for prepayment or repayment of borrowings (Rs 60 crore), setting up a roasted gram flour and gram flour manufacturing unit in Darjeeling (Rs 45 crore. The remainder will be allocated for general corporate purposes.
Atlanta Electricals aims to use the IPO proceeds for repayment or prepayment of certain outstanding borrowings worth Rs 79.12 crore. Furthermore, funding its working capital requirements to the tune of Rs 210 crore, and for general corporate purposes.
Ganesh Consumer IPO vs Atlanta Electricals IPO Day 3: Allotment and listing
Both IPOs have their allotment scheduled for September 25, with tentative listing dates set for September 29 on BSE and NSE