The clock is ticking for investors eyeing the Shreeji Shipping Global IPO. The three-day subscription window, which opened on August 19, will end today. Let’s take a look at the key detail of this mainboard issue so far –
Shreeji Shipping Global IPO: How the subscription numbers stack up
Today is the final day of bidding for the issue (Day 3). So far, the Shreeji Shipping Global IPO received an overall subscription of 8.63 times.
Within investor categories, the retail quota was booked 8.81 times, the qualified institutional buyers (QIB) portion was subscribed 2.43 times.
On the other hand, the non-institutional investors (NII) segment received the highest response at 16.47 times.
Shreeji Shipping Global IPO: Price band, lot size
Shreeji Shipping Global set its price band at Rs 240 to Rs 242 per share. The minimum bid lot is 58 shares, meaning retail investors need at least Rs 14,616 to apply for one lot.
Those willing to go big can apply for up to 13 lots, which would require an investment of Rs 1,90,008.
Shreeji Shipping Global IPO: Grey market signals ahead of listing
On the final day of bidding, the company’s unlisted shares were trading in the grey market at around Rs 287 per share. That is a premium of Rs 35 over the IPO’s upper price band, hinting at a potential listing gain of nearly 14%.
Shreeji Shipping Global IPO: What the company plans to do with IPO funds
The Jamnagar-based flagship of the Shreeji Group plans to deploy the proceeds mainly for the acquisition of Supramax dry bulk carriers from the secondary market.
Apart from that, the funds will also go towards pre-payment or partial repayment of certain borrowings, along with general corporate purposes.
Shreeji Shipping Global IPO: Allotment and listing timeline
With bidding closing today, the basis of allotment is expected to be finalised by August 22. Shares will likely be credited to investors demat accounts by August 25. The trading on NSE and BSE is scheduled to begin on August 26.
Shreeji Shipping Global is not alone in the primary market buzz. IPOs of Gem Aromatics, Patel Retail, and Vikram Solar are also closing today.