MUMBAI : Retail investors responded well to Presstonic Engineering’s initial public offering (IPO), with the subscription rate reaching 5.31 times on the first day. Presstonic Engineering is a manufacturer of products for the Metro Rail industry. Retail subscriptions for the company’s IPO have increased by almost nine times, indicating strong market interest. The IPO opened today at ₹72 per share.
3,236,800 shares with a face value of ₹10 each are part of the IPO, with a total issue size of ₹23.30 crore (INR10 crore = approximately USD 1.2 million). It is mandatory for individual investors to place a bid for a minimum of 1,600 shares, which equates to a ₹115,200 minimum investment. The double lot size requirement for high net worth individuals (HNIs) is ₹230,400.
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The book-running for the IPO is being led by Finshore Management Services Limited, and registration is being handled by Cameo Corporate Services Limited. The designated market maker is Nikunj Stock Brokers.
An important grey market premium of +₹32, indicating possible listing prices of about ₹104 per share, adds to the excitement surrounding the IPO. Before the company’s tentative listing on the NSE SME platform on December 18, which is scheduled, this premium suggests that investors are confident about the company’s prospects and are willing to pay more than the issue price. Wednesday is the last day to sign up for this much awaited initial public offering.
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