GP Eco Solutions India IPO Oversubscribed 184.65 Times
Date
6/19/2024 2:19:32 PM
(MENAFN- KNN India)
New Delhi, Jun 19 (KNN) The initial public offering (IPO) of GP Eco Solutions India Ltd, a solar energy solutions provider dealing in solar inverters and panels, has garnered robust investor interest across all categories.
The SME IPO, which opened for subscription on June 14, 2023, and is set to close on June 19, 2023, has been heavily oversubscribed thus far.
As of 1:50 pm on June 18th, the second day of the bidding process, the GP Eco Solutions IPO had received bids for 38.13 crore equity shares, a staggering 184.65 times oversubscription compared to the 20.65 lakh shares on offer.
The robust demand was evident across investor categories, with the retail portion oversubscribed 257.07 times, the Qualified Institutional Bidders (QIB) category oversubscribed 3.06 times, and the Non-Institutional Investors (NII) category oversubscribed 257.28 times.
The strong investor appetite has translated into a significant premium in the unofficial grey market.
According to stock market observers, the GP Eco Solutions IPO grey market premium (GMP) currently stands at Rs 168 per share, indicating that the company's shares are trading at Rs 262 apiece, a substantial 178.72 per cent premium over the issue price of Rs 94 per share.
GP Eco Solutions India Ltd has set the IPO price band at Rs 90 to 94 per share.
The company aims to raise Rs 30.79 crore through the fresh issue of 32.76 lakh equity shares. The IPO lot size is 1,200 shares, with a minimum investment requirement of Rs 112,800 for retail investors.
The GP Eco Solutions India Ltd IPO allotment is expected to be finalised on June 20, 2023, with the listing scheduled for June 24, 2023, on the NSE SME platform.
(KNN Bureau)
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