Coming that it did against the backdrop of retail investors applying for only half of the shares of Hyundai Motor IPO earmarked for them, Lakshya Powertech IPO appears to have made a big bang on D Street. At the end of October 17 – day 2 of the bidding process – the IPO has garnered a retail oversubscription of 255.38 times and overall subscription of 168.09 times.
Lakshya Powertech is an Ahmedabad-based SME. The non-institutional buyers who bid for its shares worth more than Rs 2 lakh bid for 206.78 times, while qualified institutions (banks, FIs etc) bid 12.78 times.
Lakshya Powertech IPO details
Lakshya Powertech IPO is designed to raise Rs 49.91 crores through a fresh issue of 27.73 lakh shares. It does not have any offer for sale portion at all, that seems to have heightened investor confidence.
The process of applying for equity shares of Lakshya Powertech began on Wednesday, October 16, 2024. The process will come to an end on Friday, October 18. The IPO of Lakshya Powertech, an SME based in Ahmedabad, intends to raise Rs 49.91 crores through a fresh issue of 27.73 lakh shares and does not contain any OFS (offer for sale).
Lakshya Powertech IPO price band, allotment
The management of Lakshya Powertech has priced each share at Rs 171-180. A retail investors has to commit at least Rs 1.44 lakh to buy a minimum of 800 shares. HNIs have to buy double the shares at twice the price. The allotment of Lakshya Powertech shares will take place on October 21, while listing will happen on October 23 at NSE SME.
Lakshya Powertech IPO GMP
According to investorgain, the graph of Lakshya Powertech IPO GMP shows a continuous uptrend. It was Rs 51 on October 9, Rs 100 on October 10-11, Rs 135 on October 13-14, Rs 169 on October 16 and Rs 172 on October 16-17. The last GMP indicates a listing gain of 95.56%. However, it must be mentioned that GMP is an unofficial estimate that does not guarantee anything – listing gain or loss.
Lakshya Powertech business
The company was established in 2012. It is active in the business of mechanical and electrical engineering consultancy services. This SME also offers operations and maintenance services for gas-fired power plants besides large power projects.
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