Shree Refrigerations IPO listing: The shares of Shree Refrigerations were off to a solid start, as they listed at a premium of ₹44.85 or 35.88% at ₹169.85 per share on the BSE SME on Friday, August 1, over their issue price of ₹125.
The listing, though solid, was still lower than the grey market premium (GMP) of ₹70 the company was commanding ahead of the stock market debut.
However, following its debut, Shree Refrigerations share price declined as much as 4.59% to ₹162.05 apiece
About Shree Refrigerations IPO
The SME IPO of Shree Refrigerations was open for subscription from July 25 to July 29, garnering a massive 187.55 times bids for the shares on offer. The retail portion of the IPO was booked 195.05 times, the non-institutional investor (NII) portion was subscribed 197.01 times, while the portion reserved for qualified institutional buyers (QIBs) garnered 167.32 times bids.
The ₹ ₹117.33 crore issue was a combination of a fresh issue of ₹94.51 crore and offer for sale of ₹22.81 crore. The IPO price band was fixed at ₹119-125 apiece. The lot size for an application was 1,000 shares. Retail investors could apply for a minimum of two lots, requiring an investment of ₹2,38,000.
The company plans to use the funds raised from the fresh share sale for funding the working capital needs and general corporate purposes.
Narnolia Financial Services was the book-running lead manager of Shree Refrigerations IPO, while MUFG Intime India Private Limited acted as the registrar to the issue.
About Shree Refrigerations
Shree Refrigerations is engaged in the business of manufacturing chillers, refrigeration and air conditioning appliances, and other parts of the Heating, Ventilation, and Air Conditioning (HVAC) industry. It offers an array of advanced systems and equipment to industries, primarily in the domestic market.
It caters to multiple industries, including Automotive, Marine, Print Media, Chemical, Pharma, and General Engineering sectors. It is also actively involved in the manufacturing of marine chillers.
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