Renol Polychem IPO: The initial public offering (IPO) of Renol Polychem opened for subscription on Thursday, July 31. The issue saw a solid response on the first day of the bidding itself. The ₹25.77 crore SME issue will close for subscription on August 4.
Renol Polychem IPO price band has been fixed at ₹100-105 per share. The issue lot size has been fixed at 1,200 shares. Retail investors need to apply for a minimum of two lots, requiring a minimum investment of ₹2.40 lakh.
Since the IPO is entirely a fresh issue of 24.54 lakh shares, all the proceeds raised will go to the company. The company plans to use the funds raised for funding capital expenditure, repayment of borrowings, meeting working capital needs and general corporate purposes.
Ahead of the issue opening, Renol Polychem raised ₹4.03 crore from anchor investors.
Renol Polychem IPO Subscription Status
As of 2 PM on the first day of the bidding process, Renol Polychem IPO was subscribed 92%. The retail category was booked 61% while the non-institutional investor (NII) quota was subscribed 2.80 times.
The qualified institutional buyer (QIB) segment did not receive any bids yet.
Renol Polychem IPO GMP
Renol Polychem IPO GMP today was ₹18 per share. This means that Renol Polychem shares were trading ₹18 above the issue price of ₹105. At the prevailing GMP, Renol Polychem IPO listing price could be ₹123, a premium of 17.14%.
The current GMP of ₹18 is almost double of ₹9 that the IPO was commanding two days back.
About Renol Polychem
Renol Polychem has been engaged in the business of supplying colour masterbatches, colour pigments, filler granules, anti-moisture powders, carbon noodles, superpack & onepack solutions, impact modifiers, processing aids, and titanium dioxide.
Operating under a B2B model, the company caters exclusively to industrial and commercial clients, providing essential raw materials used in the production of various plastic products. A significant portion of its clientele includes manufacturers of UPVC and CPVC pipes, pipe fittings, and other molded plastic items.
It specialises in manufacturing tailor-made masterbatches and pigment solutions designed to meet specific performance, colour, and application requirements of customers.
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