Snehaa Organics IPO listing: Snehaa Organics shares were off to a tepid start on Friday, September 5, as they listed at par to their issue price of ₹122 on the NSE SME platform. Soon, within seconds of listing, Snehaa Organics’ share price faced intense selling pressure and hit the 5% lower price band of ₹115.90.
As of 10.02 am, over 4 lakh ‘sell’ orders were placed on NSE for Snehaa Organics shares.
Sneha Organics IPO
The ₹32.68 crore Sneha Organics IPO witnessed a strong demand from investors, garnering 27.75 times bids. The retail portion of the SME IPO was booked 37.75 times, while the NII quota was subscribed 16.23 times. Lastly, the QIB part received 42.19 times bids.
Sneha Organics IPO was open for bidding from August 29 to September 2. The issue was entirely a fresh share sale of 0.27 crore shares.
The company plans to use the funds raised from the share sale for meeting working capital needs, repayment of loans availed by the company, general corporate purposes and issue expenses.
(This is a developing story. Check back for updates.
