Subam Papers IPO Sees Strong Demand, Subscribed 35 Times by Closing Day

Subam Papers IPO experienced a remarkable response, with the issue being subscribed nearly 35 times by the close of bidding on Thursday, the final day of the offer. Investor interest grew progressively throughout the week, with the IPO subscription rate reaching 3.29 times by the close of Tuesday and 0.44 times on the opening day, Monday.

Public Issue and Offer Details

The total public issue is valued at ₹93.70 crore, consisting entirely of a fresh issue of 61.65 lakh shares. This IPO presents investors with an opportunity to own a stake in Subam Papers, a company engaged in the paper manufacturing sector. Bidding for the IPO remained open until the end of Thursday, attracting a diverse range of investors, including institutional and retail participants.

Price Band and Investment Requirements

The price band for the IPO was set between ₹144 and ₹152 per share. Retail investors, in particular, had the opportunity to participate with a minimum bid of 800 shares, translating to an investment of ₹1,21,600 at the lower end of the price range. This structure allows investors to enter the IPO market with a relatively moderate capital outlay while having the potential for capital appreciation depending on the company’s stock performance post-listing.

Key Participants in the IPO Process

Subam Papers appointed Bigshare Services Pvt. Ltd. as the official registrar for the IPO. They will be responsible for handling the share allocation and other related services. Gretex Corporate Services Ltd. was appointed as the lead manager for the issue, overseeing the overall IPO process, ensuring compliance with regulatory norms, and handling investor relations. Additionally, Gretex Share Broking Ltd. will act as the market maker, ensuring liquidity and stabilizing the stock in the early days of trading on the SME platform.

Allotment and Listing Timeline

The allotment of shares for Subam Papers’ IPO is scheduled for completion on October 4, 2024. Investors who receive an allotment will see the shares credited to their demat accounts by October 7, along with refunds issued to those who did not receive an allotment. The company’s shares are expected to make their debut on the BSE SME platform on a provisional basis on October 8, marking an important milestone for Subam Papers as it steps into the public market.