INDO SMC IPO Listing: Got tremendous response from investors, but still flat entry gave shock, know how many times it was subscribed?

INDO SMC IPO Listing: Indo SMC shares had a weak start on BSE SME today. Its IPO received a tremendous response from investors, which was oversubscribed more than 110 times. Shares were issued in the IPO at a price of ₹149.

Today, the shares were listed at ₹149.00 on BSE SME, which means IPO investors did not get any listing gain. IPO investors were further disappointed when the share price fell to ₹148.00 (INDO SMC share price), resulting in a loss of 0.67% for IPO investors.

How will INDO SMC IPO funds be used?

Indo SMC’s ₹92 crore IPO was open for subscription from January 13-16. The IPO received an overwhelming response from investors and was oversubscribed a total of 110.49 times.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 94.94 times (except anchor investors), the portion for non-institutional investors (NIIs) was subscribed 164.59 times, and the portion for retail investors was subscribed 96.13 times.

Under this IPO, 61.71 lakh new shares of ₹10 face value were issued. Of the funds raised from these shares, ₹25.71 crore will be used to purchase plant and machinery, ₹52.00 crore will be used for working capital needs, and the remaining funds will be used for general corporate purposes.

About INDO SMC

Indo SMC designs and manufactures products for electrical, industrial and infrastructure applications. It manufactures HTCT (High Tension Current Transformer), HTPT (High Tension Potential Transformer), LTCT (Low Tension Current Transformer), and enclosure boxes for energy meters etc. The company has its own testing lab. It has four manufacturing units in Gujarat, Maharashtra and Rajasthan. The financial position of the company is continuously strengthening.