Pattech Fitwell Tube Components SME IPO Day 1: Check subscription status and GMP signal
2 min read . Updated: 05 Apr 2023, 11:09 PM IST
Premium- An SME IPO, Pattech Fitwell Tube Components' 24 lakh equity shares with a face value of Rs. 10 can be acquired for up to Rs. 12.00 crores.
An SME IPO, Pattech Fitwell Tube Components' 24 lakh equity shares with a face value of Rs. 10 can be acquired for up to Rs. 12.00 crores. The price per share for the issuance is Rs. 50. A minimum order of 3000 shares is mandatory. The first public offering began on April 5, 2023, and is going to end on April 12, 2023. Registrar for the IPO is Bigshare Services Pvt Ltd and Fedex Securities Ltd will be the lead manager for the issue. It is proposed that the shares are to be listed on NSE SME. On April 18, 2023, the basis of allotment for Pattech Fitwell Tube Components IPO will be finalised. The Pattech Fitwell Tube Components IPO listing date has not yet been set, but it is anticipated to take place on April 21, 2023.
The company has allocated 50% to HNI/NII investors and 50% to retail investors. There is no allotment for qualified institutional buyers in the company's SME IPO. Investors with HNI or NII status can purchase a minimum of 2 lots, each containing 6,000 shares, with a minimum lot value of Rs. 300,000. The amount that HNI/NII investors are eligible to apply for has no maximum limit.
Bharatbhai Jivrajbhai and Jaysukhbhai Popatbhai Limbani are the promoters of the company. Today, the promoters own 100% of the company. Due to the IPO's fresh share issuance, the promoters’ shareholding will stand at 69.06% after the offering. The Pattech Fitwell Tube Components Ltd's initial public offering bid period runs from April 5 at 10:00 AM through April 12 at 5:00 PM in 2023.
The Pattech Fitwell Tube Components initial public offering (IPO) was subscribed 0.62 times on April 5, 2023 at 7:30 PM, and 1497000 shares were marked as the total bid as opposed to the 24 lakh shares that were being offered. In the retail category, the public issue was subscribed 0.06 times, and in the NII category, 1.19 times. In comparison to the 12 lakh shares offered, the total number of shares bid for the retail category is 66000, while the total number of shares bid for the NII category is 1431000.
The price for Pattech Fitwell Tube Components SME IPO is shown on the GMP as ₹-4. Considering that Pattech Fitwell Tube Components SME IPO's cap price is 50, the expected listing price for the offering as of the current GMP is ₹46, according to the grey market.
A R Ramachandran, Co-founder & Trainer-Tips2trades said "Unsurprisingly the GMP currently looks bearish and chances of this IPO listing at a discount looks more probable despite a slight bounce back in the broader indices. As suggested earlier, investors should avoid subscription and wait for lower levels post listing for better returns."