Aditya Ultra Steel IPO subscribed 9.90x on Day 3 so far; check GMP, subscription status, other key details to know

The initial public offering (IPO) subscription period for Aditya Ultra Steel started on Monday, September 9, and will bewrapped up on Wednesday, September 11. With a face value of ₹10, the prices for the Aditya Ultra Steel IPO range from ₹59 to ₹62 per share. At least 2000 of those shares are up for bid, and there are multiples of those shares available.

The company manufactures TMT bars, a type of rolled steel product, under the Kamdhenu brand, primarily for the building and infrastructure development industries. Using a rolling machine and reheating furnace, the firm turns billets into TMT bars.

The firm has over 12 (twelve) years of experience in the TMT bar production sector. The firm designs, produces, and sells TMT bars on a business-to-business (B2B) basis. The State of Gujarat accounts for the majority of the clientele of the business.

The firm has quickly established a name for itself in the steel sector, according to the red herring prospectus (RHP). This is demonstrated by the operating revenue growth, which increased from ₹14,578.04 Lakhs in FY 2017–18 to ₹58,780.08 Lakhs in FY 2023–24, exhibiting a CAGR of almost 26.16%. The Company's revenue from operations for the year ended March 31, 2024, March 31, 2023, and March 31, 2022 was ₹58,780.08 Lakhs, ₹53,044.78 Lakhs, and ₹51,535.53 Lakhs, respectively.

The company's listed peers are Rathi Bars Ltd (with a P/E of 15.93), and Mangalam Worldwide Ltd (with a P/E of 16.77).

Aditya Ultra Steel IPO subscription status

Aditya Ultra Steel IPO subscription status is 9.90 times, on day 3, so far.

The retail portion was subscribed 21.45 times, and NII portion was booked 11.90 times. Qualified Institutions Buyers are booked 1.21 times.

The company has received bids for 6,96,16,000 shares against 70,30,000 shares on offer, at 16:56 IST, according to data on chittorgarh.com

Aditya Ultra Steel IPO subscription status is 2.10 times, on day 1, and the issue has been booked 4.50 times on the second bidding day.

Aditya Ultra Steel IPO details

The Aditya Ultra Steel IPO, valued ₹45.88 crore, includes a fresh issuance of 7,400,000 equity shares with a face value of ₹10. There is no "offer for sale" component.

The net proceeds from the issue will be used by the company to achieve various objectives, including meeting Capital Expenditure, addressing Working Capital Requirements, covering General Corporate Purposes, and handling Public Issue Expenses.

The registrar of the Aditya Ultra Steel IPO is Cameo Corporate Services Limited, while the book running lead manager is Swastika Investmart Ltd. Sunflower Broking is the market maker for the Aditya Ultra Steel IPO.

Aditya Ultra Steel IPO GMP today

Aditya Ultra Steel IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹62 with no premium or discount in the grey market according to investorgain.com.

According to experts at investorgain.com, there hasn't been any significant movement in the IPO GMP trend based on the grey market activities of the last 9 sessions. They anticipate that this trend will continue until the listing day.

'Grey market premium' indicates investors' readiness to pay more than the issue price.'

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