Forge Auto International share price hits lower circuit after positive debut on NSE SME exchange

Stock market today: Despite the bearish trends in the Indian stock market, Forge Auto International shares debuted positively on the NSE SME Emerge platform. Forge Auto International share price opened on the NSE SME Emerge platform at ₹113 apiece and touched an intraday high of ₹115 per share within a few seconds of stock listing. However, the NSE SME stock failed to sustain t the higher levels and soon came under the heat of a profit-booking trigger and touched an intraday low of ₹107.35 apiece. While touching this intraday low, the SME stock locked in a 5% lower circuit.

The Forge Auto International IPO bidding opened on September 26 and closed on September 30. During the three days of bidding, the public issue was subscribed around 50 times. The NSE SME IPO hit the Indian primary market on September 26 and remained available for bidders until September 30, 2024. The public issue demonstrated strong traction from the outset.

Forge Auto International's IPO was entirely a fresh issue, consisting of 28.8 lakh sharesaggregating up to ₹31.1 crores. The SME IPO's price band was set between ₹102 and ₹108 per equity share. A bidder was allowed to apply for the SME IPO in lots, and one lot of the book-build issue comprised 1,200 company shares, requiring an investment of ₹1,29,600.

Forge Auto International IPO witnessed a steady rise in demand from the opening day itself. As per the details of Forge Auto International's IPO subscription status, on day 1, the issue was subscribed to 4.61 times; on day 2, the subscription rate surged to 11.27 times; and on day 3, the SME IPO closed with an overall subscription of 49.28 times.

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