Neelam Linens and Garments IPO Day 3: GMP, subscription status, price band, other details of NSE SME IPO

Neelam Linens and Garments IPO: The initial public offering (IPO) of Neelam Linens and Garments witnessed strong buying interest. The ₹13 crore book built issue was fully subscribed on the first day of subscription on Friday, November 8.

The issue opened for subscription on 8 November and concluded on 12 November. The SME IPO is entirely a fresh issue of 54.18 lakh shares. The current grey market premium (GMP) of the issue indicates shares of the company could be listed flat.

Neelam Linens and Garments IPO subscription status

By 5:35 pm on the third and final day of subscription on Tuesday, the issue had seen an overall subscription of 91.97 times. The retail portion of the issue was subscribed 57.82 times, and the segment reserved for the non-institutional buyers was subscribed 273.47 times. The segment for the qualified institutional buyers had been subscribed 15.40 times by that time.

Neelam Linens and Garments IPO details

1. Neelam Linens and Garments IPO GMP: According to market sources, the last GMP of Neelam Linens and Garments was ₹0. Considering the upper price band of the issue of ₹24 and the latest GMP, the stock is expected to be listed flat at ₹24.

2. Neelam Linens and Garments IPO date: The issue opened for subscription on Friday, November 8, and will conclude on Tuesday, November 12.

3. Neelam Linens and Garments IPO price: The price band of the public issue has been fixed at ₹20 to ₹24 per equity share.

4. Neelam Linens and Garments IPO size: The company intends to raise ₹13 crore from the issue, which it will use for capital expenditure requirements, paying borrowings, and general corporate purposes.

5. Neelam Linens and Garments IPO lot size: Bidders can apply in lots, and one lot of the NSE SME IPO comprises 6,000 company shares.

6. Neelam Linens and Garments IPO reservation: The IPO offers 10.32 lakh shares to qualified institutional buyers, 7.74 lakh shares to non-institutional buyers, and 18 lakh shares to retail investors.

7. Neelam Linens and Garments IPO allotment date: The company is expected to finalise share allotment on Wednesday, November 13. Successful bidders can expect shares of the company in their demat accounts on Thursday, November 14, and bidders who fail to get the allocation may get the refund on the same day.

8. Neelam Linens and Garments IPO book-running lead manager and registrar: Expert Global Consultants Private Limited is the book-running lead manager, while Purva Sharegistry India Pvt Ltd is the official registrar of the SME IPO.

9. Neelam Linens and Garments IPO listing: The SME IPO is proposed for listing on the NSE SME on Monday, November 18.

10. Neelam Linens and Garments business overview: The company manufactures and exports high-end soft home fashion, including bedsheets, pillow covers, duvet covers, towels, rugs, shirts, and other garments.

For FY22, FY23 and FY24, the company's PAT stood at ₹3 crore, ₹2.4 crore and ₹2.5 crore, respectively. Till June 30 in the current financial year, the company earned a profit of ₹80.5 lakh.

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