Saakshi Medtech and Panels IPO subscribed over 91 times on on last day of issue; NIIs steal the show

Saakshi Medtech and Panels IPO Subscription Status: The initial public offering (IPO) of electrical panel manufacturer received a strong response from investors on the third and last day of its issue. Saakshi Medtech and Panels IPO has been subscribed 91.67 per cent on Wednesday, September 27. The small- and medium-sized enterprise (SME) IPO opened for subscription on Monday, September 25 and closed today.

The company had reserved 18.99 per cent of offer size for the Qualified Institutional Buyers’ (QIB), 14.25 per cent for high net-worth individuals or Non-Institutional Investors (NIIs), and the remaining 33.25 per cent for retail investors.

Saakshi Medtech and Panels is engaged in the designing, programing, and assembling of electrical control panels and cabinets comprising microcontrollers, programmable logic controllers, among others. 

The company manufactures such cabinets and panels used in elevators, air compressors, the renewal energy industry, the oil & gas exploration industry, electrical vehicle charging stations, medical X-ray systems used in the healthcare industry, among others.

Saakshi Medtech and Panels IPO Subscription Status:

Saakshi Medtech and Panels IPO has been subscribed 91.65 times so far on the third day and final day. The issue has been subscribed 75.88 times in the retail investors' category and 37.35 times in the QIB category. NIIs showed overwhelming interest today as the portion reserved for the group was subscribed 200.78 times.

Saakshi Medtech and Panels IPO's retail investors' portion received bids for 11,74,62,000 shares against 1,548,000 shares on offer for this segment. Saakshi Medtech and Panels IPO's NIIs' portion received bids for 13,32,40,800 shares against 663,600 on the offer for this segment. Saakshi Medtech and Panels IPO's QIBs portion received bids for 3,30,31,200 shares against 884,400 on offer for this segment.

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Saakshi Medtech and Panels IPO GMP Today:

Saakshi Medtech and Panels IPO GMP today or grey market premium is ₹35. This indicates Saakshi Medtech and Panels share price were trading at a premium of ₹35 in the grey market on Wednesday, according to topsharebrokers.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Saakshi Medtech and Panels share price is ₹132 apiece, which is 36.08 per cent higher than the IPO price of ₹97. According to topsharebrokers.com, the lowest GMP is ₹0, while the highest GMP is ₹50. 'Grey market premium' indicates investors' readiness to pay more than the issue price.

Saakshi Medtech and Panels IPO Details

Saakshi Medtech and Panels IPO is a book built issue of ₹45.16 crore. The issue is entirely a fresh issue of 46.56 lakh shares. A bidder applied in lots and one lot of the NSE SME IPO comprises 1200 company shares. A retail investor would require minimum ₹1,16,400 ( ₹97 x 1200) to apply for the SME issue.

Hem Securities Limited is the book running lead manager of the Saakshi Medtech and Panels IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Saakshi Medtech and Panels IPO is Hem Finlease.

The tentative date for share allocation is October 3, 2023. The issue is proposed for listing on NSE SME Emerge platform and the tentative date for share listing is October 6, 2023.