Shri Hare-Krishna Sponge Iron IPO Day 3: Issue booked 6.84x so far; GMP, subscription status, key details of SME IPO

Shri Hare-Krishna Sponge Iron IPO: The initial public offering (IPO) of manufacturer and seller of sponge iron, Shri Hare-Krishna Sponge Iron Ltd, opened for public subscription on June 24, and has entered its second day of bidding process today.

Shri Hare-Krishna Sponge Iron IPO is an SME IPO on the NSE SME platform. The company aims to raise nearly ₹30 crore from the public issue, which will be utilised for capital expenditure and general corporate purposes.

As the bidding process began today, here are the key details about the IPO, including Shri Hare-Krishna Sponge Iron IPO GMP, subscription status, and more.

Shri Hare-Krishna Sponge Iron IPO Subscription Status

Shri Hare-Krishna Sponge Iron IPO has been subscribed 6.84 times so far. The public issue received bids for 2,30,74,000 equity shares as against 33.72 lakh shares on the offer, as per data available till 5 PM on June 25, the third day of the bidding process.

The public issue has been subscribed 3.10 times in the retail category, and 10.09 times in the Non-Institutional Investors (NII) category so far, while the Qualified Institutional Buyers (QIB) portion has been booked 10.97 times so far.

Shri Hare-Krishna Sponge Iron IPO GMP Today

Shri Hare-Krishna Sponge Iron shares are showing a tepid trend in the unlisted market, with a muted grey market premium (GMP). Shri Hare-Krishna Sponge Iron IPO GMP today is ₹0 per share, according to stock market experts.

Shri Hare-Krishna Sponge Iron IPO GMP today indicates that in the grey market, Shri Hare-Krishna Sponge Iron shares are at ₹59 apiece, without any premium or discount to its issue price of ₹59 per share.

Shri Hare-Krishna Sponge Iron IPO Details

Shri Hare-Krishna Sponge Iron IPO commenced for subscription on Tuesday, June 24, and will conclude on Thursday, June 26. The IPO allotment date is expected to be on June 27, and the IPO listing date is likely July 1. Shri Hare-Krishna Sponge Iron IPO is an SME IPO and the equity shares of the company will be listed on NSE SME.

Shri Hare-Krishna Sponge Iron IPO price band has been fixed at ₹56 to ₹59 per share. The IPO lot size is 2,000 shares, and the minimum investment amount required by retail investors is ₹1,12,000.

At the upper-end of the IPO price band, the company plans to raise ₹29.91 crore from the book-building issue which is entirely a fresh issue of 50.70 lakh equity shares. The company already raised ₹8.50 crore from anchor investors ahead of the issue opening.

The funds will be used for funding of capital expenditure requirements of the company towards setup of Captive Power Plant at Siltara – Raipur, and for general corporate purpose.

Hem Securities is the book-running lead manager of the Shri Hare-Krishna Sponge Iron IPO, while Kfin Technologies is the IPO registrar.

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