Stellar debut: Presstonic Engineering share price opens with 94% premium at ₹140 on NSE SME

Presstonic Engineering IPO listing date: Presstonic Engineering share price made a stellar debut on NSE SME today. On NSE SME, Presstonic Engineering share price was listed at ₹140, which is 94.4% higher than the issue price of ₹72. Following a strong opening, Presstonic shares slipped into the red zone. At 10:10 IST, Presstonic Engineering shares were trading at ₹139, down 0.71%. 

Presstonic Engineering IPO has opened for subscription on Monday, December 11 and closed on Wednesday, December 13. The Presstonic Engineering IPO price band was set at ₹72. The Presstonic IPO lot size was 1,600 shares. Investors could bid for a minimum of 1,600 shares and in multiples thereof. Presstonic IPO subscription status was 168.25 times on day 3. 

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Presstonic Engineering Ltd makes infrastructure products, metro rail rolling stock products, and metro rail signalling products. It also supplies well-known domestic and international OEMs that manufacture and service rail and metro rail rolling stock and signalling equipment, as stated in the company's Red Herring Prospectus (RHP).

Also Read: Presstonic Engineering IPO: Check GMP, subscription status on day 3, other key details

Presstonic Engineering IPO details

Presstonic Engineering IPO, which is worth ₹23.30 crore, is completely a fresh issue of 3,236,800 equity share; there is no offer for sale (OFS) component, according to RHP.

The issue's objectives are to finance capital expenditures for the purchase of more equipment and machinery, to fully repay certain loans taken out by the company, to satisfy working capital requirements, to cover issue costs, and to further general corporate purposes.

The Presstonic Engineering IPO's book running lead manager is Finshore Management Services Limited, and the issue's registrar is Cameo Corporate Services Limited. Nikunj Stock Brokers is the market maker for the Presstonic Engineering IPO.

Also Read: Presstonic Engineering IPO allotment finalised: Latest GMP, steps to check Presstonic IPO allotment status

Presstonic IPO GMP today

Presstonic Engineering IPO GMP today or grey market premium is +72. This indicates Presstonic Engineering share price were trading at a premium of ₹72 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Presstonic Engineering share price was indicated at ₹144 apiece, which is 100% higher than the IPO price of ₹72.

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

Also Read: Presstonic Engineering IPO opens on Monday, price band set at ₹72. Should you apply?

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