Hemant Surgical Industries IPO: Issue subscribed 2.58 times on Day 1; check details

Hemant Surgical Industries Ltd's SME initial public offer (IPO) has opened for subscription on Wednesday, May 24, and will close on Friday, May 26. The company has fixed the price band at ₹85 to ₹90 per equity share for the proposed IPO.

At 17:28 IST, the SME IPO has been subscribed 2.58 times on Day 1, as per data available at chittorgarh.com. The public issue subscribed 4.90 times in the retail category, and 1.14 times in the non-institutional investors (NII) category. Up to this point, the qualified institutional buyers (QIBs) had not received any subscription.

The offering consists of up to 27,60,000 equity shares with a face value of 10 apiece. The SME IPO is enitrely based on fresh issue of equity shares. Hem Securities Ltd is the book running lead manager for the IPO. Retail investors are eligible for a part of the offering that is at least 35% of the total. QIB and NII quotas have been set by the corporation at 50% and 15%, respectively.

The IPO allotment will be concluded on Wednesday, May 31; however, the allocation, reimbursements/refunds, and unblocking of cash from ASBA accounts or bank accounts linked to UPI IDs will begin on Thursday, June 1. The company's shares will be credited to successful bidders' Demat accounts on Friday, June 2.

The equity shares of Hemant Surgical will list on SME Platform of BSE (BSE SME). The listing is likely to take place on Monday, June 5. Bigshare is the registrar to the issue.

Hemant Surgical, a Mumbai-based company founded in 1989, has more than 30 years of experience in the production of medical supplies and disposables. Its products are geared at treating conditions like kidney illness, heart disease, lung disease, critical care, and radiography.

The company employs 172 people across its 1 manufacturing plant and 2 assembly operations in Maharashtra, both of which are ISO certified. Additionally, it has exclusive distribution contracts with MNCs. Revenue of ₹111 crores was reached in FY 23 with an EBITDA margin of 9.32% and a PAT margin of 7.01%.

Hemant Surgical SME IPO subscription to begin from May 24