SAR Televenture IPO Takes Off Strongly on NSE SME

SAR Televenture IPO Takes Off Strongly on NSE SME

VoM News Desk | November 8, 2023 | 01:47 PM IST | Breaking News | Follow on Google News

SAR Televenture IPO Takes Off Strongly on NSE SME

SAR Televenture IPO Takes Off Strongly on NSE SME

SAR Televenture, a provider of telecom solutions, had an outstanding debut on the NSE SME platform. Its shares were listed at ₹105 each, which is a substantial 90.9% premium over the issue price of ₹55.

IPO Details and Use of Proceeds

The company’s IPO was priced between ₹52 and ₹55 per share, with a minimum bid size of 2,000 shares. SAR Televenture’s public issue was divided among various investor classes, with specific reservations for QIB, NII, and retail investors. The ₹24.75 crore IPO comprises entirely fresh equity shares, with the company planning to utilize the proceeds for 5G/4G tower installations, debt repayment, working capital needs, and other corporate purposes.

Market Enthusiasm and GMP

The initial public offering (IPO) attracted significant attention, which is evident from the stock’s grey market performance. The IPO’s grey market premium (GMP) was reported at ₹53, signaling strong investor confidence and a willingness to pay a premium over the listed price.

Lead Managers and Registrars

Pantomath Capital Advisors Pvt Ltd acted as the book running lead manager for the IPO, and Skyline Financial Services Private Ltd served as the registrar. The company’s promoter is M.G. Metalloy Private Limited.

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