Sathlokhar Synergys IPO Day 1: Issue subscribed over 3.4 times so far; Check GMP, other key details of SME IPO

Sathlokhar Synergys IPO Day 1: Issue subscribed over 3.4 times so far; Check GMP, other key details of SME IPO(Image: iStock)

MINT | July 30, 2024 | 08:46 PM IST | Breaking News | Follow on Google News

Sathlokhar Synergys IPO Day 1: Issue subscribed over 3.4 times so far; Check GMP, other key details of SME IPO

Sathlokhar Synergys IPO Day 1: Issue subscribed over 3.4 times so far; Check GMP, other key details of SME IPO

Sathlokhar Synergys IPO: The initial public offering (IPO) of Sathlokhar Synergys E&C Global Ltd, an integrated EPC company, opened for public subscription on Tuesday and got oversubscribed within hours of opening.

Sathlokhar Synergys E&C Global IPO is an SME IPO worth ₹92.93 crore. The bidding for the public issue will remain open till August 1.

Sathlokhar Synergys IPO is receiving strong demand from investors as the issue has been subscribed more than 3 times on the first day so far.

Let us check Sathlokhar Synergys IPO GMP today, subscription status and other key details of the SME IPO.

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Sathlokhar Synergys IPO Subscription Status

Sathlokhar Synergys E&C Global IPO has been subscribed 3.46 times in total so far on Tuesday, the first day of the bidding process. The public issue received bids for 1.46 crore equity shares as against 42.28 lakh shares on the offer, according to data available till 3:00 pm.

The IPO has received 4.34 times subscription in the retail category and 3.50 times in Qualified Institutional Bidders (QIB) category, while the Non-Institutional Investors (NII) category has been subscribed 1.35 times so far.

Sathlokhar Synergys IPO GMP

Sathlokhar Synergys IPO GMP today, or grey market premium today, has risen to ₹140 per share, according to stock market experts. This indicates that Sathlokhar Synergys shares are trading at ₹280 apiece in the grey market, a premium of 100% to the IPO price of ₹140 per share.

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Sathlokhar Synergys IPO Details

Sathlokhar Synergys IPO opened for subscription on Tuesday, July 30, and will close on Thursday, August 1. The IPO allotment is likely to be fixed on August 2 and the IPO listing date is August 6. Sathlokhar Synergys E&C Global shares will be listed on the NSE Emerge platform.

Sathlokhar Synergys IPO price band is set at ₹133 to ₹140 per share. The company plans to raise ₹92.93 crore from the IPO which is entirely a fresh issue of up to 66.38 lakh equity shares of a face value of ₹10 each.

Sathlokhar Synergys E&C Global IPO lot size is 1,000 shares and the minimum investment amount required by retail investors is ₹140,000.

Also Read | Sathlokhar Synergys IPO price band set at ₹133 – 140 per share

The company proposes to use the net issue proceeds to meet working capital requirements, strategic initiatives, brand building, operational expenses and general corporate purposes.

The company has reserved up to 12.08 lakh equity shares for Qualified Institutional Buyers (QIB), not less than 9.06 lakh shares are reserved for Non-Institutional Investors (NII) and around 21.14 lakh shares are reserved for Retail Individual Investors (RII) in the Sathlokhar Synergys E&C Global IPO.

GYR Capital Advisors Private Limited is the Book Running Lead Manager to the Sathlokhar Synergys IPO, while Purva Sharegistry (India) Private Limited is the IPO registrar.

Sathlokhar Synergys E&C Global Ltd is an integrated Engineering, Procurement, and Infra Turnkey Construction (EPC) company. The company manages projects from detailed design and planning through to procurement, engineering, execution, and commissioning. Sathlokhar provides specialized services in Mechanical, Electrical, Plumbing (MEP) installations, HVAC and Utilities through its in-house team of professionals.

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The company is an authorized channel partner for Tata Power Solar Systems Ltd. and offers installation, sales, commissioning, and maintenance for solar power projects.

G Thiyagu, Sangeethaa Thiyagu, and Dinesh Sankaran are the promoters of the company.

In FY24, Sathlokhar Synergys E&C Global Ltd reported a net profit of ₹26.21 crore and a revenue of ₹246.97 crore. The company’s net profit in FY23 was ₹5.45 crore and revenue was ₹87.15 crore.

MINT