Canarys Automations Launches IPO to Raise ₹47.03 Crore

Canarys Automations Launches IPO to Raise ₹47.03 Crore

Asif Iqbal | September 29, 2023 | 10:57 PM IST | Breaking News | Follow on Google News

Canarys Automations Launches IPO to Raise ₹47.03 Crore

About Canarys Automations

Canarys Automations, an IT solutions provider, commenced its initial public offering (IPO) on September 27, with plans to raise ₹47.03 crore from the share sale. The IPO subscription period is set to close on October 3. The company operates in the digitalization, modernization, automation, and intelligence sectors and has two primary business verticals: Technology Solutions and Water Resource Management Solutions.

IPO Subscription Status

As of the third day of the bidding process, Canarys Automations’ IPO has achieved a subscription rate of 1.05 times. In specific categories, the IPO garnered a subscription of 1.89 times in the retail segment and 59% in the Non-Institutional Investors’ (NII) category, according to data available on chittorgarh.com.

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Grey Market Premium (GMP)

The Grey Market Premium (GMP) for Canarys Automations IPO today stands at ₹5 per share, as reported by market observers. This indicates that shares of Canarys Automations IPO in the grey market were trading at a premium of ₹5 on Friday. Considering the upper end of the IPO price band and the current GMP, the estimated listing price of Canarys Automations shares is ₹36 per share, representing a 16.13% premium over the issue price of ₹31.

IPO Details

Canarys Automations’ IPO opened for public subscription on September 27 and is scheduled to close on October 3. The IPO allotment basis is anticipated to be finalized on October 6, 2023, with potential refunds initiated on October 9 and share credits to allottees on October 10. The company intends to list its shares on the NSE SME, with a tentative listing date of October 11, 2023.

The IPO’s issue size is ₹47.03 crore, entirely comprised of a fresh issue of 1.51 crore shares. Canarys Automations IPO’s price band ranges from ₹29 to ₹31 per share, with a lot size of 4,000 shares. Retail investors are required to make a minimum investment of ₹124,000.

Indorient Financial Services Ltd serves as the book running lead manager for the Canarys Automations IPO, while Link Intime India Pvt Ltd acts as the IPO registrar for the offering.

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.