Moderate Response to Royal Sense IPO on Day 1

Royal Sense IPO on Day 1

VoM News Desk | March 13, 2024 | 10:39 PM IST | Breaking News | Follow on Google News

Moderate Response to Royal Sense IPO on Day 1 /Pixels

Moderate Response to Royal Sense IPO on Day 1

Royal Sense Limited’s initial public offering (IPO) opened for subscription on March 12, garnering a moderate response from investors on the first day of bidding. While the SME issue was subscribed over 0.71 times overall, the retail portion was fully booked on Tuesday.

Growing Interest: Subscriptions Surge on Day 2

The momentum picked up on the second day, with the Royal Sense IPO being oversubscribed by 1.53 times on March 13. The SME IPO received 19,72,000 share applications against the offered 12,90,000 shares.

Company Overview and Offer Details

Established in 2023, Royal Sense Limited specializes in providing a diverse array of products, including medical equipment, surgical instruments, and laboratory supplies. It serves various government departments and private hospitals across multiple states in India.

The IPO, which began on March 12 and concludes on March 14, 2024, constitutes a fixed price issue totaling ₹9.86 crores. It comprises solely a fresh issue of 14.5 lakh shares. Retail investors can bid for a minimum of 2000 shares, with a minimum investment threshold of ₹136,000.

Utilization of Proceeds and Listing Details

The net proceeds from the IPO will be allocated towards working capital requirements, issue expenses, and general corporate purposes. Allotment for the IPO is expected to be completed by March 15, 2024, with listing on BSE SME anticipated for March 19, 2024.

Management and Advisors

Expert Global Consultants Private Limited serves as the book running lead manager, while Bigshare Services Pvt Ltd is appointed as the registrar for the issue. Rikhav Securities has been designated as the market maker for the Royal Sense IPO.

Grey Market Premium

As of now, the Royal Sense IPO is not trading in the grey market premium, indicating that shares are trading at par value.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.