Supreme Power Equipment IPO Details and Outlook

Supreme Power Equipment IPO Details and Outlook

VoM News Desk | December 21, 2023 | 01:40 PM IST | Breaking News | Follow on Google News

Supreme Power Equipment IPO Details and Outlook

Supreme Power Equipment IPO Details and Outlook

• Issue Date: The IPO of Supreme Power Equipment Limited has commenced today and will be open for subscription until December 26, 2023.
• Price Band: The IPO’s price range is set at ₹61 to ₹65 per equity share.
• Aim: The company intends to raise ₹46.67 crore through the issuance of fresh shares, aiming for listing on the NSE SME platform.
• Grey Market Premium (GMP): Shares of the engineering firm are trading at a premium of ₹54 in the grey market.
• Subscription Status: Within just two and a half hours of opening, the IPO has received bids for 1,09,48,000 shares against the offered 71,80,000 shares, marking a subscription of 1.52 times.
• IPO Size and Lot Size: The company plans to raise ₹46.67 crore, with one lot comprising 2,000 shares.
• Allotment and Listing Dates: Finalization of share allocation is scheduled for December 27, 2023, and the listing on the NSE SME platform might happen on December 29, 2023.
• Use of Funds: The net proceeds from the IPO will be allocated towards capital expenditure, working capital needs, and general corporate expenses.
• Lead Manager and Registrar: Narnolia Financial Services Limited is the Book Running Lead Manager to the Issue, and Purva Shareregistry Private Limited is the Registrar to the Issue.
• Company’s Perspective: Vee Rajmohan, Chairman and Managing Director of Supreme Power Equipment Limited, expressed enthusiasm for the IPO, highlighting the company’s position as a prominent manufacturer of power and distribution transformers in Tamil Nadu. The IPO reflects the company’s commitment to innovation and reliability, with the net proceeds directed towards various operational requirements.
• Financial Services Perspective: Vipin Aggarwal, Director of Narnolia Financial Services Limited, praised Supreme Power Equipment Limited’s resilience and expertise, emphasizing the company’s commitment to quality and innovation.

The IPO of Supreme Power Equipment Limited represents a significant milestone for the company, aiming to leverage the capital raised for further growth and development in the power and distribution transformer manufacturing sector.

Supreme Power Equipment IPO Details and Outlook: In case of rectification of any error in this Article, Visit on Correction Policy or Register your Query

VoM News Desk

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