Pritika Engineering Components Limited’s initial public offering went live for subscription on November 25. Pritika Engineering Components is a wholly owned subsidiary of Pritika Auto Industries and is the captive unit of the Pritika Group of Industries. Pritika Engineering IPO opened on November 25 and will conclude on November 30. The company aims to raise Rs 9.42 crore via IPO. The company has fixed a price band of Rs 29 with a market lot of 4000 shares.
Pritika Engineering IPO GMP Today
As per various reports, the Pritika Engineering IPO was commanding a grey market premium (GMP) of Rs 10 per share in the stock market.
Pritika Engineering IPO Subscription status
As per data available on the NSE website for Pritika Engineering IPO, the Qualified Institutional Buyers (QIBs) shares received 12,16,000 bids while the Non-Institutional Investors category received 12,16,000 bids and the Retail Individual Investors(RIIs) category received Rs 66,28,000 bids. In total, the IPO received 87,64,000 bids. The Pritika Engineering Components IPO was subscribed 2.84 times on Friday. The retail category was subscribed 4.30 times while the NII category was subscribed 1.39 times.
Pritika Engineering IPO Allotment and Listing Date
The Pritika Engineering IPO will be allotted on December 5 while the IPO listing date is December 8. Retail-individual investors can apply for up to 1 lots (4000 shares or Rs 116,000).
Pritika Engineering IPO: Business model
Pritika Engineering manufactures customized parts for tractors, commercial vehicles & other construction equipment. Its manufacturing plant is located in Punjab and its clients include Ashok Leyland, Eicher and Mahindra among others. The company’s total revenue in 2021-22 stood at Rs 5,739.58 lakhs.
The company plans to utilise the IPO proceedings for setting up a new unit by the wholly owned subsidiary, Meeta Castings Limited (MCL) and for general corporate purposes.