The IPO of Shera Energy Limited has been oversubscribed. The subscription window closes today, February 10. Against the IPO of 61.76 lakh shares of Rs 35.20 crore that opened on Tuesday, the company has received bids for 27 crore 50 lakh 34 thousand shares, through which applications worth Rs 1567.69 crore have been submitted.
The issue will be listed on the Emerging Platform of the National Stock Exchange on February 17.
The SME IPO aims to raise Rs 35 crore through the initial share sale. The company has fixed a price band of Rs 55 to Rs 57.
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“The maximum number of applications in the IPO came from Non-Institutional Investors-NII category at 190 times. The second number of applicants are followed by retail investors who have applied 51.30 times. The number of retail investors who have applied is 47456. 61.76 lakh shares of the company’s stock were subscribed to in various perspective, with each category witnessing oversubscription, resulting in the IPO receiving applications amounting to Rs 1567 crore out of 44.53 lakh applications,” Naseem Shaikh, CMD Shera Energy said.
Holani Consultants Private Limited is the Book Running Lead Manager to the Issue. Ashok Holani of Holani Consultants said FII investors have shown good interest in the company’s IPO. The country’s leading private sector bank HDFC applied for 20 crores. Similarly, domestic institutional investors have applied for 60.27 crore.
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The company has already placed a total of 18,00,000 equity shares aggregating to Rs 10.08 crore in Pre-IPO placement.
Shera Energy manufactures products of non-ferrous metals such as copper, aluminum and brass under one roof.