GRE Renew Enertech IPO fully subscribed; Indo SMC falls short
GRE Renew Enertech's IPO, as of the first day of bidding, showed strong interest—it was fully subscribed at 2.1 times, thanks mostly to qualified institutional buyers jumping in over seven times their quota.
Indo SMC, on the other hand, didn't quite hit the mark and reached only 94% subscription, though retail investors showed some energy by subscribing 1.6 times their share.
Both companies are based in Ahmedabad and their IPOs close on January 16.
Where's the money going?
GRE Renew is aiming to raise ₹39.56 crore, with a big chunk set aside for building a new solar power plant (7.2 MW).
They've already locked in ₹11.15 crore from anchor investors at ₹105 per share.
Indo SMC hopes to collect ₹91.95 crore—planning to spend most of it on new machinery and working capital for growth.
Different advisors are managing each IPO: Share India Capital Services for GRE Renew and GYR Capital Advisors for Indo SMC.