Sampat Aluminium's IPO gets oversubscribed 3x on Day 1
Sampat Aluminium's IPO got snapped up fast on opening day (September 17, 2024), with investors bidding for over three times the available shares—over 60 lakh shares in total.
The price range was set at ₹114-₹120 per share, and the company aims to raise ₹30.53 crore through this issue.
Retail investors showed strong interest
Retail and non-institutional investors showed strong interest, oversubscribing their quotas by 3.16x and 8.24x respectively.
Institutional buyers joined in too, though they didn't fill their entire portion.
The IPO's gray market premium hit about 18% above the top price, hinting at solid buzz among investors.
More about the company
Based in Gujarat, Sampat Aluminium makes aluminum wires and rods used in everything from power lines to construction sites.
Their Kalol plant can produce up to 8,400 metric tons a year.
What's next for the issue?
Most of the IPO funds—₹23.3 crore—will go toward building a new manufacturing facility at Mehsana, Gujarat; the rest will cover other business needs.
Shares are set to list on BSE on September 24, 2024 with Marwadi Chandarana Intermediaries Brokers running point as merchant banker.