Sati Poly Plast shares made a stellar stock market debut on Monday despite an overall weak market sentiment. Sati Poly Plast share price began trading at ₹247 apiece on NSE SME, a premium of 90% to the issue price of ₹130 per share.
Sati Poly Plast IPO listing was in-line with the street estimates as the Sati Poly Plast IPO GMP today, or grey market premium today was ₹140 per share. The GMP today indicated the Sati Poly Plast IPO estimated listing price of ₹270 per share, which is at 107.69% premium to the issue price.
However, with the NSE’s price control cap of 90% on the issue price of SME IPOs during the pre-opening session, Sati Poly Plast IPO listing price was at a premium of 90%.
Sati Poly Plast IPO was an SME IPO that opened for subscription on Friday, July 12, and closed on Tuesday, July 16. The IPO allotment was finalized on July 18 and the Sati Poly Plast IPO listing date is July 22.
Sati Poly Plast IPO price band was set at ₹123 to ₹130 per share. The company raised ₹17.36 crore from the book-built issue that was entirely a fresh issue of 13.35 lakh equity shares.
The public issue of the multifunctional packaging materials manufacturer received robust demand during its bidding period. Sati Poly Plast IPO was subscribed by a staggering 499.13 times in total as the issue received bids for 44.22 crore equity shares as against 8.86 lakh shares on the offer.
The public issue was subscribed 670.62 times in the retail category, 146.00 times in the Qualified Institutional Bidders (QIB) category, and 569.52 times in the Non-Institutional Investors (NII) category.
The net issue proceeds are proposed to be utilised for working capital requirements and general corporate purposes by the company.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Sati Poly Plast IPO, while Link Intime India Private Ltd is the IPO registrar.
