Innomet Advanced Materials IPO Surges with Record-Breaking Demand: 323 Times Subscribed on Final Day
Innomet Advanced Materials IPO: Innomet Advanced Materials IPO closed with a record-breaking subscription of 323 times. Learn about the subscription details, IPO features, and how to check allotment status.
Innomet Advanced Materials IPO: The Initial Public Offering (IPO) of Innomet Advanced Materials Ltd has set new benchmarks in the Indian financial market, demonstrating an unprecedented level of investor interest. The IPO, which closed on September 13, 2024, was oversubscribed by an extraordinary 323 times, reflecting strong market confidence and enthusiasm. Here’s a comprehensive overview of the IPO’s performance and key details for potential investors.
IPO Subscription Details
Innomet Advanced Materials Ltd’s IPO has captured significant attention, with an overwhelming response from investors. The public issue, which consisted of a fixed price offering of ₹100 per share, was subscribed 226.97 times in the retail segment and an impressive 367.77 times in the other categories by the closing day.
Subscription Statistics:
- Total Issue Size: 34.24 lakh shares
- Bids Received: 1,05,34,03,200 shares
- Offer Size: 3,252,000 shares
On Day 1 of the IPO (September 11), the subscription was 0.53 times, which increased to 7.77 times by Day 2 (September 12), culminating in the record 323 times on the final day.
Key IPO Features
Offer Details:
- Price Range: ₹100 per share
- Minimum Bid for Retail Investors: 12,000 shares (₹1,20,000)
- Minimum Bid for High Net-Worth Individuals: 2,400 shares (₹2,40,000)
The IPO consisted of a completely fresh issue of 34.24 lakh shares, aiming to raise funds for working capital, capital expenditures for machinery, and repaying specific outstanding borrowings.
Use of IPO Proceeds
The funds raised through this IPO will be allocated as follows:
- Working Capital Needs: To support daily operational requirements.
- Capital Expenditure: For purchasing machinery and equipment.
- Debt Repayment: Prepayment or partial repayment of existing borrowings from banks and financial institutions.
Allotment and Listing Information
The allotment status for the Innomet Advanced Materials IPO is expected to be finalized by September 16, 2024. Shares are anticipated to be listed on the NSE SME platform Emerge on September 18, 2024.
Steps to Check Allotment Status:
- Visit the Skyline Financial Services website: Skyline Financial Services.
- Select “Innomet Advanced Materials Limited” under the Check Application Status section.
- Enter your application number, PAN, or DPID/Client ID.
- Click the search button to view the allotment status.
Grey Market Premium
As of September 16, 2024, the grey market premium (GMP) for Innomet Advanced Materials is ₹95. This indicates a potential listing price of ₹195 per share, reflecting a gain of 95% over the IPO price.
IPO Timeline Overview:
| Event | Date |
|---|---|
| IPO Open Date | September 11, 2024 |
| IPO Close Date | September 13, 2024 |
| Allotment Date | September 16, 2024 |
| Refunds Initiation Date | September 17, 2024 |
| Shares Credited to Demat | September 17, 2024 |
| Listing Date | September 18, 2024 |
About Innomet Advanced Materials Ltd
Founded in 1984, Innomet Advanced Materials Ltd specializes in producing metal powders and tungsten heavy alloys. The company operates in two key segments:
- Metal Powder Manufacturing: Includes applications such as powder metallurgy, diamond tools, welding, brazing, and surface coatings.
- Tungsten Heavy Alloys Component Manufacturing: Serves various sectors including defense, aerospace, general engineering, and radiation shielding.
