Shri Techtex IPO: GMP, subscription status on day 3, and other key details here

Shri Techtex IPO plans to raise ₹45-50 crore. The company plans to use the net proceeds from the offering to pay for the following projects, including building a factory shed, starting a solar farm, buying equipment, meeting working capital needs, serving general corporate objectives, and covering public offering costs.

Shri Techtex IPO date: The Shri Techtex SME IPO share allotment will take place on Wednesday, 2 August. Those allotted shares will get them in their Demat accounts on Friday, 4 August. The refund process for those who did not get shares will begin on Thursday, 3 August.

Shri Techtex Ltd was founded in 2011 and produces Polypropylene (PP) Non-Woven Fabric in a range of sizes and densities.

The business produces Polypropylene (PP) Non-Woven Fabric, which is used for environmentally friendly applications, particularly in fields and industries where disposable or single-use products are required, like organic farming, hospitals, nursing homes, home furnishings, vehicle upholstery seat fabrication, mattress & furniture covering, environmentally friendly packaging, industrial, and consumer goods.

Shri Techtex IPO was subscribed 148.44 times on day 3. The issue received positive response from retail investors who’s portion set was subscribed 156.37 times, non-institutional buyers who’s portion set was subscribed 250.54 times, and Qualified institutional buyers (QIBs) who subscribed to the issue 58.03 times, according to data on chittorgarh.com.

The company has received bids for 73,15,02,000 shares against 7,400,000 shares on offer, according to data on chittorgarh.com.

Shri Techtex IPO subscription status on day 1 was 7.67 times.

Shri Techtex IPO: GMP, subscription status on day 2, and other key details here

Shri Techtex IPO GMP today:

Shri Techtex IPO GMP or grey market premium is +37. This indicates that the shares of Shri Techtex IPO share price were trading at a premium of ₹37 in the grey market on Friday, according to topsharebrokers.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shri Techtex IPO share price is ₹98 apiece, which is 60.66% higher than the IPO price.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Shri Techtex IPO apply or not?

“The company operates in a highly competitive segment with many players around. Its FY21 performance raised eyebrows and after that, though the top line marked growth, its bottom line expressed declining margins. Hence, the sustainability of margins in the future is a significant concern. Though the issue appears reasonably priced, well-informed cash surplus investors may park funds with a long-term perspective,” said Dilip Davda, the contributing editor at Chittorgarh.com.

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Updated: 28 Jul 2023, 04:04 PM IST