Innomet Advanced Materials IPO allotment: The initial public offering (IPO) of Innomet Advanced Materials has been finalised today after overwhelming interest and robust subscriptions.

The SME IPO, valued at ₹34.24 crore, opened for bidding on September 11 and closed on September 13. The price band was set at ₹100 per share.

Investors can check the Innomet Advanced Materials IPO allotment status online through the official portal of the IPO registrar, Skyline Financial Services Private Ltd.

The company will credit the equity shares on September 17 into the Demat accounts of investors who have received the allotment. Refunds for rejected applications will also be processed the same day. Innomet Advanced Materials IPO is slated to list on NSE SME on Wednesday, September 18, 2024.

How to check IPO allotment status

Step 1: Go to the IPO registrar website of Skyline Financial Services Private Ltd.

Step 2: From the selection menu, choose Innomet Advanced Materials IPO.

Step 3: To discover the current status, pick a mode – click on the PAN, demat account, or application number.

Step 4: Choose “Application Type,” then “ASBA” or “non-ASBA.”

Step 5: Enter the required information, such as your application number, PAN (Permanent Account Number), or Demat Account number.

Step 6: Enter the ‘captcha’ to verify that you are not a robot.

Step 7: Click ‘submit’ to view allotment status.

About the IPO

The Innomet Advanced Materials IPO is entirely a fresh issue of 34.24 lakh shares. There is no offer for sale (OFS) component in this issue. The minimum lot size for an application was 1,200 shares, and the minimum investment required by retail investors was ₹1.2 lakh.

The IPO closed with overwhelming demand, with the SME issue subscribed 323.92 times in its 3 days of bidding.

The IPO received bids for 105.34 crore shares against the 32.52 lakh shares on offer. The retail investor segment saw a subscription of 226.97 times, while the ‘others’ category was booked 367.77 times.

The company plans to utilise the funds raised through this issue, referred to as the “Net Proceeds,” for several key purposes. These include meeting its working capital requirements, financing capital expenditure for the purchase of machinery and equipment, and repaying or prepaying, either fully or partially, certain outstanding borrowings from banks and financial institutions. Additionally, the funds will be allocated for general corporate purposes and to cover issue-related expenses.

Expert Global Consultants Private Limited is the book running lead manager of the Innomet Advanced Materials IPO while the market maker for the issue is Prabhat Financial Services.

About the Company

Incorporated in 1984, Innomet Advanced Materials Limited specializes in the manufacturing of metal powders and tungsten heavy alloys, operating under two divisions: Innomet Powders and Innotung. The company adheres to ISO 9001:2015 quality standards for the manufacturing and supply of ferrous and non-ferrous metal/alloy powders and tungsten heavy alloy components. With a diverse product range of over 20 items, including copper, bronze, brass, nickel, tin, and stainless-steel powders, they focus on custom grades containing iron, copper, nickel, tin, zinc, and cobalt. Innomet serves both domestic and international markets, including the US, UK, Germany, and Japan.

While revenue increased by 9% in FY 2024, the company’s profit after tax (PAT) declined by 22% compared to the previous year.

Review

“The company that was in diamond tools business has diversified into Metal Powder and THA products. It posted inconsistency in bottom lines for the reported periods. Based on FY24 earnings, the issue relatively appears exorbitantly priced above 51 P/E. Well-informed investors may park moderate funds for long term,” said Dilip Davda of Chittorgarh.com with a ‘may apply’ rating.

Innomet Advanced Materials IPO GMP today

The IPO’s grey market premium (GMP) today is ₹95 per share, indicating an expected listing price of ₹195, a premium of 95 percent from its issue price of ₹100. The GMP has been the same since the last 5 sessions, from September 12, but jumped from ₹70 on September 11.