Siyaram Recycling IPO: Check subscription status, GMP today, other key details of SME IPO on first day
Siyaram Recycling Industries IPO: The initial public offering (IPO) of Siyaram Recycling Industries Ltd, the manufacturer of brass plumbing and sanitary components, opened for subscription on Thursday, December 14, and has received stellar response from investors. Siyaram Recycling IPO is an SME IPO and a book-built issue.
Siyaram Recycling IPO will remain open till December 18, while the IPO allotment is expected to be finalized on December 19.
Let us take a look at Siyaram Recycling Industries IPO subscription status, GMP today and other key details.
Siyaram Recycling IPO Details
Siyaram Recycling IPO is an SME IPO that opened for public subscription on December 14 and will close on December 19. Siyaram Recycling Industries shares will list on BSE SME with tentative listing date fixed on December 21.
Siyaram Recycling IPO price band has been fixed at ₹43 to ₹46 per share. The issue is entirely a fresh issue of 49.92 lakh equity shares and at the upper end of the price band, the company plans to raise ₹22.96 crore from the offer.
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The IPO lot size is 3,000 shares and the minimum investment amount required by retail investors is ₹138,000.
Hem Securities is the book running lead manager of the Siyaram Recycling IPO, while Cameo Corporate Services is the IPO registrar.
The company’s promoters are Dwarkadhish Venture Pvt Ltd, Ramgopal Ochhavlal Maheshwari, Bhavesh Ramgopal Maheshwari and Madhu Ramgopal Maheshwari.
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Siyaram Recycling Industries proposes to utilize the net proceeds from the IPO for repayment of a portion of certain borrowing availed by it and for general corporate purposes.
The company is engaged in manufacturing brass products and components. Its net profit in FY23 increased to ₹7.65 crore from ₹3.22 crore in FY22. Its revenue in FY23 rose to ₹497.86 crore from ₹426.44 crore in
Siyaram Recycling IPO Subscription Status
Siyaram Recycling IPO has been subscribed 8.16 times so far on December 14, the first day of the bidding process. The public issue received bids for 2.70 crore equity shares as against 33.18 lakh shares on the offer, as per data available till 1:25 pm.
The IPO has been subscribed 15.05 times in the retail category and 0.01 times in the Qualified Institutional Investors’ (QIB) category. The Non-Institutional Investors’ (NII) portion has been booked 2.94 times so far.
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Siyaram Recycling IPO GMP Today
Siyaram Recycling Industries IPO GMP today, or grey market premium today, is ₹28 per share, as per market observers. This indicates that the Siyaram Recycling shares are trading at a premium of ₹28 or 60.87% to the issue price at ₹74 apiece in the grey market.
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Published: 14 Dec 2023, 01:28 PM IST
