- The Associated Coaters IPO has opened for subscription on Thursday, May 30, 2024, and closes on Monday, June 3, 2024.
- The IPO has garnered significant attention, with the retail category being oversubscribed.
- “The Associated Coaters IPO has been subscribed 10.43 times on its opening day,” according to Chittorgarh.com.
Discover the key details and insights about the Associated Coaters IPO, including subscription status, issue size, and key dates.
Associated Coaters IPO Subscription Status
On the opening day of the IPO, May 30, 2024, by 5 PM, the Associated Coaters IPO had been subscribed 10.43 times. The retail category was subscribed 17.97 times, while the NII category saw 2.89 subscriptions. The QIB category, however, saw no subscriptions, as reported by Chittorgarh.com.
Issue Size and Subscription Details
The ₹5.11 crore Associated Coaters IPO is being offered at a fixed price. The company is issuing 4.22 lakh fresh shares. Retail investors need to bid for shares at ₹121 per share, with a minimum lot size of 1000 shares, requiring a minimum investment of ₹121,000. High Net-worth Individuals (HNIs) need to apply for a minimum of 2000 shares, amounting to an investment of ₹242,000.
Key Dates
The allotment for the Associated Coaters IPO, which opened for subscription on May 30, 2024, and closes on June 3, 2024, is likely to be finalized by June 4, 2024. The issue is expected to be listed on the BSE SME on June 6, 2024.
Objectives of the Issue
The net proceeds from the fresh issue of shares will be utilized by Associated Coaters for financing the capital costs associated with installing equipment and plants at the current location, meeting working capital requirements, and general corporate purposes.
About Associated Coaters
Established in 2017, Associated Coaters Limited offers pre-treatment and powder coating services for aluminum extrusions used in the real estate and architectural sectors. With both automatic and manual coating plants and an annual capacity of 1,200 metric tons, the company is a significant player in the aluminum extrusion coating market in eastern India.
Registrars and Book Running Lead
Bigshare Services Pvt Ltd is the registrar for the Associated Coaters IPO, and Gretex Corporate Services Limited is the book running lead manager. Gretex Share Broking is the market maker for this IPO.
GMP or Grey Market Premium
The Associated Coaters IPO GMP, or grey market premium, is currently ₹51 per share, according to investorgains.com. This indicates that the equity shares of Associated Coaters are valued at ₹172 per share in the grey market, which is 42.15% higher than the ₹121 share issue price.
Conclusion
The Associated Coaters IPO has generated substantial interest, particularly among retail investors. With a strong subscription rate and a notable grey market premium, the IPO is poised to make a significant impact upon its listing. Investors should keep an eye on the key dates and the company’s strategic objectives to make informed decisions.
