MUMBAI - Presstonic Engineering, a manufacturer of Metro Rail industry products, has witnessed a robust response from retail investors to its initial public offering (IPO), with the subscription rate hitting 5.31 times on the first day. The company's IPO, which opened today at ₹72 per share, has seen retail subscriptions soar nearly ninefold, indicating a strong market interest.
The IPO consists of an aggregate issue size of ₹23.30 crore (INR10 crore = approx. USD1.2 million) across 3,236,800 shares with a face value of ₹10 each. Retail investors are required to bid for a minimum quantity of 1,600 shares, translating into a minimum investment of ₹115,200. High net-worth individuals (HNIs) face a double lot size requirement, amounting to ₹230,400.
Finshore Management Services Limited is spearheading the book-running process for the IPO, while Cameo Corporate Services Limited is in charge of registration duties. Nikunj Stock Brokers has been appointed as the market maker.
The enthusiasm surrounding the IPO is further underscored by a substantial grey market premium of +₹32, signaling potential listing prices around ₹104 per share. This premium suggests that investors are optimistic about the company's prospects and are willing to pay more than the issue price ahead of its tentative listing on the NSE SME platform scheduled for December 18. The subscription window for this highly anticipated IPO is set to close on Wednesday.
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