Sheetal Universal IPO closes with issue subscribed178.20 times

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Sheetal Universal IPO closes with issue subscribed178.20 times
Credit: © Reuters.

MUMBAI - Sheetal Universal Ltd's initial public offering (IPO) closed today with an impressive final subscription rate of 178.20 times the shares on offer. The overwhelming demand saw non-institutional investors and retail individual investors (RIIs) subscribing 212.49 times and 127.80 times their quotas, respectively.

The company, which kicked off its IPO on Monday, witnessed a surge in subscriptions by Tuesday, reflecting robust investor interest. By the end of the second day, the subscription had already soared to 20.54 times, indicating strong market confidence.

Managed by Beeline Capital Advisors Pvt Ltd, with Bigshare Services Pvt Ltd serving as the registrar and Spread X Securities acting as the market maker, the IPO aimed to raise ₹23.80 crore ($2.94 million). The funds are earmarked for capital expenditure and working capital needs, in addition to covering public issue expenses and other general corporate purposes.

Sheetal Universal disclosed financials for FY23, reporting a revenue of ₹131.65 crore ($16.26 million) and a net profit of ₹1.98 crore ($244,600). High net-worth individuals (HNIs) were required to invest a minimum of ₹2,80,000 ($3,460) for two lots, while retail investors had to commit ₹1,40,000 ($1,730) for two thousand shares.

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