SME IPO oversubscribed, last day to bid today. Check GMP, other key details

SME IPO oversubscribed, last day to bid today. Check GMP, other key details


Shera Energy Limited launched its Initial Public Offering (IPO) earlier this week on Tuesday, February 7, 2023 and Thursday, February 9, 2023, is the last day to bid for the issue. The SME IPO, which aims to garner 35 crore through its initial share sale, has an issue band price of 55 – 57. 

As of 11:30 am on the last day on Thursday, Shera Energy IPO is oversubscribed 9.67 with retail investors category overbooked 19.86 times, qualified institutional buyers (QIBs) 0.01 times, and non-institutional investors (NIIs) 22.37 times, as per the exchanges data. 

As per market observers, shares of Shera Energy are commanding a premium i.e., GMP (Grey Market Premium) of 11 in the grey market today. The SME stock is expected to make its market debut next week on Friday, February 17, 2023 on the NSE Emerge platform. 

NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on NSE EMERGE platform.

The initial share sale’s issue size is up to 61,76,000 equity shares which comprises of fresh issue of up to 10,48,000 equity shares and offer for sale i.e., OFS of up to 51,28,000 equity shares. Holani Consultants Private Limited is the Book Running Lead Manager to the issue.

The company, incorporated in 2009, manufactures products of non-ferrous metals like copper, aluminium and brass under one roof. Sheikh Naseem, Shivani Sheikh and Isha Infrapower Private Limited are the promoters of the company. The company placed 18,00,000 equity shares aggregating to 10.08 crore in pre-IPO placement.

Naseem Shaikh, Chairman and Managing Director of the company, had said that the net proceeds from the public offer will be utilised to meet working capital requirements and for general corporate purposes. “With increasing demand for our products, we need working capital to fuel our growth and take the company to the next level and IPO funding will help us,” he said as quoted by news agency PTI

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