Parmeshwar Metal is likely to finalise the basis of allotment of its shares on Tuesday, January 7. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Wednesday, January 8. The copper recycling player saw a solid response from the investors during the three-day bidding process.
The IPO of Gandhinagar-based Parmeshwar Metal was open for bidding between January 02 and January 06. The company sold its shares in the fixed price band of Rs 57-61 apiece with a lot size of 2,000 equity shares. The company raised a total of Rs 24.74crore via IPO, which was entirely a fresh share sale of 40.56 lakh equity shares.
The issue was overall subscribed a whopping 607.07 times, attracting bids worth nearly Rs 9,984 crore. It managed to fetch more than 6.58 lakh applications. The quota for qualified institutional bidders (QIBs) was booked 177.32 times, while the portions for non-institutional investors (NIIs) and retail investors were subscribed 1,202.83 times and 597.09 times, respectively.
The grey market premium (GMP) of Citichem India has been holding firm despite the sell-off in the broader markets. Last heard, the company was commanding a premium of Rs 40 in the unofficial market, suggesting a listing gains of more than 65 per cent for the investors. The GMP stood at Rs 35 on the first day of the bidding.
Incorporated in August 2016, Parmeshwar Metal manufactures copper wire and rods by recycling copper scrap and its manufacturing unit is situated in Dehgam, Gujarat. Its products are used in various industries such as power cables, building wires, transformers, the automotive industry, household cables as well as bare and enamelled wires.
Beeline Capital Advisors is the book running lead manager of the Parmeshwar Metal IPO, while Link Intime India is the registrar for the issue. The market maker for Parmeshwar Metal IPO is Spread X Securities. Shares of the company shall be listed on BSE SME platform on Thursday, January 09, 2025.
Investors, who had bid for the issue of Parmeshwar Metal , can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Parmeshwar Metal Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
