Two companies- Clean Max Enviro Energy Solutions and Shree Ram Twistex- shall make their stock market debut on Monday, March 02. Ahead of their stock market debut, both the companies are signaling a muted listing for the investors. Infact, both the listings are likely to happen on a discounted note amid jittered market sentiments.
To recall, both IPOs of Clean Max Enviro Energy and Shree Ram Twistex were open for bidding between February 23 and February 25. Both companies cumulatively raised Rs 3,210 crore via IPO and will and were commanding a discount in the grey market (GMP).
Clean Max Enviro Energy Solutions IPO
Ahead of their listing, shares of Clean Max Enviro Energy Solutions were trading at a discount of Rs 35 per share, suggesting a weak listing at 3.32 per cent below its issue price. However, the company has been commanding a discount since the beginning of the issue, but muted bidding and selling pressure in the mainboard companies has weighed on its sentiments as well.
Clean Max Enviro Energy Solutions had offered its shares in the price band of Rs 1,000-1,053 per share with a lot size of 14 shares. The company eyed to raise a total of Rs 3,100 crore via IPO, which included a fresh share sale of Rs 1,200 crore and an offer-for-sale (OFS) of up to 1.80 crore shares worth Rs 1,900 crore.
The issue was overall subscribed only 94 per cent with only 37,210 applications, fetching bids for Rs 2,166 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 2.83 times. The quotas for non-institutional investors (NIIs) and retail bidders were undersubscribed at 54 per cent and 6 per cent, respectively. Even the employee portion was booked just 10 per cent.
Axis Capital, BNP Paribas, JP Morgan India, HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory, BoB Capital Markets and SBI Capital are the book running lead manager of Clean Max IPO and MUFG Intime India is the registrar of the issue.
Shree Ram Twistex IPO
Shares of Shree Ram Twistex were signaling a sharp listing against its issue price ahead of its debut. Last heard, Shree Ram Twistex was exchanging hands at a discount of Rs 28 per share, signaling a discount debut at a steep 27 per cent below the issue price of Rs 104. The company had no allocation for anchor investors.
The IPO of Shree Ram Twistex was open for bidding between February 23 and February 25. It had offered its shares in the price band of Rs 95-104 per share with a lot size of 144 shares. The company raised a total of Rs 110 crore from its IPO, which was entirely a fresh share sale of 1,06,00,000 equity shares.
The issue was subscribed 43.66 times, attracting bids worth over Rs 4,800 crore via over 5.63 lakh applications. The quota for non-institutional investors (NIIs) was subscribed a whopping 220.30 times, while the allocation for retail investors was subscribed 76.63 times. The portion for qualified institutional bidders (QIBs) was booked only 3.94 times.
Interactive Financial Services is the sole book running lead manager of Shree Ram Twistex IPO and Bigshare Services is the registrar of the issue. Credit of shares and/or initiation of refund shall be done on Friday, February 27.
