Shree Refrigerations IPO listing: The shares of Shree Refrigerations were off to a solid start, as they listed at a premium of ₹44.85 or 35.88% at ₹169.85 per share on the BSE SME on Friday, August 1, over their issue price of ₹125.
The listing, though solid, was still lower than the grey market premium (GMP) of ₹70 the company was commanding ahead of the stock market debut.
However, following its debut, Shree Refrigerations share price declined as much as 4.59% to ₹162.05 apiece.
About Shree Refrigerations IPO
The SME IPO of Shree Refrigerations was open for subscription from July 25 to July 29, garnering a massive 187.55 times bids for the shares on offer. The retail portion of the IPO was booked 195.05 times, the non-institutional investor (NII) portion was subscribed 197.01 times, while the portion reserved for qualified institutional buyers (QIBs) garnered 167.32 times bids.
The ₹ ₹117.33 crore issue was a combination of a fresh issue of ₹94.51 crore and offer for sale of ₹22.81 crore. The IPO price band was fixed at ₹119-125 apiece. The lot size for an application was 1,000 shares. Retail investors could apply for a minimum of two lots, requiring an investment of ₹2,38,000.
The company plans to use the funds raised from the fresh share sale for funding the working capital needs and general corporate purposes.
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