Pratham EPC Projects IPO: Within hours of opening, the initial public offering (IPO) of Pratham EPC Projects has been oversubscribed due to strong investor demand.
The IPO, categorized as an SME IPO, began its subscription today, March 11, and will close on March 13. Pratham EPC Projects aims to raise ₹36 crore from the public offer.
Let’s delve into the Pratham EPC IPO’s subscription status, GMP (Grey Market Premium) today, and other pertinent details.
Subscription Status:
As of Monday, the first day of the bidding process, Pratham EPC Projects IPO has been subscribed 4.40 times. Investors have bid for 1.40 crore equity shares against the 31.93 lakh shares offered. Notably, the retail category is oversubscribed by 7.56 times, while the Non-Institutional Investors (NII) category is oversubscribed by 2.88 times.
GMP Today:
Market observers report that the Grey Market Premium (GMP) for Pratham EPC Projects IPO has surged to ₹96 per share. This translates to a robust premium of 128%, with equity shares trading at ₹171 each in the grey market, compared to the IPO price of ₹75 per share.
Details of Pratham EPC IPO:
- The IPO opened on March 11 and will close on March 13. Allotment is expected to be finalized on March 14, with listing on NSE SME anticipated on March 18, 2024.
- The IPO price band is set at ₹71 to ₹75 per share, with a total size of ₹36 crore at the upper end.
- The IPO comprises entirely of fresh issue shares, totaling 48 lakh equity shares.
- The lot size for Pratham EPC Projects IPO is 1,600 shares, requiring a minimum investment of ₹120,000 for retail investors.
- Proceeds from the IPO will be utilized for machinery purchase, working capital requirements, and general corporate purposes.
About Pratham EPC Projects:
Pratham EPC Projects specializes in gas pipeline projects, offering integrated engineering, procurement, construction, and commissioning services.
The company’s promoters are Nayankumar Pansuriya and Pratikkumar Vekariya, with their shareholding expected to decrease to 72.97% post-IPO from the current 100%.
In the financial year ending March 2023, Pratham EPC Projects witnessed a rise in net profit to ₹7.64 crore, compared to ₹4.41 crore in the previous year. Revenue also increased to ₹51.67 crore in FY23 from ₹50.62 crore in FY22.
