Sona Machinery witnessed a lackluster debut on the NSE SME platform today, as its share price opened at ₹125, marking a 12.59% decline from the issue price of ₹143. However, the stock managed to recover approximately 4% after the initial dip.
The Sona Machinery IPO was open for subscription from Tuesday, March 5, to Thursday, March 7. Priced between ₹136 to ₹143 per share, the IPO lot size comprised 1,000 shares, with investors allowed to bid for a minimum of 1,000 shares and in multiples thereof.
During the subscription period, the Sona Machinery IPO garnered significant interest, with an oversubscription of 273.50 times. Notably, the retail portion was subscribed 235.06 times, while non-institutional investors showed immense interest, subscribing 554.42 times, according to data available on chittorgarh.com.
Valued at ₹51.82 crore, the Sona Machinery IPO consisted of a fresh issue of 3,624,000 equity shares with a face value of ₹10 each. The proceeds from the IPO will primarily be utilized to finance various objectives, including establishing a new manufacturing facility in Ghaziabad, repaying the balance due on the letter of credit, and acquiring machinery for general corporate purposes.
Hem Securities Limited served as the book running lead manager for the IPO, while Maashitla Securities Private Limited acted as the issue’s registrar. Hem Finlease was designated as the market maker for the Sona Machinery IPO.
