Subam Paper IPO Day 3: Paper Manufacturer's ₹93 Crore Issue Subscribed Over 92 Times; NIIs Quota Booked Almost 245x

The initial public offering (IPO) of Subam Papers Ltd. received over 92.93 subscriptions, primarily from non-institutional investors (NIIs). In comparison to the 44.08 lakh shares offered, the company received bids for over 38.09 crore shares of Subam Papers.

In the retail category, the issue was booked more than 48.97 times, with investors bidding for more than 10.03 crore shares, compared to the 20.49 lakh shares reserved for the category.

The number of subscribed shares exceeded the NIIs quota in the IPO by 243.16 times. NIIs placed bids for more than 21.38 crore shares, out of the 11.87 lakh shares that were available.

In contrast to the 11.71 lakh shares reserved for this category, over 6.69 crore shares of the company were applied for by Qualified Institutional Buyers (QIBs). The QIB portion of the issue received 57.18 subscriptions.

Subam Papers Limited IPO

= IPO Dates: The Subam Papers Limited IPO opened for subscription on September 30, 2024, and is scheduled to close on October 3, 2024.

= Issue Size: The company aims to raise Rs 93.70 cr through this IPO, which is entirely a fresh issue of 6,164,800… pic.twitter.com/P9ewNEu89o

— Anuj Jambhulkar (@JambhulkarAnuj) October 2, 2024

IPO issue size, price band and minimum bid

The IPO for Subam Papers was a book-built offering of 61.64 lakh shares, valued at Rs 93.7 crore.

A fixed price range of Rs 144 to Rs 152 per share was set for the IPO. For the retail category, the minimum lot size was set at 800 shares, resulting in a total investment of Rs 1,21,600.

Listing and subscription timetable

The subscription period for Subam Papers IPO began on September 30. The shares will be allocated by October 4 after the bidding process concludes today, October 3.

On October 7, successful bidders' demat accounts will be credited with shares and non-allottee refunds will be made.

The company's shares are expected to list on the BSE SME platform on October 8, at the latest.

Use of net IPO proceedings

The funds raised through the public offering will be used by the business to fund capital expenditure needs as well as investments in its subsidiary. Additionally, a portion of the proceeds will be applied to general business needs.