The initial public offering (IPO) of Abram Foods Ltd. continued to see strong demand across categories on the second day of bidding on Wednesday, June 25. The BSE SME issue was overall subscribed 3.12 times till 3:14 p.m., as per the stock exchange data.
Abram Food IPO attracted bids for 42.32 lakh shares against 13.56 lakh shares on offer.
The Non-Institutional Investors (NIIs) subscribed their category 3.44 times, while the retail portion of the IPO was booked 2.80 times.
The IPO, which opened on June 24, was subscribed 2.41 times on the first day.
Here’s a look at the grey market premium (GMP) and other key details about this IPO.
Abram Food IPO GMP Today
According to InvestorGain, the grey market premium (GMP) for the Abram Food IPO was Rs 8 as of 2:35 p.m. on June 25. The latest GMP indicates an estimated listing price of Rs 106 per share at a premium of 8.16% over the issue price.
Note: GMP does not represent official data and is based on speculation.
Abram Food IPO: Key Details
Abram Food IPO is a fixed price issue of Rs 13.99 crore. The public offer comprises entirely a fresh issue of 14.28 lakh shares. The price for the IPO has been set at Rs 98 per share.
Retail investors can invest in the IPO by bidding for a single lot size of 1,200 shares, amounting to an investment of Rs 1,17,600. High-Net-Worth Individuals (HNIs) can participate by bidding for two lots comprising 2,400 shares. It will require an investment of Rs 2,35,200.
Corporate Makers Capital Ltd. is the book-running lead manager of the Abram Food IPO. Kfin Technologies Ltd. is the registrar and Giriraj Stock Broking Pvt. is the market maker for the issue.
The IPO subscription window will close on June 26. The allotment of shares is scheduled to be finalised on June 27. Successful bidders will receive shares in their Demat accounts on June 30. Refunds for non-allottees will also be initiated on the same day.
Shares of Abram Food are tentatively scheduled to be listed on the BSE SME platform on July 1.
Abram Food Ltd., incorporated in 2009, is engaged in the manufacturing and supply of flours, grains, spices and cattle feed. The company has a presence in Rajasthan, Delhi-NCR and Uttar Pradesh. Abram Food markets its products under the brand name ‘Kherliwala’.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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