Its IPO opened on June 20, 2023, for subscription and closed on June 23, 2023. The anchor bids started on June 19. Initiation of refunds was done on 30 June and credit of equity shares to demat account of the allottees was done within the prescribed time limit. The initial public offer was subscribed fully; 1.58 times overall, with NIIs and QIBs taking charge, subscribing 2.94 times and 1.74 times, respectively. The company had set the price band for its public issue at ₹555-585 per share, allowing investors to subscribe to 25 shares in one lot.
The OFS comprised up to ₹120 crore by Wajid Ahmed, and up to ₹49 crore each by Gulzar Ahmad, Mohammad Mchmood Qureshi, Mohammad Ashraf Qureshi and Zulfiqar Ahmad Qurashi. Parvez Alam sold up to ₹14 crore through OFS. The proceeds from the fresh issue of up to ₹135 crore will be used on the working capital requirements of the company. The Sole Book Running Lead Manager to the Offer is Aryaman Financial Services Ltd. Bigshare Services Pvt Ltd is the registrar of the issue.
Company Profile
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