NewsIPOL.T. Elevator IPO Sees Massive 182.95 Times Oversubscription, Grey Market Hints at Strong ListingL.T. Elevator IPO Sees Massive 182.95 Times Oversubscription, Grey Market Hints at Strong Listing
L.T. Elevator Ltd.'s IPO in the SME segment closed with overwhelming demand, oversubscribed 182.95 times. Non-institutional buyers led with 356 times oversubscription, while retail investors oversubscribed 158 times. The Rs 39.37 crore issue was priced at Rs 76-78 per share. Grey market premium indicates a potential listing price of Rs 108, suggesting a 38.46% gain. Allotment is set for September 17, with listing on BSE SME platform on September 19. Funds will be used for working capital, subsidiary investment, and corporate purposes.
*this image is generated using AI for illustrative purposes only.
L.T. Elevator Ltd.'s initial public offering (IPO) in the SME segment has concluded with an extraordinary investor response, marking a significant milestone for the company. The IPO, which closed recently, witnessed an overwhelming demand from various investor categories, resulting in a substantial oversubscription.
Subscription Details
The IPO received bids for a staggering 61,44,22,400 shares against the 33,58,400 shares on offer, translating to an oversubscription of 182.95 times. This remarkable response underscores the strong investor interest in L.T. Elevator Ltd.
Breaking down the subscription data:
- Non-institutional buyers led the charge with a massive 356 times oversubscription
- Retail investors showed robust participation, oversubscribing their portion by 158 times
IPO Specifics
| Item | Details |
|---|---|
| Price Band | Rs 76 - Rs 78 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | Rs 39.37 crore |
Grey Market Premium Indicates Strong Listing Potential
The grey market is showing significant enthusiasm for L.T. Elevator shares:
- Current Grey Market Premium: Rs 30
- Estimated Listing Price: Rs 108 per share
- Potential Listing Gains: 38.46% over the IPO price of Rs 78
Key Dates
| Event | Date |
|---|---|
| Allotment Date | September 17 |
| Listing Date | September 19 |
Note: Listing will be on the BSE SME platform.
Utilization of Funds
L.T. Elevator Ltd. plans to use the IPO proceeds for:
- Meeting working capital requirements
- Investment in its subsidiary, Park Smart Solutions Limited
- General corporate purposes
Investor Outlook
The massive oversubscription and strong grey market premium suggest high investor confidence in L.T. Elevator Ltd.'s business model and growth prospects. However, it's important to note that grey market premiums are unofficial and can be volatile.
As the company prepares for its stock market debut on the BSE SME platform, all eyes will be on its listing performance. The overwhelming response to the IPO sets the stage for what could be a noteworthy entry into the public markets for L.T. Elevator Ltd.
Investors who have applied for shares will be eagerly awaiting the allotment results on September 17, followed by the much-anticipated listing on September 19.
20
