Tue Jan 07 09:51:25 UTC 2025: **Parmeshwar Metal IPO Oversubscribed Over 600 Times, Allotment on January 7**
MUMBAI, January 7, 2024 – Parmeshwar Metal Ltd.’s initial public offering (IPO) concluded with phenomenal success, closing over 607 times oversubscribed. The IPO, which opened on January 2nd and closed on January 6th, saw bids for 1,63,66,48,000 shares against the 26,96,000 shares on offer. Non-institutional investors (NIIs) drove the demand, oversubscribing their portion by over 1202 times.
The strong interest resulted in a highly competitive allocation process. The Qualified Institutional Buyers (QIBs) portion was oversubscribed 177.32 times. Retail investors also showed significant interest, with an oversubscription rate exceeding 1200 times.
Share allotment is expected to be finalized on January 7th. Investors can check their allotment status online through the BSE website or the registrar, Link Intime India’s website. Refunds for unsuccessful applicants will be processed, and shares will be credited to successful applicants’ demat accounts on January 8th. Listing on the BSE SME is scheduled for January 9th.
The grey market premium (GMP) currently stands at ₹40, suggesting a potential debut price of ₹101, a 65.57% premium over the IPO price band of ₹57-₹61. However, it’s crucial to remember that GMP is speculative and not an official price indicator.
Parmeshwar Metal Ltd., a manufacturer of copper wire and rods, plans to utilize the ₹24.74 crore IPO proceeds to expand its manufacturing facility in Dehgam, Gujarat, renovate its copper melting furnace, and bolster its working capital.
**Disclaimer:** Investing in IPOs carries inherent market risks. Consult a financial advisor and thoroughly review the red herring prospectus before investing.
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