The initial public offering of Share Samadhan Ltd. has been subscribed 2.90 times so far on the second day of subscription. The IPO was subscribed 1.18 times on the first day of bidding on Monday, led by demand from retail investors.
The IPO, which is a fresh issue of 32.51 lakh shares, aims to raise Rs 24.06 crores. The IPO is available for subscription till September 11. The price band for the shares is set between Rs 70 and Rs 74 per share.
Retail investors are required to apply for a minimum of 1,600 shares, which translates to an investment of Rs 1,18,400. High-net-worth individuals need to apply for a minimum of 3,200 shares, amounting to Rs 2,36,800.
The allotment of shares is expected to be finalised on September 12. The shares will be listed on the BSE SME platform, with the tentative listing date scheduled for September 16, 2024.
The issue is managed by Narnolia Financial Services Ltd. as the book-running lead manager, with Skyline Financial Services Pvt. Ltd. as the registrar. Nikunj Stock Brokers will act as the market maker for the IPO.
Ahead of the public offering, Share Samadhan Limited successfully raised Rs 6.83 crore from anchor investors, as per Chittorgarh.
Share Samadhan IPO Subscription Status: Day Two
The IPO has been subscribed 2.90 times as of 2:30 p.m. on Tuesday.
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Qualified institutional buyers: Nil.
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Non-institutional investors: 2.34 times.
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Retail investors: 4.80 times.
Key Details Of The Company
Share Samadhan Ltd., formerly known as Tiger Island Hospitality Private Ltd., was established in 2011. The company provides a range of services designed to help clients recover and protect their financial assets.
Its core business lines include offering advisory services to resolve issues and unlock value from various financial assets, including equities, preference shares, mutual funds, debentures, bonds, insurance, provident funds, deposits, bank accounts, debt, and other asset classes.
The funds raised from the IPO will be allocated for investment in technology, and enhancing technological infrastructure to improve service delivery and operational efficiency.
Funds will also be allocated towards unidentified acquisitions, pursuing potential acquisition opportunities both within India and abroad.
The funds raised from the IPO will also be utilised to support the company's ongoing operational needs, cover various corporate expenses, and meet the costs associated with the IPO process.
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