Obsessed about the Word: The IPO market is currently buzzing. On July 1, the IPO of seven companies was listed in the stock market. Many IPOs are still open for subscription. At the same time, IPO subscription of Neetu Yoshi Limited and Adcounty Media India stopped today. Both these IPOs have seen tremendous response from investors. On the last day of bidding, on 1 July, Neetu Yoshi’s IPO was 119.19 times while the IPO of Adcounty Media India was 251.70 times subscribed. Both these IPOs are to be allotted by July 2.
How was the subscription to NEETU Yoshi IPO?
The IPO of Neetu Yoshi, who produced Ferrus Metallurgical Products, was opened for subscription from 27 June to 1 July. Investors bid for 87.62 crore equity shares against 73.52 lakh shares. Non-institutional investors bid 189.73 times their quota. Eligible institutional buyers subscribed 96.36 times and retail investors 91.21 times their quota. The price band of the IPO of Uttarakhand based company Neetu Yoshi was ₹ 75 per share. The company is collecting ₹ 77.04 crore through 1.02 crore equity shares. Out of the amount received from IPO, ₹ 50.8 crore is intended to establish a new manufacturing unit and use the remaining amount for normal corporate purposes.
NII investors bidding bumpers in Adcounty Media India IPO
There was a huge demand among the issue investors for the Adcounty Media India IPO. It received 251.70 times subscription. Investors bid for 107.64 crore shares against the 42.76 lakh shares offered in the IPO through 3.06 lakh applications. NII investors bid 397.93 times their reserve part. Apart from this, Retail and QIB booked their quota 229.37 times and 137.33 times respectively. Adcounty Media India, which provides digital marketing solution, launched its IPO last week to raise ₹ 50.69 crore at a price of ₹ 85 per share. Funds from IPO will be used for capex, working capital requirements, new acquisitions and general corporate purposes.
Let us tell you that the shares of Neetu Yoshi and Adcounty Media India will be listed on BSE SME on 4 July.