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Admach IPO Stumbles: Just 0.03 Subscription!
23 Dec
Summary
- Admach Systems IPO opened to low investor interest, subscribed 0.03 times.
- Company aims to raise ₹42.60 crore with high minimum investment for retail.
- Grey market premium (GMP) was nil, suggesting a flat or discounted listing.
The Initial Public Offering (IPO) for Admach Systems commenced its bidding process today, encountering significant investor hesitancy as it was subscribed only 0.03 times by 5:00 PM. Out of 14.82 lakh shares offered, bids were received for a mere 51,000 shares, highlighting a subdued market reception.
The company intends to raise ₹42.60 crore through its IPO, with shares priced between ₹227 and ₹239. Retail investors are required to invest a minimum of ₹2.86 lakh for a lot size of 1200 shares. The Qualified Institutional Buyer (QIB) segment had not yet opened for bidding as of the reporting time.
Market sentiment appears cautious, underscored by a nil Grey Market Premium (GMP) on Tuesday. This suggests that Admach Systems' stock may list at its issue price or potentially at a discount when it debuts on the BSE SME on Wednesday, December 31. The proceeds are earmarked for working capital and general corporate purposes.
