Share of Innokaiz India were locked in the lower circuit of 5 per cent on Monday after a stellar debut on BSE SME platform. The shares of the marketing solutions company were off to a fiery start, debuting at Rs 148.20 apiece — up 90 per cent from the IPO issue price of 78.
The stock closed at Rs 155.61 apiece on the listing day. The company commanded a market cap of Rs 159.09 crore as on the listing day.
The shares of Chennai-based firm on Monday were locked in the 5 per cent lower circuit at Rs 140.44.
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The company came out with its Initial Public Offer (IPO) of 2,713,600 shares at a price of Rs 78, amounting to Rs 21.17 crore. It received a tremendous response, attracting 88.43 times subscriptions.
The anchor investor portion was fully subscribed. Additionally, the qualified institutional buyers (QIB) category was subscribed 23.93 times, while the non-institutional investors or high net-worth individuals’ portion was subscribed 224.93 times and the retail investor’s portion was subscribed 46.10 times.
Gretex Corporate Services Limited, Merchant Banker based out of Mumbai was the Lead Manager to the issue. According to shareholding pattern, the promoters have 71.99 per cent stake after the IPO.
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