Shivalic Power Control IPO: Issue Fully Subscribed Within Hours, Check GMP Today

Shivalic Power Control IPO: The initial public offering (IPO) of electric panels maker Shivalic Power Control Ltd has been opened for public subscription on June 24. It has been fully subscribed within hours of its opening. Till 11:39 am on the first day of bidding on Monday, the Rs 64.32-crore IPO received 1.92 times subscription, garnering bids for 82,00,800 shares as against 42,67,200 shares on offer.

The quota for non-institutional investors got subscribed 1.02 times while the category for Retail Individual Investors (RIIs) fetched 3.41 times subscription.

Shivalic Power Control IPO: Allotment And Listing Dates

The Shivalic Power Control IPO will be closed on June 26 and its allotment will likely be finalised on June 27. Its listing will take place on the NSE SME on July 1.

Shivalic Power Control IPO: Price and Lot Size

The price band of the Shivalic Power Control IPO was fixed at Rs 95 to Rs 100 per share.

Investors need to apply for a minimum of 1,200 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,20,000 (1,200 (lot size) x Rs 100 (upper price band)).

Shivalic Power Control IPO GMP Today

According to market observers, unlisted shares of Shivalic Power Control Ltd are trading Rs 155 higher in the grey market as compared with its issue price. The Rs 155 grey market premium or GMP means the grey market is expecting a 155 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Shivalic Power Control IPO: More Details

Shivalic Power Control IPO is entirely a fresh issue of 64.32 lakh shares. Its price band is set at Rs 95 to Rs 100 per share.

Shivalic Power Control Limited, which was founded in 2004, manufactures electric panels. The product portfolio of the company includes PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronisation panels, Outdoor panels, HT Panels up to 33KV, VFD Panels, Power Distribution Boards, Bus Duct and LT & HT APFC Panels.

Industry leaders such as L&T, Siemens, Schneider Electric, and TDK authorize the company to manufacture fully type-tested panels as per IEC 61439 – 1&2, IEC 61641, and IS1893.

Shivalic Power Control’s revenue increased 44.03 per cent and profit after tax (PAT) rose 309.78 per cent between the financial year ending with March 31, 2023 and March 31, 2022.

Corporate Capitalventures Pvt Ltd is the book running lead manager of the Shivalic Power Control IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Shivalic Power Control IPO is Ss Corporate Securities.