The initial public offering (IPO)of Essen Speciality Films Limited opens for subscription on June 23 and the issue will be closing on June 27. The company is expecting to raise close to Rs 66 crore from the fresh issue of equities in the primary market.
Essen Speciality IPO is an Small and Medium Enterprise(SME) IPO making debut on Nifty SME. Incorporated in 2002, the company specialises in the production of sustainable plastic products.
The IPO of Essen Speciality Films Ltd. is worth Rs 66.33 crore and includes up to 61.992 lakh equity shares. The shares are priced between Rs 101 and Rs 107 per share.
For this issue, bidders can bid only in a minimum lot of 1,200 share each, making a minimum investment of Rs 128,400 in the IPO at the upper end of the price band of Rs 107 per share.
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Under the terms and conditions of the offer, 50 per cent of the net offer will go to qualified institutional investor(QIBs), 15 per cent to non institutional investors (NII), and 35 per cent to retail investors. The issue is a Book Built with a price band and the closing price will be determined through the book building process.
SMC Global Securities Ltd will serve as the market maker of Essen speciality Films Ltd's IPO. The company has allocated 310,800 shares to the market maker.
The basis of allocation will be finalised on July 3. Refunds will commence on July 4. While demat credits are expected to commence on July 5, the stock is scheduled to be listed on the NSE Small and Medium Enterprises segment on July 6.
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The NSE SME segment is the segment in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated.
The grey market price (GMP) trading starts about 4-5 days prior to IPO opening and continues till the listing date.
On June 22, Essen Speciality Films shares were quoted at a premium price of Rs 40 on the grey market as per IPOWatch.
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