Srigee DLM IPO subscribed over 13x on day 1, led by NII, retail investors; check GMP, issue details, more

Srigee DLM IPO has opened for subscription on Monday, May 5 and will conclude on Wednesday, May 7. Srigee DLM IPO price band has been set between ₹94 and ₹99 per equity share, with a face value of ₹10 each. Investors can place bids for a minimum of 1,200 equity shares and in increments of 1,2000 shares thereafter.

Srigee Enterprises Private Limited and Srigee DLM Private Limited started with producing plastic mouldings for consumer goods. By 2013, Srigee DLM Private Limited expanded into mouldings for home appliances and increased its production capacity by incorporating advanced injection molding machines.

Srigee DLM Private Limited focuses on design-driven manufacturing and assembly services, specializing in plastic injection moulding, tool room and die manufacturing, mobile phone sub-assembly, and polymer compounding and trading.

The company serves sectors such as consumer durables, home appliances, automotive parts, and electronics by providing high-quality, cost-effective, and dependable manufacturing solutions to top OEMs.

As per red herring prospectus (RHP), the company’s lited peers are Amber Enterprises India (with a P/E of 169.65), and Cyient DLM (with a P/E of 55.46).

Srigee DLM IPO subscription status

Srigee DLM IPO subscription status is 13.77 times, on day 1. The retail portion was subscribed 15.75 times, and NII portion was booked 25.46 times. Qualified Institutional Buyer (QIBs) was booked 1.45 time.

The company has received bids for 1,57,51,200 shares against 11,43,600 shares on offer, at 5.24 pm, according to data on chittorgarh.com

Srigee DLM IPO details

Srigee DLM IPO consists of a fresh issue of 17,14,800 equity shares, aggregating to ₹16.98 crore. There is no offer-for-sale (OFS) component.

The Srigee DLM IPO aims to use the net proceeds from the offering for several purposes, including financing capital expenditure, purchasing machinery, and covering general corporate purposes.

GYR Capital Advisors Private Limited serves as the book-running lead manager for the Srigee DLM IPO, whereas Bigshare Services Pvt Ltd acts as the registrar for this issuance. The market maker for the Srigee DLM IPO is Globalworth Securities Limited.

Srigee DLM IPO GMP today

Srigee DLM IPO GMP today is +25. This indicates Srigee DLM share price was trading at a premium of ₹25 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Srigee DLM share price is indicated at ₹124 apiece, which is 25.25% higher than the IPO price of ₹99.

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

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