The IPO of Precision Components Engineering, a company specializing in precision components, launched on September 2.
This is the first IPO of the month, with the company aiming to raise Rs 167.93 crore. The face value of each share is set at Rs 10.
The IPO quickly attracted significant investor interest, becoming fully subscribed shortly after it opened.
If you’re considering investing, here’s everything you need to know, including the price band and other key details.
Price Band and Investment Details
The company has set the price band for its shares between Rs 503 and Rs 529 per share.
The total amount targeted through this IPO is Rs 167.93 crore, with Rs 135.34 crore from fresh shares and Rs 32.59 crore from shares offered for sale.
Retail investors can invest in lots of at least 28 shares, with a maximum bid for up to 364 shares (13 lots).
This means you can invest between Rs 14,812 and Rs 1,92,556 in this IPO. The shares will be listed on both the NSE and BSE.
Key Dates to Remember
IPO Opening Date: Monday, September 2, 2024
IPO Closing Date: Wednesday, September 4, 2024
Share Allotment Date: Thursday, September 5, 2024
Refund Date: Friday, September 6, 2024
Credit to Demat Account: Friday, September 6, 2024
Listing Date: Monday, September 9, 2024
Strong Investor Response and Grey Market Premium
On the first day, Precision Components Engineering’s IPO saw a strong response, being fully subscribed within hours.
Qualified institutional buyers subscribed 0.94 times their quota, non-institutional buyers 6.84 times, retail investors 6.10 times,
and company employees 20.39 times. Overall, the IPO was subscribed 4.68 times by 1:30 pm.
The grey market premium (GMP) is showing promising signs, with the IPO trending at a premium of Rs 268, or 50.66%.
If this trend continues until the listing date, the shares could list at Rs 797, potentially offering investors substantial gains on the first day of trading.
