On Tuesday, the share price of Shiv Texchem floated on the BSE SME at a significant 44% premium, at ₹239.
The share price of Shiv Texchem then increased by 5% to ₹250.95, which continues to be the stock’s upper price range.
The IPO and the GMP got subscriptions that pointed to strong listing gains.
Shiv Texchem’s first public offering was well received, with 156.55 subscriptions. by Day 3 of October 10, 2024. The retail category saw 68.27 subscriptions to the public issue, the QIB category saw 86.70 subscriptions, and the NII category saw 455.58 subscriptions. Subscribers to the Shiv Texchem IPO were 156.55 times.
According to information from Investorgain.com, the GMP for the Shiv Texchem IPO was ₹65. This indicates that the grey market can purchase the shares of Shiv Texchem IPO for ₹65 higher than the issue price.
Even though Shiv Texchem’s IPO GMP fell from ₹74 to ₹65 after the subscription period ended, it still showed significant listing gains. The company’s shares are expected to list at ₹ 231 each, a 39.16% premium over the upper end of the issue price of ₹166, according to investors in the Shiv Texchem IPO, according to the current GMP.
The ₹101.35 crore Shiv Texchem IPO is a book-built issue. This is a completely new 61.06 lakh share offering.
Shiv Texchem plans to use the IPO revenues for general corporate purposes in addition to covering its long-term working capital needs.
Shiv Texchem Limited was founded in 2005 and has been involved in the import and distribution of hydrocarbon-based secondary and tertiary chemicals, which are essential components for many different industries.
Vivro Financial Services Private Limited is the book-running lead manager for the Shiv Texchem IPO, while Link Intime India Private Ltd is the registrar.
