Formerly known as Kali Mata Forging Private Limited, AMIC Forging Limited is a forging manufacturer that produces forged components for various industries. The business produces precision machined parts according to international standards and customer specifications to meet the needs of various industries, including heavy engineering, steel, oil and gas, petrochemicals, chemicals, refineries, thermal power, nuclear power, hydropower, cement, sugar, and others related sectors.
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Girdhari Lal Chamaria, Anshul Chamaria, Manju Chamaria, and Rashmi Chamaria are the promoters of the company.
The company’s listed peers are Maiden Forgings Ltd (with a P/E of 10.42), and Ramkrishna Forgings Ltd (with a P/E of 139.21), according to Red Herring Prospectus (RHP).
Also Read: AMIC Forging Limited IPO opens tomorrow, price band set at ₹121 -126 per share
AMIC Forging Limited IPO details
AMIC Forging Limited IPO, what is it worth ₹34.80 crores, is a completely fresh issue of 2,762,000 equity shares; there is no offer for sale (OFS) component, according to RHP.
The net proceeds of the new issue will be used by the company for general corporate purposes, working capital needs, and the establishment of a manufacturing facility.
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In addition, the company believes in strengthening its capital base and reaping the rewards of listing its equity shares on exchanges, which will include, among other things, raising the profile of the company among current and prospective customers.
AMIC Forging Limited IPO reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII), and not less than 35% of the offer is reserved. for Retail Investors.
The registrar of the AMIC Forging IPO is Bigshare Services Pvt Ltd, and the book-running lead manager is Gretex Corporate Services Limited. Gretex Share Broking is the marketer for the AMIC Forging IPO.
AMIC Forging subscription status
The subscription status of AMIC Forging is 2.06 times on day 1, so far. The issue received a positive response from retail investors, whose portion was subscribed 3.34 times, and non-institutional buyers, whose portion was subscribed 1.79 times, according to data on chittorgarh.com. Qualified Institutional Buyers (QIBs) have subscribed 1% to the issue, so far.
The company received bids for 37,81,000 shares against 18,37,000 shares offered, at 14:45 IST, according to data on chittorgarh.com.
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AMIC Forging IPO GMP today
AMIC Forging Limited IPO GMP today or gray market premium is +30. This indicated that AMIC Forging is today trading at a premium of ₹30 in the gray market, according to investorgain.com.
Considering the upper end of the IPO price range and the current premium in the gray market, the estimated listing price of AMIC Forging’s share price was indicated at ₹156 a piece, which is 23.81% higher than the IPO price of ₹126.
“Grey market premium” indicates the willingness of investors to pay more than the issue price.
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Updated: 29 Nov 2023, 15:04 IST
(tagsTo Translate)AMIC Forging Limited IPO