Denta Water IPO fully subscribed within an hour, GMP soars
What's the story
Denta Water and Infra Solutions Ltd.'s ₹220.5 crore initial public offering (IPO) was fully subscribed within an hour of its launch today.
The three-day IPO comprises entirely of fresh shares, with no offer-for-sale component according to the red herring prospectus.
The IPO has a price band of ₹279 to ₹294 per share with a minimum bid of 50 equity shares and in multiples thereof.
Fund allocation
Investment details and use of IPO proceeds
For sNII investors, the minimum investment is 14 lots, or 700 shares worth ₹2,05,800.
Meanwhile, bNII investors have to invest in at least 69 lots or 3,450 shares, totaling ₹10,14,300.
The company had raised ₹66.15 crore from anchor investors on Tuesday.
The issue proceeds will be utilized for meeting working capital requirements and general corporate purposes subject to applicable laws.
Business overview
Company profile and IPO management
Founded in 2016, Denta Water and Infra Solutions is a key player in water engineering, procurement, and construction services.
56% The company has completed a number of lift irrigation system projects and is also participating in the Jal Jeevan Mission of the Government of India.
SMC Capitals Ltd. is the sole book-running lead manager for this IPO while Integrated Registry Management Services Pvt. Ltd. is the issue's registrar.
Key details
Subscription status and latest GMP
After the IPO, Denta Water and Infra Solutions plans to list its equity shares on BSE and National Stock Exchange.
As of 10:33am today, the IPO has been subscribed 1.84 times with non-institutional investors subscribing 2.78 times and retail investors subscribing 2.48 times.
As of this writing, the grey market premium for the IPO was at ₹165 per share. This suggests a potential listing gain of over 56% compared to the issue price.