Anya Polytech IPO closes today; Subscription rises 47x, GMP zooms 28%

Unlisted shares of Anya Polytech were quoted at Rs 18 per share, reflecting a grey market premium (GMP) of Rs 4 or 28.57 per cent against the upper end of the IPO price of Rs 14

The initial public offering (IPO) of Anya Polytech, which opened for public subscription on Thursday, December 26, 2024, is set to close today, December 30, 2024. The Rs 44.80 crore public offering of Anya Polytech comprises an entirely fresh issue of 3,20,00,000 shares.  The company has set the price band at Rs 13-14 per share, with a lot size of 10,000 shares. Accordingly, investors can bid for a minimum of 10,000 shares and in multiples thereof. Anya Polytech IPO was oversubscribed nearly 47 times by the end of the second day of subscription on December 27, 2024.

 

Meanwhile, the unlisted shares of Anya Polytech continue to command a solid premium in the grey market on Monday. Sources tracking grey market activities revealed that the company's shares were quoted at Rs 18 per share, reflecting a grey market premium (GMP) of Rs 4 or 28.57 per cent against the upper end of the IPO price of Rs 14.

 

As the subscription window to bid for the public offering closes today, the basis of allotment of the company's shares is scheduled to take place tentatively on Tuesday, December 31, 2024. The successful allottees will receive the company's shares in their demat accounts on Wednesday, January 1, 2025.

 

Anya Polytech shares are slated to list on the NSE SME platform tentatively on Thursday, January 2, 2025.

 

Anya Polytech proposes to utilise the proceeds from the public offering to meet capital expenditure and working capital requirements in Anya Polytech & Fertilizers, set up a new project in its Yara Green Energy subsidiary, and address the working capital needs. The company also intends to use the proceeds to meet capital expenditure and working capital requirements in its subsidiary, Arawali Phosphate, as well as for general corporate purposes.

 

Anya Polytech & Fertilizers manufactures HDPE and PP bags, as well as zinc sulphate fertilizers. The company began commercial production in 2013 and operates at full capacity. Its products cater to various industries, including agriculture, construction, and veterinary sectors. Anya Polytech & Fertilizers has a significant production capacity, generating substantial turnover. As of January 2024, the company employs 126 people.