Suntech Infra Solutions IPO Day 2 update: Subscription rises 13x, GMP 29%

Suntech Infra Solutions IPO Day 2, subscription status: The SME offering has received bids for 2,36,78,400 shares, against 36,92,800 on offer

Suntech Infra Solutions IPO Day 2, subscription status: The initial public offering (IPO) of B2B construction company Suntech Infra Solutions has received a solid response from investors so far. The SME offering, which opened for public subscription on Wednesday, June 25, has received bids for 2,36,78,400 shares, against 36,92,800 on offer, leading to a subscription of 13.26 times at 2:20 PM on Thursday, showed NSE data.

Suntech Infra Solutions IPO grey market premium (GMP)

According to sources tracking unofficial markets, the unlisted shares of Suntech Infra Solutions were trading at ₹111, commanding a GMP of ₹25 or 29 per cent against the issue price of ₹86, on Thursday, in the grey market.

Suntech Infra Solutions IPO details

The company plans to raise ₹44.39 crore through a combination of fresh issue of 3.97 million equity shares amounting to ₹34.18 crore and offer for sale (OFS) of 1.18 million equity shares amounting to ₹10.21 crore. The SME IPO will close for subscription on Friday, June 27, 2025. The basis of the allotment of shares is expected to be finalised on Monday, June 30, 2025. Shares of Suntech Infra are scheduled to be listed on the NSE SME platform, tentatively on Wednesday, July 2, 2025.

 

The company has set the price band in the range of ₹81 to ₹86 per equity share. Retail investors can bid for a minimum of one lot consisting of 1,600 shares with an investment amount of ₹1,37,000, at the upper price end. The minimum investment required for high-net-worth individuals (HNIs) is ₹2,75,200 for two lots of 3,200 equity shares.

 

Mas Services is the registrar of the issue. GYR Capital Advisors is the sole book-running lead manager of the issue. 

 

According to the RHP, the company intends to use the net issue proceeds to meet working capital requirements and purchase construction equipment for civil construction business. The remaining funds will be used for general corporate purposes. 

About Suntech Infra Solutions

Incorporated in April 2009, Suntech Infra Solutions is a business-to-business (B2B) construction company. The company offers civil construction, including foundation and structural works, through direct contracting, sub-contracting, and equipment rental.

 

The company caters to public and private clients, providing solutions in Power, Oil & Gas, Steel, Cement, Renewable Energy, Refineries, Petrochemical, Fertiliser, and Process Plants. They also contribute to urban and rural infrastructure, including bridges and irrigation systems.

 

As of July 31, 2024, the company has 6 ongoing projects valued at ₹186.37 crore, confirmed by Letters of Allocation and a Purchase Order. Additionally, it has an order book for construction equipment renting worth about ₹1,0.92 crore. The company sells its products in Delhi, Bihar, Gujarat, Orissa, Rajasthan etc.