The IPO of Shera Energy Ltd received applications worth Rs 1567 crore
Jaipur (Rajasthan) [India], February 10 (ANI/PNN): The IPO of Shera Energy Limited, the only company in the country to produce wires and strips made of non-ferrous metals like copper, aluminum and brass under one roof, has been successful in garnering wide support from investors on Thursday. Against the IPO of 61.76 lakh shares worth Rs 35.20 crore opened on Tuesday, the company has received bids for 27 crore 50 lakh 34 thousand shares, through which applications worth Rs 1567.69 crore have been submitted. The listing of this issue of the company on the emerge platform of the National Stock Exchange will take place on February 17. The issue has been applied for in lots of two thousand shares, whose price band was kept at Rs 55-57.
The company's CMD Naseem Shaikh said that the highest number of 190 times applications in the IPO came from the Non-Institutional Investors-NII category. After this, the second number of applicants are retail investors, who have expressed their faith in the company by applying 51.30 times. The number of retail investors who have applied is 47456. 61.76 lakh shares of the company's stock were subscribed in various perspective, out of which each category saw oversubscription, resulting in the IPO receiving applications for a,11567 crore out of 44.53 lakh applications. He said that the trust given to this company by the public will be maintained at all costs and efforts will be made to take full care of those associated with the company.
The Lead Manager of the IPO Holani Consultants Pvt. Ltd.'s Director Ashok Holani said that despite the negative sentiment in the stock market due to the Adani episode, the IPO of Shera Energy Limited has been subscribed 44.53 times. FII investors also showed good interest in the company's IPO and they placed bids worth Rs 53 crore. HDFC, the country's leading private sector bank, made applications worth 20 crore, similarly domestic institutional investors applied for 60.27 crore. He said that this is the second Jaipur-based company he has served as the Lead Manager and when the issue was initiated, he had complete faith in the performance of the company and believed that investors would show interest in it. When the deadline for applying ended at 5 pm on Thursday evening, the results that came out are a reflection of the faith of the investors, on which the company will definitely come true.
About 20 years old Shera Energy Limited based in VKI area of Jaipur along with its three associate companies is supplying products to industries like Automobile, Transformer, Switchgear, Power Generation, Panel etc. The company also exports to about 15 countries. According to CMD Naseem Sheikh, this is the only company in Jaipur, which is supplying specific grade alloy for cartridge shell and bullet. The company has a good hold in the international markets as well.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)
First Published: IST