Indobell Insulation IPO listing: Shares of Indobell Insulation made a solid debut on the BSE SME platform today, January 13, 2025. The stock was listed at Rs 87.40 per share, reflecting a 90 per cent premium over its issue price of Rs 46. Thus, the investors who received shares during the company's initial public offering (IPO) gained Rs 41.40 per share upon listing.
Indobell Insulation IPO listing outperformed the grey market estimates. Ahead of the listing, Indobell Insulation shares were trading at Rs 85 apiece, reflecting a grey market premium (GMP) of Rs 39 or 84.78 per cent over the issue price, revealed sources tracking grey market activities.
The SME offering of Indobell Insulation, comprising a fresh issue of 22,05,000 equity shares at Rs 46 apiece, received decent participation from investors. The public offering, which was available for subscription from Monday, January 6, 2025, till Wednesday, January 8, 2025, ended with an oversubscription of 54 times.
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The basis of allotment of Indobell Insulation IPO shares was finalized on Thursday, January 9, 2025.
Indobell Insulation will utilise the proceeds from the public offering for funding capital expenditure towards the purchase of additional plant and machinery, meeting working capital requirements, and general corporate purposes. Integrated Registry Management Services serves as the registrar for the public offering, while Finshore Management Services acted as the sole book-running lead manager.
Incorporated in May 1972, Indobell Insulation manufactures insulation products, including nodulated and granulated wool and prefabricated thermal insulation jackets. Its products are used in residential, commercial, and industrial applications. Indobell Insulation has manufacturing units in West Bengal and Maharashtra. According to the company’s RHP, its core business caters to the power industry, offering a wide range of services such as insulation and lining, scaffolding, surface protection, refractory, passive fire protection, and borosilicate lining in chimneys.