Srivari Spices IPO: GMP, subscription status on day 2, and other key details | Mint – Mint

Srivari Spices and Foods IPO details: Srivari Spices IPO opened for subscription on Monday, 7 August, and will close on Wednesday, 9 August. Srivari Spices and Foods IPO price band has been set at 40 to 42 per equity share and the Srivari Spices shares will be listed on the NSE SME exchange Friday, 18 August.
Srivari Spices and Foods IPO plans to raise 9 crore and the total of 2,142,000 shares have been offered. The company plans to use the net proceeds to fund working capital requirements and meet general corporate expenses.
Srivari Spices IPO’s book running lead manager to the issue is GYR Capital Advisors Private Ltd and the registrar is Bigshare Services Private Ltd.
Srivari Spices and Foods Ltd was founded in 2019 and is in the business of producing flour (chakki atta) and spices. The company also handles the task of marketing and selling its goods. Telangana and Andhra Pradesh are the two states where the company predominantly conducts business.

Srivari Spices IPO date

Srivari Spices and Foods IPO share allotment will take place on Monday, 14 August. Those allotted shares will get them in their Demat accounts on Thursday, 17 August. The refund process for those who did not get shares will begin on Wednesday, 16 August.

Srivari Spices and Foods IPO subscription Status

Srivari Spices and Foods IPO was subscribed 42.03 times on day 2. The issue received positive response from retail investors who’s portion set was subscribed 71 times, and non-institutional buyers who’s portion set was subscribed 28.77 times, and qualified institutional buyers who’s portion was subscribed 1.26 times, according to data on chittorgarh.com.
The company has received bids for 6,00,18,000 shares against 2,142,000 shares on offer, according to data on chittorgarh.com.
On day 1, Srivari Spices IPO subscription status was 10.37 times.
Also Read: Concord Biotech IPO Day 3: Issue subscribed over 24 times on last day; QIB portion booked 68x

Srivari Spices IPO GMP today

Srivari Spices IPO GMP or grey market premium is +25, same as the previous session but higher than last week’s premium. This indicates that the shares of Srivari Spices and Foods IPO GMP were trading at a premium of 25 in the grey market on Tuesday, according to topsharebrokers.com.
Considering the upper end of the Srivari Spices IPO price band and the current premium in the grey market, the estimated listing price of Srivari Spices share price is 67 apiece, which is 59.52% higher than the Srivari Spices price of 42.
On Friday’s session, Srivari Spices and Foods IPO GMP was 23. According to topsharebrokers.com, today’s IPO GMP trend indicates upside and expects strong listing. The lowest GMP is recorded at 0 while the highest GMP is 25.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Srivari Spices IPO apply or not?

“The company operates in a highly competitive and fragmented segment with many players around. The sudden boost in its bottom line for FY23 raises eyebrows and concern over the sustainability going forward. The management is confident of continuing the trends with more premium and high-margin products launch with consumer awareness for hygienic food cooking with Srivari Products. 
Based on FY23’s performance, the IPO appears reasonably priced. The small post-IPO equity base may lead to longer gestation for migration to the mainboard. Investors may consider parking of funds with the medium to long-term perspectives,” said Dilip Davda, the contributing editor at Chittorgarh.com.
Also Read: Srivari Spices IPO price band fixed. GMP, other details that you should know
 
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