Shree Marutinandan Tubes IPO: Check GMP, subscription status on day 1, other key details

The company is in the business of trading black pipes and solar structural pipes in addition to galvanised pipes and electric resistance welding mild steel (ERW MS) pipes (round pipes, square, and rectangular hollow sections) in a range of specifications and sizes from 15 NB to 1000 NB. Numerous industries, including agriculture, oil, public health, housing, irrigation, engineering, infrastructure, and industrial, are among those in which the products find extensive use.

Also Read: Shree Marutinandan Tubes IPO announces price band at ₹143 apiece: check issue details, key dates, more

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As per the company’s draft red herring prospectus (DRHP), the company’s listed peer’s are Swastik Tubes Ltd (with a P/E of 17.51), Hi Tech Pipes Ltd (with a P/E of 33.98), and APL Apollo Tubes Ltd (with a P/E of 65.26).

Between March 31, 2022, and March 31, 2023, Shree Marutinandan Tubes Limited’s profit after tax (PAT) increased by 3,257.07%, while its revenue increased by 0.09%.

Shree Marutinandan Tubes IPO details 

Shree Marutinandan Tubes Ltd IPO comprises a fresh issue of 10,00,000 equity shares with a face value of ₹10. This is a completely a fresh issue, and there is no offer-for-sale component.

The proceeds from the new issue will be used for the following purposes: to cover public issue costs, general corporate purposes, and additional working capital requirements.

The company’s promoters are Vikram Shivratan Sharma, Bharat Shivratan Sharma, and Kusumlata Shivratan Sharma.

Shree Marutinandan Tubes Ltd IPO’s sole book running lead manager (BRLM) is Swastika Investmart Ltd, and the registrar to the issue is Bigshare Services Pvt Ltd.

Also Read: New Swan Multitech IPO: Issue oversubscribed on day 2 on strong retail, NII interest; GMP marginally rises

Shree Marutinandan Tubes IPO subscription status 

Shree Marutinandan IPO subscription status is 5.18 times on day 1, so far. The issue received positive response from retail investors who’s portion set was subscribed 6.69 times, and non-institutional buyers who’s portion was subscribed 3.67 times, as per data available on chittorgarh.com.

The company has received bids for 49,21,000 shares against 9,50,000 shares on offer, at 17:17 IST, according to data on chittorgarh.com.

Also Read: Australian Premium Solar IPO: Check GMP, subscription status on day 2, review, other key details

Shree Marutinandan Tubes IPO GMP today

Shree Marutinandan Tubes IPO GMP today or grey market premium is +32. This indicates Shree Marutinandan Tubes share price were trading at a premium of ₹32 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Shree Marutinandan Tubes share price was indicated at ₹175 apiece, which is 22.38% higher than the IPO price of ₹143.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: Medi Assist Healthcare IPO: Investcorp, Bessemer sell shares worth ₹536 crore ahead of IPO opening

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 12 Jan 2024, 05:31 PM IST