SME IPO oversubscribed 347 times: Check GMP as share allotment next week

As per market observers, Baheti Recycling shares are available at a premium (GMP) of ₹38 in the grey market today. The shares of the company are expected to list on the NSE SME next week on Thursday, December 8, 2022. The SME platform of the NSE is a platform for the small and medium sized companies.

The finalisation of the basis of share allotment is expected to take place next week on Monday, December 5, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, December 7. The registrar for this IPO is Purva Sharegistry India Pvt Ltd.

Incorporated in 1994, Baheti Recycling Industries Limited is an aluminium recycling company and is engaged in processing aluminium-based metal scrap to manufacture aluminium alloys in the form of ingots and aluminium de-ox alloys in the form of cubes, ingots, shots and notch bar. It is also engaged in trading of scrap materials such as aluminium scrap, brass scrap, copper scrap, zinc scrap etc. Shankerlal Bansilal Shah, Balkishan Shankerlal Shah and Yash Shankerbhai Shah are the promoters of the company.

The company intends to utilize the proceeds from the fresh issue for modernization and expansion of existing manufacturing unit, meet working capital requirements, and general corporate purposes.

The public issue of the company was of 2,760,000 equity shares of the face value of ₹10 aggregating up to ₹12.4 crore with the initial share sale priced at ₹45 per share.