Synoptics Technologies Limited IPO: GMP jumps as SME issue gets fully subscribed
Synoptics Technologies Limited IPO: The initial public offer of Synoptics Technologies Limited opened for bidding on 30th June 2023 and it will remain open for subscribers till 5th June 2023. However, the public issue proposed for listing on NSE SME exchanged got fully subscribed one day ahead of the public subscription date. On day three of the Synoptics Technologies Limited IPO subscription date, Synoptics Technologies Limited IPO subscription status informs that the SME issue has been subscribed 1.31 times. Looking at the investors response, grey market has also gone bullish on tge NSE SME IPO. According to market observers, Synoptics Technologies Limited IPO grey market premium (GMP) today is ₹25.
Synoptics Technologies Limited IPO GMP today
According to market observers, shares of Synoptics Technologies Ltd are available at a premium of ₹25 in grey market today, which is ₹5 higher from its yesterday’s GMP of ₹20 per share. They said that positive sentiments on Dalal Street and positive response by investors have done the margin in favour of grey market sentiment. They went on to add that the market sentiment may continue to remain positive in unlisted share market as Indian stock market has been in bull trend for last five sessions and Nifty, Bank Nifty, Sensex, small-cap and mid-cap indices have been hitting new life-time highs on a regular basis.
Market observers went on to add that IPO’s positive response also highlights investors’ interest in the company’s robust financial performance. Revenue for 9MFY23 is ₹34.65 crore. Based on working capital projections, FY23 revenue is expected to be ₹66 crore and FY24 revenue to be ₹110 crore. Synoptics Technologies has demonstrated consistent growth in its profitability over the years. According to the restated consolidated financial information, the company’s revenue has witnessed a significant upswing, with a growth rate of 57.25 per cent from FY20 to FY22. Net profit has also experienced remarkable growth, increasing by 137.36 per cent during the same period. This demonstrates the company’s ability to deliver strong financial performance and generate consistent returns for its investors.
What this GMP mean?
Market observers went on to add that Synoptics Technologies Limited IPO GMP today is ₹25, which means grey market is expecting that Synoptics Technologies Limited IPO listing price would be around ₹262 ( ₹237 + ₹25), which is more than 10 per cent higher from the Synoptics Technologies Limited IPO price band fixed at ₹237 apiece.
Synoptics Technologies IPO subscription status
On day three of bidding, the NSE SME IPO has been subscribed 1.31 times whereas its retail portion has been subscribed 0.74 times. The NSE SME IPO has been subscribed 1.70 times in NII category. The issue will remain open for bidding till 5:00 PM today and tomorrow will be the last date of Synoptics Technologies Ltd IPO subscription.
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Updated: 04 Jul 2023, 02:56 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.