SEDEMAC Mech IPO is all set to make its stock market debut on Wednesday, March 10. SEDEMAC Mech share price will be listed on both exchanges — BSE and NSE.
The allotment of the mainboard IPO, which opened for subscription on March 4 and closed on March 6, was finalised on Monday, March 9.
Headquartered in Pune, operates in the mobility and industrial technology sector. The company designs and supplies control-intensive electronic control units (ECUs) to original equipment manufacturers (OEMs) across India, the US, and Europe.
One of its key product segments comprises sensor-less commutation-based integrated starter generator ECUs, which are mainly used in two-wheelers and three-wheelers powered by internal combustion engines.
SEDEMAC Mech IPO GMP ahead of listing
The grey market trends indicate a strong listing of the SEDEMAC Mech IPO. GMP currently stands at ₹85, according to Investorgain.
This means that the estimated listing price of SEDEMAC Mech IPO is likely to be ₹1437, which is 6.29% higher than the IPO price of ₹1352.
According to Investograin, the lowest GMP is ₹-30.00, while the highest GMP is ₹130.
SEDEMAC Mech IPO details
The IPO was subscribed 2.68 times by the end of Day 3. The retail investor segment saw a subscription of 0.20 times, while the non-institutional investor (NII) portion was subscribed 0.77 times. Meanwhile, the Qualified Institutional Buyers (QIBs) category attracted strong demand with 8.46 times subscription. The employee quota was subscribed 2.95 times.
Overall, the company received bids for 1.51 crore shares against the 56.32 lakh shares offered in the issue.
SEDEMAC Mechatronics’ was entirely an offer for sale (OFS), which means the company will not raise any fresh funds from the issue. Instead, existing shareholders are selling a portion of their stakes through the public offering.
A total of 80,43,300 equity shares are being offloaded in the IPO by current investors. Among the major sellers are the company’s promoters, Manish Sharma and Ashwini Amit Dixit, who are reducing their shareholdings as part of the sale.
The company has set the price band for the issue at ₹1,287 to ₹1,352 per share. At the upper end of this range, the IPO values the company at nearly ₹6,000 crore.
The IPO is being managed by ICICI Securities, Avendus Capital and Axis Capital, which are acting as the book-running lead managers for the issue.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.