Classic Electrodes IPO Subscription Update – Day 1
Hey! Here’s a quick update on the Classic Electrodes IPO subscription on the first day. The IPO was subscribed 1.62 times overall, which means more than one and a half times the shares were applied for.
If you are a retail investor (that means people like you and me), the portion reserved for you was subscribed 2.15 times, so there’s a lot of interest! The non-institutional investors (these are big buyers but not big institutions) booked their share 1.16 times.
The qualified institutional buyers (QIBs), which are big companies and funds, subscribed just over 1 time (1.03x), so they showed some interest but not as much as retail investors.
By 3:30 pm on the first day, the company had received bids for 50,86,400 shares, while only 31,47,200 shares were available. This means many investors want to buy more shares than the company is offering!
Classic Electrodes IPO: What Will The Money Be Used For?
So, Classic Electrodes is raising money through their IPO, and you might wonder, what will they do with all that money? Here’s a simple breakdown!
First, some of the money will be used to buy new machines and improve their factories. This is called financing capital expenditure, and it helps the company make better products and grow.
Second, they will use some money to pay off any debts they still owe. This helps the company stay financially healthy and avoid problems.
Third, portion of the money will support working capital needs. Which means it helps the company pay for daily expenses like buying raw materials or paying employees.
Finally, some funds will cover general corporate expenses, which include all other costs to keep the company running smoothly.
Overall, the money raised will help Classic Electrodes improve, grow, and stay strong!
Classic Electrodes IPO Grey Market Premium (GMP)
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GMP today is +20, indicating shares are trading at a ₹20 premium in the grey market (source: investorgain.com).
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Considering the upper IPO price band of ₹87 and the ₹20 premium, the estimated listing price could be around ₹107, which is approximately 22.99% higher than the IPO price.
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