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The initial public offering of Supreme (India) Implex for listing on the NSE Emerge, an SME trading platform, was subscribed 1.5 times, even as the ₹435-crore issue of Adlabs Imagica got a cold shoulder from investors.
Recently, theme park operator Adlabs Imagica had extended the IPO closing date and cut the price band as the share sale failed to garner enough bids. The company slashed the price band of its 2.03-crore share offering to ₹180-215 a share from ₹221-230. The IPO was subscribed 1.1 times on March 17, the closing day of the issue.
Supreme Implex had made an offer to sell 13.12 lakh equity shares at a fixed price of ₹60 a share to raise ₹7.87 crore. The company will be the largest entity on the SME platform with a turnover of over ₹300 crore.
Mahavir Lunawat, MD, Pantomath Capital Advisors, said the issue was very attractive as it was priced at half of the company’s book value.
The Surat-based textile company targets only the export market with women’s clothing and has established presence in various geographies, such as UAE, Saudi Arabia, Nigeria and other West Asian countries. Pantomath Capital is the sole lead manager to the issue.
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