Astron Multigrain IPO Receives Muted Response, Subscribed 0.91x by Day 2; Retail Portion Oversubscribed
Astron Multigrain IPO subscribed 0.91x by Day 2, with retail investors oversubscribing their portion. Know full details on subscription status, issue structure, GMP, allotment date, and company profile.
Astron Multigrain IPO sees muted overall demand while retail investors drive oversubscription on Day 2.
The Astron Multigrain IPO continued to draw a subdued investor response on the second day of bidding. By the end of Day 2, the issue was subscribed 0.91 times, with investors bidding for 25.10 lakh shares against the 27.72 lakh shares available.
While overall demand remained lukewarm, the retail investor segment stood out with solid interest, getting oversubscribed at 1.53 times. In contrast, the non-institutional investor (NII) category remained weak at 0.28 times subscription.
Issue Structure & Key Details
The ₹18.40 crore IPO includes:
- Fresh issue: 0.23 crore shares worth ₹14.74 crore
- Offer for sale (OFS): 0.06 crore shares worth ₹3.65 crore
- The issue price has been set at ₹63 per share, with a lot size of 4,000 shares, requiring retail investors to invest a minimum of ₹2,52,000.
- Astron Multigrain’s SME IPO is set to list on the BSE SME platform, with a tentative listing date of Monday, December 8.
Proceeds from the IPO will be used for:
- Purchasing new machinery
- Meeting working capital needs
- General corporate purposes
Allotment & Listing Timeline
- Allotment finalisation: Thursday, December 4
- Refund initiation: Friday, December 5
- Demat credit of shares: December 5 (post refunds)
Finaax Capital Advisors Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar. Prabhat Financial Services Ltd. acts as the market maker.
Meanwhile, market sources indicate a zero grey market premium (GMP) for the IPO, suggesting that Astron Multigrain shares may list at par or even at a discount.
About Astron Multigrain
Founded in 2018, Astron Multigrain manufactures instant noodles, supplying primarily on a contract basis to Gokul Snacks Pvt. Ltd., which markets these products under its brand. The company also sells noodles under its in-house brand, ‘Astron’s Swagy Noodles’.
