Newmalayalam Steel IPO: Check GMP Ahead Of Share Allotment Today

Newmalayalam Steel IPO share allotment is expected to be finalised on Tuesday, Dec. 24, a day after the company successfully completed the bidding process for the issue. Newmalayalam Steel IPO saw strong demand from investors over the three-day subscription window, whereby the issue was booked 50.

69 times, according to data from Chittorgarh. Investors applied for 22,33,40,800 shares as compared to the 44,06,400 shares on offer. The retail quota was subscribed 87.



7 times whereas the non-institutional investors category was booked 24.63 times. The qualified institutional buyers segment of Newmalayalam Steel IPO was oversubscribed by 1.

26 times. The NSE SME offer is an entirely fresh issue of 46.40 lakh shares worth Rs 41.

76 crore. Newmalayalam Steel IPO price band was fixed between Rs 85 and Rs 90 apiece. Shares of Newmalayalam Steel will list on NSE SME, Emerge Platform on Friday, Dec 27.

KFin Technologies Ltd. has been appointed as the registrar for the issue, while DAM Capital Advisors Ltd. and ICICI Securities Ltd.

are the book running lead managers. Open the Application Status page of NSE here . Log in with your username and password.

Select Newmalayalam Steel Ltd. from the dropdown menu. Verify your PAN details.

Enter the details of your application number for the IPO. Click on the Submit button to check the details of the allotment status. Visit the official website of KFin Technologies here .

Choose any one from the five servers. Select 'Newmalayalam Steel Ltd.' from the list of companies.

Enter your Application Number, Demat account number or PAN. Enter details based on your selection. Clear Captcha.

Click Submit to check IPO allotment status. The grey market premium of Newmalayalam Steel IPO was Rs 30 as of 5:04 am on Dec. 24, as per InvestorGain.

This implies a listing gain of over 33.33%, with the debut price being Rs 120 apiece on the upper end of the price band. Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Use of Proceeds Newmalayalam Steel Ltd. plans to use the proceeds from its IPO to enhance the IT and technology infrastructure of its manufacturing unit and construct a new factory shed and storage facility within its current premises. Further, money will also be invested in advertising, marketing, and brand development.

A portion of the funds will also be allocated to meet incremental working capital requirements, cover issue expenses, and for general corporate purposes. About Newmalayalam Steel Ltd. Newmalayalam Steel Ltd.

is engaged in the manufacturing of galvanised pipes, tubes, and sheets. The company sells its products under the brand name of Demac Steel. Disclaimer: Investments in initial public offerings are subject to market risks.

Please consult with financial advisors and read red herring prospectus thoroughly before placing bids..