Sona Machinery IPO Closes: Check Subscription Status, GMP Today

Sona Machinery IPO: The initial public offer of agro-machinery maker Sona Machinery Ltd, which was closed on March 6, has received a whopping response from investors. Till 6:57 pm on the final day of bidding on Wednesday, March 6, the Rs 51.82-crore SME IPO received 41.03 times subscription garnering bids for 9,88,86,000 shares as against 24,10,000 shares on offer.

The category for retail individual investors (RIIs) received 63.40 times subscription while the portion for non-institutional investors got subscribed 34.48 times. The quota for Qualified Institutional Buyers (QIBs) fetched 6.78 times subscription.

The allotment of the Sona Machinery IPO will take place on March 11, while its listing will take place on the NSE SME on March 13, 2024.

Sona Machinery IPO GMP Today

According to market observers, unlisted shares of Sona Machinery Ltd are trading Rs 115 higher in the grey market as compared with its issue price. The Rs 115 grey market premium or GMP means the grey market is expecting an 80.42 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Sona Machinery IPO Details

Sona Machinery IPO is entirely a fresh issue of 36.24 lakh shares. The price band is set at Rs 136 to Rs 143 per share. The minimum lot size for an application is 1,000 shares. The minimum amount of investment required by retail investors is Rs 1,43,000. The minimum lot size investment for HNI is 2 lots (2,000 shares) amounting to Rs 2,86,000.

Hem Securities Limited is the book-running lead manager of the Sona Machinery IPO, while Maashitla Securities Private Limited is the registrar for the issue. The market maker for Sona Machinery IPO is Hem Finlease.

Sona Machinery Limited, which was founded in 2019, produces agricultural machinery for processing rice, pulses, wheat, spices, and Barnyard Millet.

The company manufactures Grains Pre-Cleaner machines, Rotary Drum Cleaner, Vibro Classifiers, Stone Separator Machines, Paddy De-Husker, Husk Aspirator, Rice Thick/Thin Grader, Rice Whitener, Silky Polisher, Multi Grader, Length Grader, Belt Conveyer, Bucket Elevator etc.

The company exports its products to Nigeria, Bangladesh, Kenya and Nepal.