Presstonic Engineering’s initial public offering (IPO) made an impressive debut on the NSE SME platform. The share price witnessed a stellar start at ₹140, reflecting a substantial increase of 94.4% compared to the issue price of ₹72. However, after the strong initial surge, the share price experienced a slight decline and was trading at ₹139, down 0.71% at 10:10 IST.
The Presstonic Engineering IPO, which opened for subscription from December 11 to December 13, had a price band of ₹72, and the lot size was set at 1,600 shares. The subscription status for the IPO was remarkable, reaching 168.25 times on the third day, indicating strong investor interest.
Presstonic Engineering Ltd specializes in manufacturing infrastructure products, metro rail rolling stock products, and metro rail signaling products. The company serves both domestic and international original equipment manufacturers (OEMs) involved in the manufacturing and servicing of rail and metro rail rolling stock and signaling equipment.
Key Details of the Presstonic Engineering IPO:
– The IPO is a fresh issue of 3,236,800 equity shares, with no offer for sale (OFS) component, making it worth ₹23.30 crores.
– The funds raised through the IPO will be utilized for capital expenditures, repayment of certain loans, meeting working capital requirements, covering issue costs, and general corporate purposes.
– The book running lead manager for the IPO is Finshore Management Services Limited, and the registrar is Cameo Corporate Services Limited. Nikunj Stock Brokers serves as the market maker.
Grey Market Premium (GMP):
As of the latest information, the Grey Market Premium (GMP) for the Presstonic Engineering IPO is reported to be +72. The grey market premium represents the difference between the expected listing price in the unofficial market and the issue price. In this context, it suggests that Presstonic Engineering shares are trading at a premium of ₹72 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current grey market premium, the estimated listing price for Presstonic Engineering shares is indicated at ₹144. This indicates a significant 100% increase over the IPO price of ₹72.
The “grey market premium” provides insights into investors’ willingness to pay a premium over the issue price, reflecting strong demand for the company’s shares in the secondary market.
