Associated Coaters IPO Listing Day Performance

Smart listing for Associated Coaters in BSE-SME segment

Associated Coaters had a smart listing on 06th June 2024, listing at ₹142 per share, a premium of 17.36% over the issue price of ₹121 per share in the IPO. Here is the pre-open price discovery for the Associated Coaters IPO on the BSE.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The SME IPO of Associated Coaters was a fixed price IPO with the IPO price fixed at ₹121 per share. The IPO of Associated Coaters showed strong subscription response at over 371X and there was no anchor allocation in the IPO as there was no dedicated QIB quota. On 06th June 2024, the stock of Associated Coaters listed at ₹142.00 per share, a premium of 17.36% over the IPO price of ₹121.00 per share. For the day, being in the 5% circuit filter category, the upper circuit price has been set at ₹149.10 and the lower circuit price has been set at ₹134.90. 

As of 10.07 am, the volumes were 1.16 lakh shares while the turnover (value) was at ₹163 lakhs. The opening market cap of the stock stands at ₹18.24 crore. The stock will be traded in the MT segment of the BSE, which is on the T+1 settlement system. At 10.07 am, the stock is trading at ₹134.90, which is below the listing price of ₹142.00 per share and the stock is locked in the lower circuit in the morning after a strong listing. The stock of Associated Coaters has a face value if ₹10 per share and the market lot comprises of 1,000 shares. The stock trades under the BSE Code (544183) and the ISIN code for demat credits will be (INE0RIQ01013).

About the IPO of Associated Coaters

The stock of Associated Coaters has a face value of ₹10 per share and it is a fixed price issue. The price for the fixed price issue is set at ₹121 per share. Being a fixed price issue, the question of price discovery does not arise. The IPO of Associated Coaters has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, but OFS is just a transfer of ownership and  hence it is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Associated Coaters will issue a total of 4,22,000 shares (4.22 lakh shares), which at the fixed IPO price of ₹121 per share aggregates to fresh fund raising of ₹5.11 crore. Since there is no offer for sale (OFS) portion, the fresh issue size will also double up as the overall IPO size. Therefore, the overall IPO size will also comprise of the issue of 4,22,000 shares (4.22 lakh shares) which at the fixed IPO price of ₹121 per share will aggregate to overall IPO size of ₹5.11 crore.

Like every SME IPO, this issue also has a market making portion with a market maker inventory allocation of 66,000 shares. Gretex Share Broking Private Ltd will be the market maker to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs, post listing. The company has been promoted by Jagjeet Singh Dhillon and Navneet Kaur. The promoter holding in the company currently stands at 100.00%. However, post the fresh issue of shares in the IPO, the promoter equity holding share will get diluted to 68.79%. The fresh issue funds will be used by the company towards funding capital expenditure towards installation of plant and machinery in the existing premises and for working capital requirements. Gretex Corporate Services Ltd will be the lead manager to the issue, and Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is Gretex Share Broking Ltd. The IPO of Associated Coaters will be listed on the SME IPO segment of the BSE.