Ganesh Green Bharat IPO Subscription Status

Ganesh Green Bharat IPO - Day-3 Subscription at 229.99 times

As of 7.03 pm on 09th July 2024, out of the 44.02 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Ganesh Green Bharat saw bids for 10,124.80 lakh shares. This implies an overall subscription of 229.99X at a macro level at the close of Day-3 of the IPO. The granular break-up of subscriptions as of the close of Day-3 of the Ganesh Green Bharat IPO was as follows:

The subscriptions were led by the HNI / NII investors followed by the Retail investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that was the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to July 09th, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is updated as of the end of Day-3 of the IPO, which also marks the close of the IPO. The above table reflects the final subscription of the IPO at close. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Ganesh Green Bharat has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹181 to ₹190 per share. The final price discovery will happen in the above price band only. The issue closes for subscription on 09th July 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 11th July 2024 under ISIN (INE0R8C01018).

Ganesh Green Bharat IPO - Day-2 Subscription at 36.02 times

As of 5.15 pm on 08th July 2024, out of the 44.02 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Ganesh Green Bharat saw bids for 1,585.75 lakh shares. This implies an overall subscription of 36.02X at a macro level at the close of Day-2 of the IPO. The granular break-up of subscriptions as of the close of Day-2 of the Ganesh Green Bharat IPO was as follows:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to July 09th, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-2 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Ganesh Green Bharat has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹181 to ₹190 per share. The final price discovery will happen in the above price band only. The issue closes for subscription on 09th July 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 11th July 2024 under ISIN (INE0R8C01018).

Ganesh Green Bharat IPO - Day-1 Subscription at 12.29 times

As of 5.10 pm on 05th July 2024, out of the 44.02 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Ganesh Green Bharat saw bids for 540.97 lakh shares. This implies an overall subscription of 12.29X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of Day-1 of the Ganesh Green Bharat IPO was as follows:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to July 09th, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

Ganesh Green Bharat - Share Allocation Across Categories

The table below captures the break-up of the overall share allocation to QIBs, retail investors and to the HNI / NII investors. The anchor allotment is carved out of the QIB quota and the QIB quota is reduced accordingly. The market maker allocation is the inventory that will be used by the market maker to provide liquidity in the counter post listing, to keep the bid-ask spreads low and reduce the risks of trading in the stock. The company has appointed Hem Finlease Private Ltd as the market maker and assigned a market making inventory of 3,31,200 shares to them. The market maker will use this inventory to offer buy and sell quotes to keep the counter liquid and reduce the basis risk on the stock post listing.

Data Source: Company RHP / NSE

The issue size, net of the market maker quota, has been divided between the QIB investors, retail investors and the HNI / NII investors. On July 04th, 2024, the company made an anchor allocation of 18,57,600 shares to anchor investors at the upper band book building price of ₹190 per share. This included the par value of ₹10 per share and premium of ₹180 per share. The total size of the anchor allocation was ₹35.29 crore.

The anchor allocation was done across 20 anchor investors at the upper end of the price band at ₹190 per share. Out of these 20 anchors, 6 anchor investors got allotted more than 7% of the anchor portion. These 6 anchor investors include HDFC Bank Ltd (8.53%), India Ahead Venture Fund (8.53%), Beacon Stone Capital VCC (8.04%), Astorne Capital VCC - Arven (7.07%), Craft Emerging Market Fund - Citadel (7.07%), and Craft Emerging Market Fund – Elite Capital (7.07%). There were 14 other anchor investors allotted shares in the pre-IPO anchor bidding on July 04th, 2024. The Anchor bidding ahead of the IPO opened and closed on the same day; one day ahead of the IPO opening.
Out of the total anchor allocation of ₹35.29 crore, a total of 50% of the allocation will have a 1-month lock in up to August 09, 2024 and the balance 50% will have a 3-month lock-in up to October 08, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 46.97% to 18.79%. The stock will list on the stock exchanges on the third working day after the closure of the IPO.

About Ganesh Green Bharat IPO

The stock of Ganesh Green Bharat IPO has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹181 to ₹190 per share. The final price discovery will happen in the above price band only. The IPO of Ganesh Green Bharat has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Ganesh Green Bharat will issue a total of 65,91,000 shares (65.91 lakh shares), which at the upper band IPO price of ₹190 per share aggregates to fresh fund raising of ₹125.23 crore. Since there is no offer for sale, the fresh issue will also double up as the overall size of the IPO. Therefore, the overall IPO size will also comprise of the issue of 65,91,000 shares (65.91 lakh shares) which at the upper band IPO price of ₹190 per share aggregates to overall IPO size of ₹125.23 crore.

Read more about Ganesh Green Bharat IPO

Like every SME IPO, this issue also has a market making portion. The company has set aside a total of 3,31,200 shares as quota for market inventory. Hem Finlease Private Ltd has already been appointed as the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Ketan Bhai Narsinhbhai Patel, Rajendrakumar Narsinhbhai Patel, Nirav Kumar Suresh Bhai Patel, and Shilpaben Ketan Bhai Patel. The promoter holding in the company currently stands at 100.00%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 73.42%. The fresh issue funds will be used by the company for repayment of debt and for capex towards installation of additional plant and machinery in the factory. A small part of the IPO proceeds has also be set aside for working capital needs. Hem Securities Ltd will be the lead manager to the issue, and KFIN Technologies Ltd will be the registrar to the issue. The market maker for the issue is Hem Finlease Private Ltd. The IPO of Ganesh Green Bharat will be listed on the SME IPO segment of the NSE.

Next Steps in the Ganesh Green Bharat IPO process

The issue opened for subscription on 05th July 2024 and closes for subscription on 09th July 2024 (both days inclusive). The basis of allotment will be finalized on 10th July 2024 and the refunds will be initiated on 11th July. In addition, the demat credits are expected to also happen on 11th July and the stock will list on 12th July on the NSE SME IPO segment. The credits to the demat account to the extent of shares allotted will happen by the close of 11th July 2024 under ISIN (INE0R8C01018).

Check Ganesh Green IPO allotment status