The initial public offering (IPO) of Sunlite Recycling Industries Ltd. has been subscribed a whopping 16.12 times on the second day of bidding. This overwhelming response is a testament to the growing appetite for Small and Medium Enterprise (SME) listings in the Indian capital market.
The Rs 30.24 crore IPO, which consists of a fresh issue of 28.8 lakh shares, has seen robust demand from all investor categories, including qualified institutional buyers, non-institutional buyers, and retail investors. The price band for the IPO is set between Rs 100 and Rs 105 per share, with investors able to apply for a minimum of 1,200 shares.
Sunlite Recycling Industries Ltd., a leading manufacturer of copper products through the recycling of copper scrap, aims to utilize the IPO proceeds to fund capital expenditure, repay existing borrowings, and support its ongoing operations and growth.
The Sunlite Recycling Industries IPO is scheduled to close on August 14, with share allotment expected to be finalized on August 16. The shares will be listed on the NSE SME platform, with a tentative listing date of August 20.
