Storage Technologies Racks and Rollers IPO: The initial public offering of Storage Technologies and Automation Ltd, which is engaged in storage racking systems, was opened for public subscription on Tuesday and has so far received over 10 times bidding. Till 11:35 am on the second day of bidding on May 2, the Rs 29.95-crore IPO received 10.54 times subscription, garnering bids for 2,68,78,400 shares as against 25,50,400 shares on offer.
The category for non-institutional investors got subscribed 10.45 times while the portion for Retail Individual Investors (RIIs) attracted 16.58 times subscriptions. The QIB category received 3 per cent subscription.
The Storage Technologies Racks and Rollers IPO, the price band of which has been fixed at Rs 73-Rs 78 per share, will be closed on May 3. Its share allotment will be finalised on May 6, while its listing will likely take place on May 8 on the BSE SME.
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Storage Technologies Racks and Rollers IPO GMP Today
According to market observers, unlisted shares of Storage Technologies Racks and Rollers Ltd are trading Rs 35 higher in the grey market as compared with its issue price. The Rs 35 grey market premium or GMP means the grey market is expecting a 44.87 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.
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About Storage Technologies Racks and Rollers IPO
The Rs 29.95-crore Storage Technologies Racks and Rollers IPO is entirely a fresh issue of 38.4 lakh shares.
The SME IPO’s bidding opened for subscription on April 30, 2024 and will close on May 3, 2024.
For investors, the minimum lot size for an application is 1,600 shares. The minimum amount of investment required by retail investors is Rs 1,24,800. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to Rs 2,49,600.
Oneview Corporate Advisors Private Limited is the book running lead manager of the Storage Technologies Racks and Rollers IPO, while Integrated Registry Management Services Private Limited is the registrar for the issue. The market maker for Storage Technologies Racks and Rollers IPO is Nikunj Stock Brokers.
Storage Technologies & Automation Ltd’s revenue rose 16.42 per cent and net profit increased 335.72 per cent in the financial year 2022-23.
Storage Technologies and Automation Limited, which was founded in October 2010, is engaged in storage racking systems. The company manufactures and installs metal storage racks, automated warehouses, and other storage solutions. The company provides storage solutions for various industries, including oil & gas, automotive, aerospace, food & beverages, pharmaceuticals, textiles, retail, and FMCG.
