Presstonic Engineering IPO subscribed 8.6 times on Day 1 of issue: 5 things you need to know

Presstonic Engineering has launched its IPO today with the price band of ₹72. Here is all you need to know about the issue.

Published on: Dec 11, 2023, 14:38:29 IST

By HT News Desk

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After a bumper IPO week, Pressstonic Engineering launched its initial public offering (IPO) today, December 11. The price band of the newly launched IPO is considerably low, with the GMP remaining stable on Day 1 of the issue.

Presstonic Engineering IPO has been launched today, and will close on December 13. (Representative Photo)

On Day 1 of the launch of the issue, the Presstonic Engineering IPO has been subscribed 8.6 times. Non institutional investors subscribed 2.6 times while the retail institutional investors subscribed to the issue 8.6 times.

Presstonic Engineering IPO opened on Monday, December 11, and is set to close on Wednesday, December 13. The price band of the issue has been set at ₹72, while the lot size is considerably large, set at 1600 shares.

The face value of the equity shares is ₹10 each, and the issue price is 7.2 times the face value of the equity shares, bringing up the price band to ₹72 apiece. Here is all you need to know before subscribing to the IPO.

Presstonic Engineering IPO: 5 things to know

The price band of the Presstonic Engineering IPO is ₹72 for a lot size of 1600 shares. This means that each subscriber will have to buy minimum of 1600 shares, making a transaction of ₹1,15,200.

Presstonic Engineering's grey market premium is going strong as its IPO launched today. On December 11, the firm's GMP is 32, while it was 23 the previous day.

Presstonic Engineering IPO is worth ₹23.30 crore and the IPO only consists of fresh issues 3,236,800 shares of the company, not including any offer for sale (OFS). The aim of the IPO is to raise funds for the firm for new machinery and equipment.

Presstonic Engineering Limited saw an increase in revenue of 66.11% and profit after tax (PAT) of 1721.76%, according to the company reports, making it a promising IPO to invest in.

Through the IPO cash influx, Presstonic Engineering will be able to repay its loan and raise the company valuation, as well as satisfy working capital requirements, potentially boosting the profits of the company.

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HT News Desk
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