Purple United Sales, a premium children’s fashion brand, made its entry on the NSE SME platform on Wednesday (December 18), listing at Rs 199, an impressive 58 per cent premium over the issue price of Rs 126 per share.
Grey Market Sentiment Before Listing
Prior to its official debut of the SME issue, the shares of the company commanded a Grey Market Premium (GMP) of Rs 80, hinting of a listing gain in the unofficial marketplace. Based on the upper price band of Rs 126, this indicated a premium of over 63 per cent.
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Details of the IPO
Purple United Sales IPO valued at Rs 32.81 crores, consisted entirely of a fresh equity issue of 26.04 lakh shares.
The public offering price band was set between the range of Rs 121 to Rs 126 per share. Retail investors needed a minimum investment of Rs 1,26,000 for one lot of 1,000 shares, while HNIs could invest in multiples of two lots, starting at Rs 2,52,000.
The three-day subscription window, from December 11 to December 13, saw an overwhelming response, with the IPO being subscribed 160 times. The allotment of shares was finalised on December 16.
Key Stakeholders in the IPO Process
The IPO was managed by Expert Global Consultants, with KFin Technologies serving as the registrar. Prabhat Financial Services acted as the market maker for the issue. Additionally, the company raised Rs 9.34 crores from anchor investors on December 10.
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