The initial public offering (IPO) of Micropro Software Solutions, managed by Swaraj Shares and Securities Private Limited and registered by Purva Sharegistry India Pvt Ltd, was fully subscribed on its opening day, today. The SME IPO received bids for 65.53 lakh equity shares against an issue size of ₹30.70 crore for 37.9 lakh equity shares, priced at ₹81 each.
The IPO was oversubscribed 1.82 times, with the retail category seeing a subscription rate of 3.33 times and the Non-Institutional Investors' (NII) category witnessing a remarkable subscription rate of 31%. Each lot size for retail investors requires a minimum investment of ₹129,600 for 1,600 shares.
The allotment and refunds for the IPO are scheduled for November 10, and November 13 respectively. Following this, the shares are set to be listed on NSE SME by November 16, 2023. As of the opening day, the grey market premium stood at ₹30 per share.
The IPO marks a significant step for Micropro Software Solutions as it seeks to raise funds from the public market. With the lead manager being Swaraj Shares and Securities Private Limited, investors will be closely watching the performance of this software company in the coming weeks.
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