Sacheerome IPO sees strong subscription on Day 1. Check GMP, other details
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Sacheerome's IPO, which opened for subscription today, got off to a healthy start, receiving an overall subscription of 2.35 times. The Rs 61.62 crore issue, offering 60.41 lakh shares, attracted significant interest from retail investors, though the response from institutional investors remained muted.According to exchange data, the retail investor portion saw a subscription of 3.68 times on Day 1 so far, receiving bids for 74.51 lakh shares against the 20.1 lakh shares on offer. The strong retail participation indicates investor confidence in Sacheerome's IPO.The non-institutional investors (NII) have also bid strongly for 20 lakh shares, translating into a subscription of 2.36 times against the 8.61 lakh shares allocated for them. The qualified institutional buyers (QIB) portion saw muted traction. Sacheerome IPO GMPAccording to analysts, Sacheerome IPO's last GMP was Rs 30, indicating a premium of just over 29% compared with the issue price.The IPO is being offered at a price band of Rs 96 to Rs 102 per share. Retail investors can apply for a minimum lot size of 1,200 shares, requiring an investment of Rs 1.22 lakh. For HNIs, the minimum application size is 2,400 shares worth Rs 2.44 lakh.Sacheerome, incorporated in 1992, is engaged in the design and manufacturing of fragrances and flavours used in diverse sectors such as personal care, home care, beverages, and bakery products. The company exports to markets in the Middle East and Africa, which is a key part of its growth strategy.GYR Capital Advisors is the lead manager, while MUFG Intime India (Link Intime) is the registrar. The IPO will remain open for bidding until June 11.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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