Cryogenic OGS IPO subscribed 169 times on final day; GMP hints at 55% listing pop
Live Events
Anchors, advisors and financials
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
The Rs 17.77 crore initial public offering of Cryogenic OGS drew robust investor interest, with an overall subscription of 169.79 times by 10:30 AM on Monday, July 7, the final day of bidding. Backed by strong demand from retail and non-institutional investors, the SME issue is now headed for a likely sharp debut, with the grey market premium suggesting a 55% listing gain.Retail investors led the charge, subscribing to 239.90 times their allotted quota. Non-institutional investors followed with 146.78 times subscription, while the qualified institutional buyers ' (QIB) portion was taken up 12.91 times.As of 8:30 AM on July 7, the latest grey market premium for Cryogenic OGS stood at Rs 26. With the issue priced at Rs 47 per share, the estimated listing price is Rs 73, implying a gain of 55.32%.Cryogenic OGS, which manufactures precision measurement and filtration systems for the oil, gas, and chemical sectors, had opened its book-built IPO on July 3. The offering comprised 37.80 lakh fresh equity shares in the Rs 44–47 price band. At the upper end, retail investors had to shell out Rs 2.64 lakh for the minimum application of 6,000 shares.Of the total shares on offer, 1.89 lakh were reserved for market maker Spread X Securities. The net offer to the public was 35.91 lakh shares, with 47.38% allocated to QIBs, 14.29% to NIIs, and 33.33% to retail investors.The IPO allotment is expected to be finalized on Tuesday, July 8, with listing scheduled on the BSE SME platform for Thursday, July 10.Ahead of the IPO, Cryogenic OGS raised Rs 5.05 crore from anchor investors on July 2 by allotting 10.74 lakh shares. The anchor lock-in for 50% of these shares will expire on August 7, 2025, while the remainder will unlock on October 6.The Vadodara-based firm, founded by promoters Nilesh Natvarlal Patel, Kiranben Nileshbhai Patel and Dhairya Patel, operates an 8,300 square meter facility in Gujarat. Its products include basket strainers, air eliminators, prover tanks, dosing skids, and truck loading systems.As of March 2024, Cryogenic OGS had 23 permanent employees and zero outstanding borrowings. In FY25, the company posted a revenue of Rs 33.79 crore and net profit of Rs 6.12 crore, reflecting year-on-year growth of 32% and 15%, respectively.Beeline Capital Advisors is the book-running lead manager, and MUFG Intime India (Link Intime) is the registrar to the issue.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
40 minutes ago
- Time of India
Multiples Consortium set to Bag VIP
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Epaper A consortium of home-grown private equity fund Multiples Alternate Asset Management and Samvibhag Securities will buy about 32% of VIP Industries from promoter Dilip Piramal & family, the luggage maker said on Sunday. Mithun Sacheti, founder of jewellery retailer CaratLane, and his brother Siddhartha are also part of the buyers will launch an open offer later to acquire an additional 26% from the company's public shareholders that could take their stake to 58%. VIP did not disclose financial terms in its filing with stock exchanges. Its shares closed at ₹456.40 on the BSE on Friday, rising more than 12% in the past month, giving it a ₹6,482 crore market aware of the deal terms told ET the price would be lower than the current market price for both — the initial purchase from the promoters, as well as the open stock exchange filing didn't mention the price per share of the acquisition or the open Piramal and family own a 51.7% stake. Among the public shareholders, Tata Small Cap Fund held 1.54% and SBI Flexicap Fund owned 7% as of March 31. Foreign portfolio investors held 7.68%.Kemp & Company, DGP Securities, Kiddy Plast, Piramal Vibhuti Investments and Alcon Finance & Investment — which are entities forming part of the promoter group — have entered into an agreement to sell up to 45 million shares to the consortium, according to the to the terms, certain purchasers will acquire management and control of the company and would accordingly be required to make an open offer for the purchase of additional 26%, it 2023, Mithun Sacheti exited CaratLane by selling his 27% stake to Tata group's Titan for Rs 4,621 crore, in one of the leading founder exits in Capital acted as the exclusive financial advisor to the Industries owns brands such as VIP, Carlton and Skybags. It has been losing out to Samsonite in the premium end and Safari Industries at the mass-end of the addition, new entrants such as Mokobara, Assembly and Uppercase have turned to offering discounts to lure buyers, impacting luggage industry profits or widening luggage demand remains stable, backed by continued penetration of hard luggage, steady tourism and corporate travel. However, realisations have reduced due to two factors. The company posted a 2% decline in net sales at ₹2,169 crore in fiscal 2025, when it posted a net loss of ₹81 crore.
Economic Times
42 minutes ago
- Economic Times
Is Anthem Biosciences IPO a risky bet for investors?
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Anthem Biosciences, a contract research, development and manufacturing organisation (CRDMO), plans to raise ₹3,395 crore through an offer for sale. The promoter group's stake will fall to 74.7% from 76.9% after the initial public offering (IPO).The company's revenue and profit have shown improvement over the last two years. However, over 55% of its revenue comes from Europe, while its top-five customers contributed about 71% to revenue from operations in FY25, signalling geographical and client concentration. Also, inventory days, which shows the time taken to sell the products, are higher compared with some of its peers. Considering these factors, investors with high-risk appetite may consider the in 2006, Bengaluru-headquartered Anthem Biosciences undertakes drug discovery, development and 82% of its revenue is from CRDMO business and the rest from specialty ingredients. As of FY25, it had 242 projects with 68 discovery projects, 145 early-phase projects, 16 late-phase projects, and 13 commercial manufacturing projects. The company held one patent in India, seven overseas, and has filed 17 patent applications ' revenue from operations and net profit grew by 32.1% and 8.2% annually to ₹1,844.6 crore and ₹451.3 crore, respectively, between FY23 and FY25. Similarly, earnings before interest, taxes, depreciation and amortisation (Ebitda) grew by 23.8% to ₹683.8 crore. The Ebitda margin declined to 36.8% in FY25 from 41.5% in FY23, but still, it is better than the 23.9-31.7% for its peers. Research and development expenses as a percentage of revenue declined to 10.6% in FY25 from 24.5% in FY23. Net working capital days, though high, declined to 222 days in FY25 from 242 days in FY23, while inventory days jumped to 135 days from 98 the post-IPO equity and net profit for FY25, the company demands a price-earnings (P/E) multiple of up to 71 compared with P/Es between 51 and 147 for peers, including Syngene International, Sai Life Sciences, Cohance Lifesciences and Divi's Laboratories.
Economic Times
43 minutes ago
- Economic Times
Stocks in news: HCL Tech, Tata Tech, DMart, Siemens, Ola Electric
Markets traded under pressure on Friday and lost over half a percent, dragged down by weak cues. In today's trade, shares of HCL Tech, Tata Tech, DMart, Siemens, Ola Electric among others will be in focus due to various news developments and first quarter Tech, Tata Tech, Ola ADVERTISEMENT Shares of HCL Tech, Tata Tech and Ola will be in focus as the companies will announce their first quarter results. DMart DMart reported a standalone net profit of Rs 830 crore in the first quarter. This was up just 2% from Rs 812 crore posted in the previous year quarter. RIL Mukesh Ambani-owned Reliance Industries (RIL) will announce its June quarter earning on Friday, July 18. Titagarh Rail Titagarh Rail Systems has acquired around 40 acres of land on lease for Rs 126 crore from the West Bengal government, a move that will help the company ramp up production of Vande Bharat coaches and metro cars at its Uttarpara facility in Hooghly district. DLF DLF Chairman Rajiv Singh received remuneration of Rs 36.65 crore after a hike of 34% in the last fiscal year, following better performance of the company, according to its latest annual report. ADVERTISEMENT Azko Nobel JSW Paints launches Rs 3,929 crore open offer to acquire up to 25.2% stake in Akzo Nobel at Rs 3,417.77 per share HUL HUL said Ritesh Tiwari continues to be the Executive Director, Finance, IT & Chief Financial Officer of the company ADVERTISEMENT IIFL Home Finance Housing finance player IIFL Home Finance announced on Saturday that it has secured $100 million from the Beijing-based Asian Infrastructure Investment Bank (AIIB). Siemens Siemens secured two separate orders worth Rs 773 crore from Maha Metro. (You can now subscribe to our ETMarkets WhatsApp channel)
