Cryogenic OGS IPO subscribed 169 times on final day; GMP hints at 55% listing pop
Remove Ads
GMP hints strong listing
Tired of too many ads?
Remove Ads
Anchors, advisors and financials
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
Economic Times
7 minutes ago
- Economic Times
Nasher Miles to open 20–25 offline stores, eyes quick commerce growth
ETtech Lokesh Daga, CEO, Nasher Miles Direct-to-consumer (D2C) luggage brand Nasher Miles plans to open 20 to 25 exclusive brand outlets (EBOs) across India by the end of this financial year as it looks to expand its offline presence beyond online company currently has five to six launches in the pipeline, including three in Mumbai, two in Hyderabad, and one in Ahmedabad, and is scouting additional locations in tier-I cities. The goal is to scale up to 100 outlets over the next two years, chief executive officer Lokesh Daga told ET in an interaction. 'We are looking for opportunities as they come. The idea is to see whether we can scale to 100 stores over the next two years,' Daga said on the sidelines of the company's offline retail store launch in Mumbai. Quick commerce bets Even as it pushes offline expansion, Nasher Miles continues to scale rapidly through quick commerce platforms like Zepto, Blinkit, and Swiggy Instamart. Despite trolley bags being priced at Rs 2,000–3,000, the company said quick commerce currently contributes about 8% to total sales. It expects this share to rise to 15% by the end of FY25, depending on the expansion of dark stores and fulfilment capacity. 'Quick commerce is a very metro-focused phenomenon, and that is one channel growing at a very fast pace for us. Every month, we've been growing — last month we grew by 10%, and this month we will grow by another 10%. We expect the quick commerce run rate to reach 15% by the end of this financial year,' Daga reduce reliance on China and improve cost efficiencies, Nasher Miles has shifted a significant portion of its manufacturing to India over the past 18 months. While it previously sourced 90% of its products from China, today nearly 75% are made in India. The company claims this shift has helped cut costs by 20–25% and improve gross Miles initially created a sub-brand, Stony Brook by Nasher Miles, to test domestic manufacturing. With supply chains now stabilised, that brand is being phased out, Daga company, which had turned profitable earlier, went into the red in FY24 due to brand-building investments and the cost of testing Indian manufacturing but claims to have returned to profitability in FY25. According to Tracxn, Nasher Miles recorded a net loss of Rs 6.3 crore in FY24. In July 2024, Nasher Miles raised $4 million in a funding round led by the Singularity Early Opportunities Fund, Narendra Rathi of SoftBank Vision Fund, and Sulabh Arya of Goldman Sachs Growth Equity, among others, at a post-money valuation of $30 million, primarily to fund its omnichannel expansion. The company plans to raise additional funds after the festive season. 'We will actively go into the market probably post-season. The festive season is coming, and 50-60% of sales happen during these three to four months. So, we want to focus on execution first,' Daga said. Category diversification Currently, 92–95% of the company's revenue comes from trolley bags. However, it is now doubling down on other categories like backpacks and travel accessories, aiming to push their share to double digits by the end of this fiscal. The D2C luggage segment has seen growing investor interest. Last year, Mokobara raised $12 million in a round led by Peak XV Partners, valuing the company at $80 million post-money. In August 2024, venture capital firm Accel invested $9 million in Uppercase, nearly doubling its valuation to $60 million. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. India's gas dream runs on old pipes. Can a European fix unclog the future? Did Jane Street manipulate Indian market or exploit its shallowness? Newton vs. industry: Inside new norms that want your car to be more fuel-efficient Is gold always the best bet? Think again Do bank stress tests continue to serve their intended purpose? These large- and mid-cap stocks can give more than 24% return in 1 year, according to analysts Suited for the long term, even with headwinds: 8 stocks from healthcare & pharma sectors with upside potential of up to 39% Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 22% in 1 year
The Hindu
13 minutes ago
- The Hindu
CM launches ₹8-cr. project to enhance power infrastructure in Shalimar Bagh
Delhi Chief Minister Rekha Gupta on Saturday inaugurated a pilot project worth ₹8.07 crore in Shalimar Bagh to replace overhead electricity wires with underground cables, aiming to enhance the safety of citizens and the visual appeal of the Capital. Ms. Gupta announced that the pilot project will be completed in approximately three months. 'With a budget of ₹8.07 crore, the project involves removing 5 km of overhead HT and LT wires and replacing them with 10 kilometres of underground LT (440V) and 1.2 kilometres of HT (11KV) network,' an official statement from the Chief Minister's Office said. The CM said that the project reflects both a technological upgrade and a vision to make the energy infrastructure safer and more organised. A total of ₹100 crore was allocated during the budget earlier this year to enhance power infrastructure in the Capital. 'This is just the beginning, and the government plans to expand this pilot project to other parts of Delhi soon. A dedicated budget of Rs. 100 crore has been allocated for the phased rollout across various areas of the capital,' she said.
Time of India
18 minutes ago
- Time of India
Five students get crore-plus packages
Indore: For the first time, five IIT-I students received annual packages above Rs 1 crore from international firms for domestic positions during the current placement season. Previously, only one IIT-I student received an international package of Rs 1 crore in the last placement season. The placement drive saw participation from approximately 130 companies spanning sectors like IT, automotive, energy, consulting, fintech, banking, semiconductor, and construction. "We have witnessed a stellar placement season this year. The annual packages exceeded Rs 1 crore for the first time in history. Around 88 per cent of the total registered students have been placed to date, and the placement is still going on. Around 12-15 more companies are still to come," said Prof Suhas S. Joshi, Director of IIT Indore. The average package increased by 13 per cent to Rs 27 lakh annually. From the total 813 graduating students, not all register for placements as several choose to pursue higher education whilst others opt for entrepreneurship. In the QS World University Rankings 2026, IIT-I dropped to position 556, moving out of the top 500 institutions, despite an improvement in its overall score from 25.1 to 29.6. "We entered the QS rankings in 2023, and it will take around 5-7 years to stabilise. Our marks are increasing, but ranks are low. This year, we received many national importance projects, and for this reflection to come in the ranking will take at least 2 years. It's a very slow process of institutional development. In five years, our ranking will get stable," said Joshi.
