Mainboard IPOs Live: Capital Infra Trust, Quadrant Future Trek and Standard Glass Lining Technology. SME IPOs Live: Avax Apparels, Delta Autocorp, Indobell Insulation and BR Goyal.

Standard Glass Lining IPO

Established in September 2012, Standard Glass Lining Technology Limited is a leading manufacturer of engineering equipment for the pharmaceutical and chemical industries in India. The company offers comprehensive turnkey solutions, including design, engineering, manufacturing, assembly, installation, and standard operating procedures. Its product range includes reaction systems, storage, separation, and drying systems, as well as plant engineering and services. The company specializes in manufacturing equipment using glass-lined materials, stainless steel, and nickel alloys. Its clientele includes major names like Aurobindo Pharma, Cadila Pharmaceuticals, Laurus Labs, Granules India, Piramal Pharma, and many others across the pharmaceutical and chemical sectors.

Standard Glass Lining IPO Details

• Standard Glass Lining IPO is a book-built issue valued at ₹410.05 crore, consisting of a fresh issue of 1.50 crore shares worth ₹210.00 crore and an offer for sale of 1.43 crore shares amounting to ₹200.05 crore.
• The IPO opened for subscription on January 6, 2025, and will close today, January 8, 2025. 
• The allotment is expected to be finalized on January 9, 2025, and the listing on both the NSE and BSE is scheduled for January 13, 2025.
• The price band for the IPO is ₹133 to ₹140 per share, with a minimum application size of 107 shares, requiring a retail investment of ₹14,980. 
• For small non-institutional investors (SNII), the minimum investment is 14 lots (1,498 shares), totalling ₹2,09,720, while for big non-institutional investors (BNII), it is 67 lots (7,169 shares), amounting to ₹10,03,660. 
• IIFL Securities Ltd and Motilal Oswal Investment Advisors Limited are the book-running lead managers, and Kfin Technologies Limited is the registrar for the issue.

Use of Proceeds

The company plans to use the net proceeds from the issuance for several purposes, including funding capital expenditures for the purchase of machinery and equipment. These funds will also be allocated for the repayment or prepayment of outstanding borrowings for both the company and its wholly owned subsidiary, S2 Engineering Industry Private Limited. Additionally, the proceeds will be used to invest in S2 Engineering Industry Private Limited to meet its capital expenditure needs. Furthermore, the company intends to utilize the funds for inorganic growth through strategic investments or acquisitions, as well as for general corporate purposes.

Standard Glass Lining IPO Day 3 Subscription Status

(January 8, 2025, End of the Day)

The Standard Glass Lining IPO has achieved a total subscription of 185.48 times. The public issue saw significant interest across categories, with the Non-Institutional Investors (NII) category being the most oversubscribed at 275.21 times, including 302.21 times for bids above ₹10 lakh (bNII) and 221.22 times for bids below ₹10 lakh (sNII). The retail category recorded a strong subscription of 65.71 times, while the Qualified Institutional Buyers (QIB) category was subscribed 327.76 times. 

Grey Market Premium (GMP)

Standard Glass Lining IPO is currently enjoying a notable grey market premium (GMP). According to the Economic Times, the GMP for Standard Glass Lining IPO stands at ₹96 per share, meaning the shares are trading at ₹236 each in the grey market, reflecting a 69% premium over the issue price of ₹140 per share.

Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

Quadrant Future Tek Limited

Founded in September 2015, Quadrant Future Tek Limited specializes in developing advanced Train Control and Signaling Systems for the Indian Railways' KAVACH project, enhancing passenger safety and reliability. The company also operates a specialized cable manufacturing facility equipped with an Electron Beam Irradiation Centre, providing high-quality products that meet ISO, IRIS, and TS standards and adhere to rigorous quality management systems.

The company's manufacturing facility is located in Village Basma, Tehsil Banur, District Mohali, Punjab, where it focuses on the production, testing, and development of specialized cables and hardware for the Train Control and Signaling Division.

Quadrant Future Tek IPO Details

• Quadrant Future Tek IPO is a book-built offering aimed at raising ₹290.00 crore, consisting entirely of a fresh issue of 1.00 crore shares.
• The IPO opened for subscription on January 7, 2025, and will close on January 9, 2025. 
• The allotment is expected to be finalized on January 10, 2025, and tentatively listed on both BSE and NSE on January 14, 2025.
• The price band for the IPO is set between ₹275 and ₹290 per share, with a minimum application size of 50 shares, requiring a retail investment of ₹14,500. 
• For small non-institutional investors (SNII), the minimum investment is 14 lots (700 shares), totalling ₹2,03,000, while for big non-institutional investors (BNII), the minimum application is 69 lots (3,450 shares), amounting to ₹10,00,500. 
• Sundae Capital Advisors is the book-running lead manager for the IPO, and Link Intime India Private Ltd is the registrar for the issue.

Use of Proceeds

The company intends to utilize the net proceeds from the issue for various purposes, including meeting its long-term working capital requirements, funding capital expenditure for the development of the Electronic Interlocking System, repaying or prepaying a portion of its outstanding working capital term loan, and addressing general corporate needs.

Quadrant Future Tek IPO Day 2 Subscription Status

(January 8, 2025, End of the Day)

The Quadrant Future Tek IPO has been subscribed a total of 51.7 times. The retail category led the demand with a subscription of 144.9 times, followed by the Non-Institutional Investors (NII) category at 92 times, which included 82.53 times for bids above ₹10 lakh (bNII) and 110.95 times for bids below ₹10 lakh (sNII). The Qualified Institutional Buyers (QIB) category recorded a subscription of 0.48 times. 

Grey Market Premium (GMP)

The Quadrant Future Tek IPO is currently seeing a grey market premium (GMP) of ₹210, according to livemint. This suggests that the shares are trading at a premium of ₹210 in the grey market. With the upper end of the IPO price band and the prevailing grey market premium, the anticipated listing price for Quadrant Future Tek shares is estimated at ₹500 each, reflecting a 72.41% premium over the IPO price of ₹290.

Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

Capital Infra Trust InvIT

Capital Infra Trust, established in September 2023, is an infrastructure investment trust sponsored by Gawar Construction Limited, aimed at engaging in activities and making investments as permitted under the SEBI InvIT Regulations. The sponsoring company specializes in constructing road and highway projects across 19 Indian states for various government entities, including NHAI, MoRTH, MMRDA, and CPWD. As of December 2024, the sponsor holds a portfolio of 26 road projects under the hybrid annuity mode (HAM) with NHAI, including 11 completed projects, five of which were acquired from Sadbhav Infrastructure Project Limited and 15 projects under construction.

The Trust received a "Provisional CRISIL AAA/Stable" rating for its NCD(s) and proposed long-term bank loan facility from CRISIL Ratings Limited on November 11, 2024.

Capital Infra Trust InvIT IPO Details

• Capital Infra Trust InvIT is a book-built offering aimed at raising ₹1,578.00 crore, consisting of a fresh issue of 10.77 crore shares worth ₹1,077.00 crore and an offer for sale of 5.01 crore shares totaling ₹501.00 crore.
• The bidding for the Capital Infra Trust InvIT opened on January 7, 2025, and will close on January 9, 2025. 
• Allotments are expected to be finalized by January 10, 2025, with a tentative listing date of January 14, 2025, on both BSE and NSE.
• The price band for the offering is ₹99 to ₹100 per share, with a minimum application size of 150 shares, requiring an investment of ₹15,000 for retail investors. 
• Small non-institutional investors (sNII) must apply for a minimum of 14 lots (2,100 shares), totalling ₹2,10,000, while big non-institutional investors (bNII) must apply for 67 lots (10,050 shares), amounting to ₹10,05,000. 
• SBI Capital Markets Limited and HDFC Bank Limited are the book-running lead managers, and Kfin Technologies Limited is the registrar for the issue.

Use of Proceeds

The proceeds from the offer will be used for providing loans to the Project Special Purpose Vehicles (SPVs) to facilitate the repayment or prepayment, in whole or in part, of external borrowings from financial lenders, including any accrued interest and prepayment penalties. Additionally, the funds will be used to repay unsecured loans obtained by the Project SPVs from the Sponsor.

Capital Infra Trust InvIT IPO Day 2 Subscription Status 

(January 8, 2025, End of the Day)

The Capital Infra Trust InvIT IPO has been subscribed 0.46 times as of January 8,  (Day 2). The retail category subscription is 0.00 times, and the Non-Institutional Investors (NII) category at 0.98 times. The Qualified Institutional Buyers (QIB) category recorded a subscription of 0.04 times. 

SME IPOs

Indobell Insulation Limited 

Established in May 1972, Indobell Insulation Limited specializes in producing a wide range of insulation products, including nodulated and granulated wool made from ceramic and mineral fibers, as well as prefabricated thermal insulation jackets. These products cater to residential, commercial, and industrial applications, along with other related insulation materials, ensuring versatile solutions for diverse insulation needs.

IPO Details

• Indobell Insulation IPO is a fixed-price public offering, raising ₹10.14 crore through a fresh issue of 22.05 lakh equity shares. 
• The IPO bidding opened on January 6, 2025, and will close today, January 8, 2025. 
• The allotment of shares is expected to be finalized on January 9, 2025, with the company's shares scheduled to be listed on the BSE SME platform on January 13, 2025.
• The IPO is priced at ₹46 per share, with a minimum application size of 3,000 shares, requiring a retail investment of at least ₹1,38,000. 
• For HNI investors, the minimum application is two lots, or 6,000 shares, amounting to ₹2,76,000. 
• Finshore Management Services Limited is managing the issue as the lead book runner, with Integrated Registry Management Services Private Limited acting as the registrar. 
• Black Fox Financial Private Limited is the designated market maker for the IPO.

Use of Proceeds

The primary objectives of the Indobell Insulation IPO include funding capital expenditure for acquiring additional plant and machinery, meeting the company’s working capital requirements, and addressing general corporate purposes to support its overall growth and operational efficiency.

Indobell Insulation IPO Day 3 Subscription Status

(January 8, 2025, End of the Day)

As of Day 3, the Indobell Insulation IPO has been subscribed 54.13 times overall. The public issue witnessed a robust subscription of 52.37 times in the retail category and 51.31 times in the Non-Institutional Investors (NII) category, with no bids reported for the Qualified Institutional Buyers (QIB) category. 

Grey Market Premium (GMP)

The grey market premium (GMP) for Indobell Insulation IPO today is reported to be nil, indicating that the company’s shares are trading at the same price as the IPO price of ₹46 per share. This suggests that the shares are expected to be listed without any premium.

Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

Avax Apparels And Ornaments Limited

Founded in June 2005, Avax Apparels And Ornaments Limited operates in two distinct business segments: wholesale trading and online retail of silver ornaments. The company wholesales knitted fabric and offers a variety of silver ornaments online, including rings, ladies' payals, gents' kadas, plate sets, glasses, bangles, bowls, chains, and other jewellery items, serving major cities across India. Avax Apparels And Ornaments benefits from its strategic location in the heart of the cloth manufacturing hub, providing a significant advantage in wholesale trading. Additionally, the company leverages the growing demand for these products and maintains strong business relationships, which have been crucial to its success in both segments.

Avax Apparels And Ornaments IPO Details

• Avax Apparels And Ornaments IPO is a fixed-price issue, aiming to raise ₹1.92 crore through a fresh issue of 2.74 lakh equity shares. 
• The subscription for the IPO opened on January 7, 2025, and will close on January 9, 2025. 
• The share allotment is expected to be finalized on January 10, 2025, with the company’s listing on the BSE SME platform tentatively scheduled for January 14, 2025.
• The issue is priced at ₹70 per share, with a minimum application size of 2,000 shares, requiring a retail investment of at least ₹1,40,000. 
• HNI investors must apply for a minimum of two lots, or 4,000 shares, amounting to ₹2,80,000. 
• SKI Capital Services Limited is the lead book running manager for the issue, as well as the designated market maker, while Skyline Financial Services Private Ltd serves as the registrar. 

Use of Proceeds

The company plans to utilize the net proceeds from the issue to fund its working capital requirements and for general corporate purposes, supporting its overall business operations and growth initiatives.

Avax Apparels And Ornaments IPO Day 2 Subscription Status

(January 8, 2025, End of the Day)

The Avax Apparels and Ornaments IPO has been oversubscribed by 78.86 times. The retail category led the demand with a subscription rate of 139.45 times. The non-institutional investor (NII) category recorded a subscription of 18.28 times.

Grey Market Premium (GMP)

As at 11:31 a.m. on January 8, the Grey Market Premium (GMP) for the Avax Apparels and Ornaments SME IPO stood at ₹10, according to ET. Given the fixed IPO price of ₹70 per share, the anticipated listing price is estimated to be around ₹80, reflecting a potential gain of 14.29% per share upon listing.

Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

Delta Autocorp Limited

Established in 2016, Delta Autocorp Limited, operating under the brand name "Deltic," specializes in manufacturing and selling electric two-wheelers and three-wheelers. The company launched its first E-Rickshaw in 2017, delivering a mileage of over 150 km, and later expanded into the electric two-wheeler segment, introducing durable and affordable scooters in 2019 to cater to tier-2 and tier-3 markets. With a network of over 300 dealers across 25 states and Union Territories, the company primarily focuses on B2B transactions, aiming to build a global brand known for practical, cost-effective EV solutions and reliable service. 

Delta Autocorp IPO Details

• Delta Autocorp IPO is a book-built public offering, aiming to raise ₹54.60 crore. 
• The issue comprises a fresh issue of 38.88 lakh shares amounting to ₹50.54 crore and an offer for sale of 3.12 lakh shares aggregating to ₹4.06 crore.
• The IPO opened for subscription on January 7, 2025, and will close on January 9, 2025. 
• The share allotment is expected to be finalized on January 10, 2025, with the company's listing on the NSE SME platform tentatively scheduled for January 14, 2025.
• The price band for the IPO is set between ₹123 and ₹130 per share, with a minimum application size of 1,000 shares, requiring a retail investment of at least ₹1,30,000. 
• For HNI investors, the minimum application is two lots (2,000 shares) amounting to ₹2,60,000. 
• GYR Capital Advisors Private Limited is the lead book-running manager for the issue, with Link Intime India Private Ltd as the registrar, and Giriraj Stock Broking Private Limited as the market maker.

Use of Proceeds

The primary objectives of the offer include funding the establishment of an electric three-wheeler fabrication and painting plant, investing in new product development, meeting the company's working capital requirements, covering general corporate expenses, and managing the costs associated with the offer.

Delta Autocorp IPO Day 2 Subscription Status

(January 8, 2025, End of the Day)

The Delta Autocorp IPO has been subscribed 58.18 times. The retail category demonstrated significant interest, with a subscription rate of 97.78 times. The non-institutional investor (NII) category followed with a subscription of 39.66 times. Meanwhile, the qualified institutional buyer (QIB) category recorded a lower subscription rate of 2.71 times.

Grey Market Premium (GMP)

As of 11:25 a.m. on January 8, the Grey Market Premium (GMP) for the Delta Autocorp IPO was ₹116, according to Business Standars. With the IPO's price band set at ₹130 per share, the estimated listing price is ₹240, reflecting a potential gain of approximately 89.23% compared to the issue price.

Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

B.R. Goyal Infrastructure Limited

Founded in 2005, B.R.Goyal Infrastructure Limited specializes in the construction of infrastructure projects such as roads, highways, bridges, and buildings. The company operates an integrated EPC and construction business, supported by a design and engineering team, as well as an RMC unit based in Indore, with an installed capacity of 1.80 lakh cubic meters per annum. As of September 30, 2024, B.R.Goyal operates with over 199 construction equipment and vehicles. Additionally, the company ventured into the wind energy sector by commissioning a 1.25 MW wind power turbine in Jaisalmer, Rajasthan, in 2005.

B.R. Goyal Infrastructure IPO Details

• B.R.Goyal IPO is a book-built issue aiming to raise ₹85.21 crore, comprising a fresh issue of 63.12 lakh shares.
• The IPO opened for subscription on January 7, 2025, and will close on January 9, 2025. 
• The allotment is expected to be finalized on January 10, 2025, and tentatively listed on the BSE SME platform on January 14, 2025.
• The price band for the IPO is ₹128 to ₹135 per share. 
• The minimum application size is 1,000 shares, requiring a retail investment of ₹1,35,000. 
• For HNI investors, the minimum application is two lots (2,000 shares), totalling ₹2,70,000. 
• Beeline Capital Advisors Pvt Ltd is the book-running lead manager, with Link Intime India Private Ltd serving as the registrar. Spread X Securities Private Limited is the market maker for the IPO.

Use of Proceeds

The company plans to utilize the net proceeds from the issue to fulfil its capital expenditure needs, support its working capital requirements, fund expenditures for inorganic growth through acquisitions and other strategic initiatives, and cover general corporate purposes.

B.R. Goyal Infrastructure IPO Day 2 Subscription Status

(January 8, 2025, End of the Day)

The B.R. Goyal IPO has been subscribed 9.51 times. The retail category witnessed the highest interest, with a subscription rate of 13.44 times, followed by the Non-Institutional Investors (NII) category at 8.01 times. The Qualified Institutional Buyers (QIB) category recorded a subscription rate of 4.04 times, while the employee category saw a subscription rate of 0.74 times. 

Grey Market Premium (GMP)

As of 11:54 a.m. on January 8, the grey market premium (GMP) for the B.R. Goyal SME IPO stood at ₹48 as per Business Standard. With the price band fixed at ₹135 per share, the expected listing price is ₹183, which combines the cap price with the current GMP. This suggests a potential gain of 35.56% per share for investors based on the anticipated listing price.

Disclaimer: Investing in SME IPOs involves a high degree of risk. Such investments may be suitable only for investors with a high-risk tolerance and the ability to bear potential losses. Perform thorough due diligence and consult a financial advisor before investing. Invest wisely and at your own discretion.

Disclaimer: The GMP (Grey Market Premium) price is an unauthenticated market related news and has no discernible basis. The same quoted above is as per news that appeared in the media report and is for information purposes only. The investor shall do their own study/research before using the same for taking any decision to invest. We neither engage in, trade or deal in the grey market nor do we recommend or endorse trading in the grey market.