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

IPO Day 1 Subscription Status

(January 7, 2025, 4:09:13 PM)

As of January 7, 2025, the Avax Apparels and Ornaments IPO has been subscribed 22.64 times overall on its first day of bidding. The retail category showed significant interest, with a subscription rate of 40.43 times. The Non-Institutional Investors (NII) category was subscribed 4.85 times.

IPO Details

• IPO Type: Fixed price issue of ₹1.92 crores
• Issue Details: Entirely a fresh issue of 2.74 lakh shares
• Bidding Period: Opened on January 7, 2025, and will close on January 9, 2025
• Allotment Date: Finalized on Friday, January 10, 2025
• Listing Date: Tentatively listed on BSE SME on Tuesday, January 14, 2025
• Price per Share: ₹70
• Minimum Lot Size: 2000 shares
• Minimum Investment for Retail Investors: ₹1,40,000
• Minimum Investment for HNI: ₹2,80,000 (2 lots of 4,000 shares)

Use of Proceeds

The Company intends to utilize the Net Proceeds from the Issue for two primary purposes: to fulfil its Working Capital requirements and to support General Corporate Purposes.

Delta Autocorp Limited

Delta Autocorp Limited, founded in 2016, specializes in manufacturing and selling electric 2-wheelers and 3-wheelers under the brand name "Deltic." The company initially focused on developing electric 3-wheeler prototypes and achieved a significant milestone in 2017 with the launch of its first E-Rickshaw, offering an impressive mileage of over 150 km. Recognizing market trends and evolving customer preferences, Delta Autocorp expanded its product line to include electric 2-wheelers. In 2019, the company launched affordable and durable scooters aimed at tier-2 and tier-3 towns. Delta operates through a network of more than 300 dealers across 25 states and Union Territories, emphasizing B2B transactions. 

IPO Day 1 Subscription Status

(January 7, 2025, 4:14:58 PM)

As of January 7, 2025, at 4:14:58 PM, the Delta Autocorp IPO has been subscribed 10.93 times on its first day of bidding. The retail category led the demand with a subscription rate of 18.99 times. The Non-Institutional Investors (NII) category saw a subscription of 6.02 times. Meanwhile, the Qualified Institutional Buyers (QIB) category was subscribed 0.48 times.

IPO Details

• Issue Type: Book built issue
• Issue Size: Rs 54.60 crores
• Fresh Issue: 38.88 lakh shares aggregating to Rs 50.54 crores
• Offer for Sale: 3.12 lakh shares aggregating to Rs 4.06 crores
• Subscription Period: January 7, 2025 to January 9, 2025 
• Allotment Date: January 10, 2025 (expected)
• Listing Date: January 14, 2025 (tentative)
• Listing Exchange: NSE SME

Use of Proceeds

The primary objectives of the offer include funding the expenditure required for setting up an electric three-wheeler fabrication plant and painting plant, as well as investing in new product development. Additionally, the proceeds will be used to meet the working capital requirements of the company, cover general corporate purposes, and address the offer expenses.

Fabtech Technologies Cleanrooms Limited

Founded in 2015, Fabtech Technologies Cleanrooms Limited manufactures pre-engineered modular panels and doors for cleanrooms in the pharmaceutical, healthcare, and biotech industries. The company offers a wide range of customized cleanroom solutions, including panels, doors, HVAC (Heat Ventilation Air Conditioning) systems, and electrification works. Its main manufacturing facility in Umbergaon, Gujarat, spans 70,000 sq. ft. and is equipped with advanced machinery for cleanroom partition production. Through its subsidiary, Altair Partition Systems LLP, the company also produces cost-effective modular panels at a 25,000 sq. ft. leased facility in Murbad, Thane.

IPO Day 3 Subscription Status

(January 7, 2025, 4:24:09 PM)

The Fabtech Technologies IPO saw a remarkable subscription of 731.58 times by January 7, 2025. The retail category experienced a subscription of 697.84 times, while the QIB category was subscribed 224.5 times and the NII category 1484.7 times. 

IPO Details

• The Fabtech Technologies IPO is a book-built offering with a total issue size of ₹27.74 crore, comprising a fresh issue of 32.64 lakh shares.
• The subscription window for the Fabtech Technologies IPO opened on January 3, 2025, and will close on January 7, 2025. 
• Allotment of shares is expected to be finalized on January 8, 2025 (Wednesday), with the shares slated for listing on the BSE SME platform on January 10, 2025 (Friday).
• The price band for the IPO has been set between ₹80 and ₹85 per share with a lot size of 1600 shares.

Use of Proceeds

The company plans to use the proceeds raised through the issue to meet long-term working capital requirements, acquire equity shares of Kelvin Air Conditioning and Ventilation Systems Private Limited, and for general corporate purposes.

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.

IPO Day 1 Subscription Status

(January 7, 2025, 4:14:12 PM)

As of January 7, 2025, at 4:14:12 PM (Day 1), the B.R.Goyal IPO has been subscribed 2.31 times. The retail category saw a subscription of 2.31 times, while the NII category was subscribed 0.73 times. The QIB category did not receive any bids, and the employee category also had 0.05 subscriptions. 

IPO Details

• Issue Type: Book built issue
• Issue Size: ₹85.21 crores
• Fresh Issue: 63.12 lakh shares
• Subscription Period: Opened on January 7, 2025, and will close on January 9, 2025
• Allotment Date: Expected to be finalized on January 10, 2025
• Listing: BSE SME, with the tentative listing date of January 14, 2025
• Price Band: ₹128 to ₹135 per share
• Minimum Lot Size: 1,000 shares
• Investment for Retail Investors: Minimum ₹1,35,000 (for 1,000 shares)
• Investment for HNI: Minimum ₹2,70,000 (for 2,000 shares)

Use of Proceeds

The company plans to utilize the net proceeds from the issue for several key purposes. These include funding its capital expenditure requirements, supporting working capital needs, and financing expenditures aimed at inorganic growth through acquisitions and other strategic initiatives. Additionally, a portion of the funds will be allocated for general corporate purposes.

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 Day 2 Subscription Status

As of January 7, 2025, at 4:14:10 PM (Day 2), the Indobell Insulation IPO was subscribed 5.02 times. The retail category saw a higher subscription rate of 9.26 times, while the NII category was subscribed 0.77 times. 

IPO Details

• Indobell Insulation IPO is a fixed price issue worth ₹10.14 crores.
• The IPO comprises a fresh issue of 22.05 lakh shares.
• Bidding opened on January 6, 2025, and will close on January 8, 2025.
• Allotment is expected to be finalized on Thursday, January 9, 2025.
• The IPO will list on BSE SME with a tentative listing date of Monday, January 13, 2025.
• The issue price is set at ₹46 per share.
• The minimum application lot size is 3,000 shares.
• Retail investors must invest a minimum of ₹1,38,000.
• High Net Worth Investors (HNI) must invest in at least 2 lots (6,000 shares), requiring a minimum investment of ₹2,76,000.

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.

Mainboard IPO

Standard Glass Lining

Founded in September 2012, Standard Glass Lining Technology Limited is a leading manufacturer of engineering equipment tailored for the pharmaceutical and chemical industries in India. The company is equipped to handle the entire production process in-house, offering comprehensive turnkey solutions. These solutions encompass design, engineering, manufacturing, assembly, installation, and the development of standard operating procedures for pharmaceutical and chemical manufacturers. The company’s product portfolio includes reaction systems as well as storage, separation, and drying systems.

IPO Day 2 Subscription Status

As of January 7, 2025, at 4:19:09 PM (Day 2), the Standard Glass Lining IPO has been subscribed 34.32 times in total. The retail category experienced a subscription of 32.97 times, while the NII category saw a higher subscription of 77.14 times, split between bNII (75.1 times for bids above ₹10 lakh) and sNII (81.23 times for bids below ₹10 lakh). The QIB category was subscribed 4.57 times. 

IPO Details

• Issue Type: Book built issue of ₹410.05 crores.
• Shares Offered:
• Fresh issue of 1.50 crore shares aggregating to ₹210.00 crores.
• Offer for sale of 1.43 crore shares aggregating to ₹200.05 crores.
• Bidding Period: From January 6, 2025, to January 8, 2025.
• Allotment Date: Expected to be finalized on Thursday, January 9, 2025.
• Listing Date: Tentative listing on NSE, BSE on Monday, January 13, 2025.
• Price Band: ₹133 to ₹140 per share.
• Minimum Lot Size (Retail Investors): 107 shares (₹14,980).
• Minimum Lot Size (sNII): 14 lots (1,498 shares), amounting to ₹2,09,720.
• Minimum Lot Size (bNII): 67 lots (7,169 shares), amounting to ₹10,03,660.

Use of Proceeds

The Company intends to utilize the net proceeds from the issue to fulfil several key objectives. These include funding capital expenditure for the purchase of machinery and equipment, repaying or prepaying, in full or in part, certain outstanding borrowings of the Company. Additionally, a portion of the proceeds will be invested in its wholly owned subsidiary, S2 Engineering Industry Private Limited, to assist in repaying or prepaying its borrowings from banks and financial institutions, as well as funding its capital expenditure for machinery and equipment. The proceeds will also be allocated to support inorganic growth through strategic investments or acquisitions and for general corporate purposes.

Quadrant Future Tek Limited

Quadrant Future Tek Limited, founded in September 2015, focuses on developing next-generation Train Control and Signaling Systems for the Indian Railways' KAVACH project, aiming to improve passenger safety and reliability. The company also operates a specialty cable manufacturing facility that includes an Electron Beam Irradiation Centre. Located in Village Basma, Tehsil Banur, Distt Mohali, this facility is dedicated to manufacturing, testing, and developing specialty cables and hardware for the Train Control & Signaling Division. As a technology-driven company, Quadrant Future Tek's products adhere to ISO, IRIS, and TS standards and are produced under stringent Quality Management Systems.

IPO Day 1 Subscription Status

(January 7, 2025,  4:19:11 PM)

As of January 7, 2025, the Quadrant Future Tek IPO has been subscribed 82 times overall. The retail category saw a strong subscription of 217.44 times. The Non-Institutional Investors (NII) category was subscribed 138.69 times. The Qualified Institutional Buyers (QIB) category received minimal interest, subscribing 8.5 times..

IPO Details

• Quadrant Future Tek IPO is a book-built issue of ₹290.00 crores.
• The issue is entirely a fresh issue of 1.00 crore shares.
• IPO bidding opened for subscription on January 7, 2025, and will close on January 9, 2025.
• The allotment for the Quadrant Future Tek IPO is expected to be finalized on Friday, January 10, 2025.
• The tentative listing date is set for Tuesday, January 14, 2025, on BSE and NSE.
• The price band for the Quadrant Future Tek IPO is ₹275 to ₹290 per share.
• The minimum lot size for an application is 50 shares.
• The minimum investment required by retail investors is ₹14,500.
• The minimum lot size investment for sNII is 14 lots (700 shares), amounting to ₹2,03,000.
• The minimum lot size investment for bNII is 69 lots (3,450 shares), amounting to ₹10,00,500.

Use of Proceeds

The Company intends to utilize the net proceeds from the issue for several purposes, including funding its long-term working capital requirements, capital expenditure for the development of an Electronic Interlocking System, and prepayment or repayment of a portion of the outstanding working capital term loan. Additionally, a part of the proceeds will be allocated to general corporate purposes.

Capital Infra Trust InvIT

Established in September 2023, Capital Infra Trust is an infrastructure investment trust (InvIT) sponsored by Gawar Construction Limited, created to undertake activities and investments permissible under SEBI InvIT regulations. The sponsor is a prominent player in road and highway construction, serving government entities such as NHAI, MoRTH, MMRDA, and CPWD. By December 2024, Gawar Construction Limited had a portfolio of 26 road projects under the hybrid annuity model (HAM) with NHAI, comprising 11 completed projects, including five assets acquired from Sadbhav Infrastructure Project Limited and 15 projects still under construction. On November 11, 2024, CRISIL Ratings Limited assigned the Trust a provisional ‘CRISIL AAA/Stable’ rating for its NCDs and proposed long-term bank loan facilities.

IPO Details

• Capital Infra Trust InvIT is a book-built issue worth ₹1,578.00 crores.
• The issue includes a fresh issue of 10.77 crore shares amounting to ₹1,077.00 crores and an offer for sale (OFS) of 5.01 crore shares totalling ₹501.00 crores.
• Bidding Period: January 7, 2025 to January 9, 2025.
• The allotment is expected to be finalized on Friday, January 10, 2025.
• The InvIT will be listed on both BSE and NSE.
• The tentative listing date is Tuesday, January 14, 2025.

Use of Proceeds

The proceeds from the offer will be utilized primarily to provide loans to the Project SPVs for two purposes: to repay or pre-pay external borrowings, either partially or fully, including any accrued interest and prepayment penalties owed to financial lenders, and to settle unsecured loans previously availed by the Project SPVs from the Sponsor.

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.