Latest IPO News: The bidding period for Newmalayalam Steel's initial public offering (IPO) has ended. The focus of investors who have invested in this IPO is now on the announcement of allotment. Allotment of this IPO is expected today (24 December).

How much was the IPO?
According to exchange data, the IPO, which ran from December 19 to December 23, received a total subscription of 50.69 times.

The non-institutional investor (NII) category received 24 times subscription, while the retail investor and qualified institutional buyer (QIB) categories received 87.7 times and 1.26 times subscription, respectively. Investors can check their allotment status by visiting the website of registrar Kfin Technologies or NSE.

Given the excessive oversubscription in the retail category, retail individual investors (RIIs) will be made based on their allocation ratio. Investors who do not get allotment are expected to get a refund on December 26, 2024. The allotted shares will be credited to the demat accounts of investors on the same day.

Listing rules Under the 'T+3' listing rule, a public issue must be listed within 3 days of closure. Hence, this SME IPO is likely to be listed on NSE SME platform on 27th December 2024. The IPO of Rs 41.76 crore was in the price range of Rs 85 to Rs 90 per share. The company will use the net proceeds from the issue for IT/Technological upgradation of the existing manufacturing facility, expansion of existing solar facility for power generation, expenditure towards construction of new factory shed-cum-storage facility at the existing factory premises in Kerala, and general corporate purposes. Step by Step Process to Check Newmalayalam Steel IPO Allotment
 

• Step 1: Visit the IPO registrar website at this link – https://kosmic.kfintech.com/ipostatus/
• Step 2: Select 'Newmalayalam Steel' in the 'Select IPO' dropdown menu.
• Step 3: Select one of the options from Application Number, Demat Account, or PAN.
• Step 4: Enter the information as per the selected option.
• Step 5: Enter the captcha code and click on 'Submit'.

Your Newmalayalam Steel IPO allotment status will appear on the screen

Process to check Newmalayalam Steel IPO allotment on NSE website
 

• Step 1: Open the IPO allotment page on this link – https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
• Step 2: Log in with your credentials.
• Step 3: Select Newmalayalam, enter your PAN and application number, and click on 'Submit'.

Newmalayalam Steel IPO GMP Today
According to market observers, today's grey market premium (GMP) of Newmalayalam Steel IPO is Rs 30 per share. This indicates that the shares may list at a premium of Rs 30. With this GMP and at an issue price of Rs 90 per share, the estimated list price is around Rs 120, which is 33.33 per cent higher than the issue price.