The IPO of copper wire and rod manufacturer Parmeshwar Metal has currently closed for subscription. This SME IPO has received a bumper subscription of more than 564.03 times till the last day of bidding. The company intends to raise Rs 24.74 crore through the BSE SME issue. The price band of this issue has been fixed at Rs 57-61 per share. Under this, 40.56 lakh new shares have been issued.

Which category got how much subscription?
On the last day of bidding, the retail portion got 597.09 times subscription, the non-institutional investors category got 887.01 times and the qualified institutional category got 177.32 times subscription. What is the GMP? According to InvestorGain, the grey market price (GMP) of Parmeshwar Metal is Rs 40, which is 65.57 per cent higher than the upper price band. This indicates the listing of the company's shares at Rs 101 per share. Allotment and listing? The company can finalize the share allotment on Tuesday (January 7, 2025) i.e. today. After this, the shares can make their place on the BSE SME platform on Thursday (January 9, 2025). Lead Manager and Registrar The company has appointed Beeline Capital Advisors as the sole book-running lead manager for the issue, while Link Intime India is the registrar. The market maker for the IPO is SpreadX Securities. What will the company do with the funds? These funds will be used to set up a manufacturing facility in Gujarat. Apart from this, the company will also allocate funds to renovate the copper melting furnace, meet working capital requirements and for general corporate purposes. What does the company do? Parmeshwar Metal is a leading manufacturer of copper wire rods, providing services to industries such as power cables, transformers, building wires, domestic cables and automotive. The company provides copper wire rods in sizes such as 1.6 mm, 8 mm and 12.5 mm as per the requirements of the customers. With in-house testing laboratories, it ensures adherence to stringent quality standards. In the financial year 24, the company has reported a revenue of Rs 1,10,022 lakh, EBITDA of Rs 1,112.28 lakh and profit after tax (PAT) of Rs 721.93 lakh.