Snehaa Organics IPO listing: Snehaa Organics shares were off to a tepid start on Friday, September 5, as they listed at par to their issue price of ₹ 122 on the NSE SME platform.
Soon, within seconds of listing, Snehaa Organics’ share price faced intense selling pressure and hit the 5% lower price band of ₹115.90.
As of 10.02 am, over 4 lakh ‘sell’ orders were placed on NSE for Snehaa Organics shares.
Snehaa Organics IPO
The ₹32.68 crore Snehaa Organics IPO witnessed a strong demand from investors, garnering 27.75 times bids. The retail portion of the SME IPO was booked 37.75 times, while the NII quota was subscribed 16.23 times. Lastly, the QIB part received 42.19 times bids.
Snehaa Organics IPO was open for bidding from August 29 to September 2. The issue was entirely a fresh share sale of 0.27 crore shares.
The company plans to use the funds raised from the share sale for meeting working capital needs, repayment of loans availed by the company, general corporate purposes and issue expenses.
Snehaa Organics IPO was priced in the range of ₹115 to ₹122 per share. Investors could apply for the IPO in lots of 1,000 shares. Retail investors needed to apply for at least two lots, needing an investment of ₹2,44,000 at the upper end of the price band.
About Snehaa Organics
Snehaa Organics Limited operates in the solvent recovery and recycling sector, providing sustainable solutions for industries that utilise solvents in their processes.
The company collects spent solvents from various industries and uses distillation and purification technologies to process them for reuse. Its workforce ensures efficient recovery from diverse solvent mixtures, including those with significant variability between batches.
The company has a manufacturing facility in Hyderabad, Telangana, spread across 3,300 sq. ft.
Fast Track Finsec acted as the book-running lead manager, and Skyline Financial Services was the registrar of the issue.