Solve Plastic Products IPO Subscription Status

Solve Plastic Products IPO - Day- 3 Subscription at 33.50 Times

Solve Plastic Products' IPO will close on August 16, 2024. The shares are likely to be listed on August 21st and will make a trading debut on the NSE SME platform.

On August 16, 2024, Solve Plastic Products IPO received bids for 4,14,07,200 shares, much more than the 12,36,000 shares available. This means that Solve Plastic Products' IPO was oversubscribed by 33.50 times by the end of the third day.

Here are the subscription details for Solve Plastic Products IPO as of day 3 (16th August 2024 at 4:29:59 PM)

Qualified Institutional Buyers (QIBs), which include large institutional investors such as mutual funds and insurance companies, did not participate in this IPO, as indicated by the zero subscription from this category. Typically, QIBs and HNIs/NIIs tend to increase their subscriptions towards the final hours of the IPO's last day, but in this case, retail and HNI/NII investors dominated the subscription figures from the start.

Subscription Status of Solve Plastic Products IPO for Days 1,2 and 3

On day 1, Solve Plastic Products IPO was subscribed 2.30 times. By day 2, the subscription status had risen to 7.58 times and on day 3, it reached 33.50 times.

Here are the subscription details for Solve Plastic Products IPO as of day 3 (16th August 2024 at 4:29:59 PM)

Solve Plastic Products IPO received a varied response from different investor categories.The Market Maker subscribed 1 time each. Qualified Institutional Buyers (QIBs) subscribed 0 times, High Net-Worth Individuals (HNIs) and Non-Institutional Investors (NIIs) subscribed 19.40 times, and Retail Investors subscribed 45.38 times. Overall, Esprit Stones IPO was subscribed 33.50 times.

Solve Plastic Products IPO- Day- 2 Subscription at 7.41 Times

At the end of Day 2, Solve Plastic Products IPO subscribed 7.41 times. The public issue subscribed 12.98 times in the retail segment, HNI/NII 1.84 times, and 0 times in QIB on 14th August 2024. 

Here are the subscription details of Solve Plastic Products IPO as of Day 2( 14th August 2024 at 5:06:01 PM):

The overall subscription for the Solve Plastic Products IPO stood at 7.41 times the shares on offer, excluding the anchor investors and market-making segments, with no employee allocation (N.A.). This overall figure underscores the strong retail demand, while institutional investors took a more conservative stance, potentially setting the stage for future market movements around the company’s stock

Here are the complete subscription details for the Solve Plastic Products IPO as of Day 2 (14th August 2024 at 5:06:01 PM )

On day 1, Solve Plastic Products IPO was subscribed 2.30 times. By the end of day 2, the subscription status had risen to times. The final status will be clear at the end of day 3. The Solve Plastic Products IPO saw a strong response, particularly from Retail Investors, who drove the subscription with an impressive 12.98 times oversubscription of the shares allocated to them.

This robust participation highlights the broad-based confidence among retail investors in the company’s prospects. Following this, the HNI/NII category, which includes high-net-worth individuals and non-institutional investors, also showed interest, subscribing to 1.84 times the allotted shares. This indicates a measured but notable participation from wealthier individuals and smaller institutions who saw potential in the offering.

Solve Plastic Products IPO Day 1 Subscription at 2.20 Times: Should You Subscribe or Not?

The IPO for Solve Plastic Products will begin accepting subscriptions on August 13, 2024, and end on August 16, 2024. The allocation for the IPO is anticipated to be completed on Monday, August 19, 2024. The IPO for Solve Plastic Products is scheduled to be listed on NSE SME, with a provisional listing date of Wednesday, August 21, 2024.
On 13th August 2024, Solve Plastic Products IPO received bids for 27,24,000 shares, significantly more than the 12,36,000 shares available. This indicates that the Solve Plastic Products IPO was oversubscribed by 2.20 times by the end of Day 1.

Here are the subscription details for Solve Plastic Products IPO as of Day 1 (13th August 2024 at 5:28:01 PM)

It’s common for QIBs and HNIs/NIIs to ramp up their subscriptions closer to the closing of the IPO, often waiting until the final hours to commit. The subscription figures reported do not account for the IPO's anchor portion or market-making segments, which are typically filled earlier in the process.

QIBs are typically large institutional investors such as mutual funds, pension funds, and insurance companies. At the same time, HNIs and NIIs include affluent individual investors and smaller institutions looking to capitalise on the IPO. This initial response suggests a solid interest from retail investors, with the potential for increased participation from other investor categories as the IPO progresses.

Here are the subscription details for Solve Plastic Products IPO as of Day 1 (13th August 2024 at 5:28:01 PM):

On day 1, the Solve Plastic Products IPO saw a varied response on Day 1, with retail investors leading the subscription momentum. At the same time, High Net-Worth Individuals (HNIs) and Non-Institutional Investors (NIIs) showed moderate interest. The overall subscription figures stood at 2.20 times, driven primarily by the retail segment, which subscribed 4.01 times. HNIs/NIIs contributed to the subscription 0.40 times, whereas Qualified Institutional Buyers (QIBs) and employees had yet to participate significantly, with QIBs at 0 times and employees also at 0 times.

About Solve Plastic Products IPO

Solve Plastic Products Limited was established in 1994 and manufactures rigid PVC electrical conduits and uPVC pipes (unplasticised polyvinyl chloride), marketed under the "BALCOPIPES" brand.

The corporation owns three Kerala manufacturing facilities and one Tamil Nadu modern facility. The Bureau of Indian Standards (BIS) and other agencies, including the Central Public Works Department (CPWD) in Chennai and Kochi, the Military Engineer Services (MES), the Integral Coach Factory, the Public Works Department (PWD) in Tamil Nadu and Kerala, and the Tamil Nadu Housing Board, have approved the manufactured products. The state of Kerala is where the corporation primarily distributes its goods.

Highlights of the Solve Plastic Products IPO

• IPO price band: ₹91 per share.
• Minimum application lot size: 1200 shares.
• Minimum investment for retail investors: ₹109,200.
• Minimum investment for High Net-worth Investors (HNI): 2 lots (2,400 shares), ₹218,400.
• Registrar: Integrated Registry Management Services Private Ltd.