Shera Energy Ltd. received applications worth Rs.1567 crore for its initial public offering (IPO)

According to the company's CMD Naseem Shaikh, the IPO received 190 times as many applications from the Non-Institutional Investors-NII category as from any other.


Jaipur (Rajasthan) : A large number of people put money into Shera Energy Limited’s initial public offering (IPO) on Thursday because it is the only company in the country that can produce wires and strips made of non-ferrous metals like copper, aluminium, and brass in a single facility. On Tuesday, the company opened bidding for an initial public offering (IPO) of 61.76 million shares for Rs 35.20 crore. As of Friday, the company had received bids for 27 crore 50 lakh 34,000 shares, for a total of Rs 1567.69 crore. This issue of the company will be listed on the National Stock Exchange’s emerge platform on February 17. Applications have been submitted for the issue in 2,000-share increments, with the price range set at Rs 55-57 per share.

According to the company’s CMD Naseem Shaikh, the IPO received 190 times as many applications from the Non-Institutional Investors-NII category as from any other. A further 51.30 applications came from individual investors who have faith in the company. There have been 47456 individual investors who have submitted an application. The IPO received applications totaling â11567 crore, with 44.53 million shares requested. This represents an oversubscription of 61.76 million shares across all categories. He assured employees and shareholders that the company would do everything in its power to live up to the public’s faith in it.

Shera Energy Limited’s initial public offering (IPO) has been subscribed 44.53 times, according to the director of the IPO’s lead manager, Holani Consultants Pvt. Ltd., Ashok Holani. This is despite the negative sentiment in the stock market due to the Adani episode. Foreign institutional investors also showed strong interest in the IPO, placing bids totaling Rs 53 crore. Applications totaling 20 crore were submitted by HDFC, the largest private bank in the country, and 60.27 crore were submitted by domestic institutional investors. The issue was initiated with full confidence in the company’s performance, he said, because he expected investors to be interested in it. This is the second company he has served as the Lead Manager for that is based in Jaipur. When the application period closed at 5:00 p.m. on Thursday, the results revealed were a reflection of the investors’ confidence that the company would succeed.

About 20 years old Shera Energy Limited based in VKI area of Jaipur along with its three associate companies is supplying products to industries like Automobile, Transformer, Switchgear, Power Generation, Panel etc. The company also exports to about 15 countries. According to CMD Naseem Sheikh, this is the only company in Jaipur, which is supplying specific grade alloy for cartridge shell and bullet. The company has a good hold in the international markets as well.