Super Iron Foundry IPO subscribed 1.09x on day 3 so far, retail portion booked 1.27x; check GMP, subscription status

Super Iron Foundry IPO has began accepting subscriptions on Tuesday, March 11, and will remain open until Thursday, March 13. Super Iron Foundry IPO price band has been set at ₹108 per equity share, with a face value of ₹10 each. Investors can place bids for a minimum of 1,200 equity shares, with additional bids in multiples of 1,200 shares thereafter.

Founded in July 1988, Super Iron Foundry Limited produces municipal castings, ductile iron pipe fittings, automotive castings, agricultural castings (including rollers and crosskills), railway castings, and cast-iron counterweights.

The range of products provided by the company includes Municipal Castings, Ductile Iron Pipe Fittings, Ductile Iron Automotive Castings, Ductile Iron Agricultural Castings (rollers and crosskills), Railway Castings, Cast Iron Counterweights, and Screw Piles. The company is involved in global manufacturing and exporting of covers, adhering to international standards like EN124. Their products find applications in the automotive and agricultural sectors, emphasizing weight balance and stability.

With a modern robotic production facility, the company guarantees quality and sustainability, positioning itself as the preferred provider for customers looking for comprehensive casting solutions. The company has supplied design solutions and castings for notable projects in the Middle East, including the New Hamad Port Project, New Turkish Air Base, airport expansions in Oman, Dubai South, Lusail FIFA Stadium, and Al Barwah in Doha.

The manufacturing facility and warehouse of the company is located in Durgapur, West Bengal, covering an area of approximately 20 acres.

As per Prospectus, the company's listed peers are Bhagwati Autocast Ltd (with a P/E of 20.40), and Universal Auto Foundry Ltd (with a P/E of 79.10).

Super Iron Foundry IPO Subscription Status

Super Iron Foundry IPO subscription status is 1.09x, on day 3, so far. The retail portion was subscribed 1.27 times, and NII portion was booked 9%.

At 14:24 IST, the company has received bids for 65,13,600 shares against 59,85,601 shares on offer, according to data on chittorgarh.com

Super Iron Foundry IPO subscription status was 36%, on day 1, and the issue was booked 45% on the second bidding day. 

Super Iron Foundry IPO details

Super Iron Foundry IPO worth ₹68.05 crore, consists of a fresh issue of 63,01,200 equity shares. There's no offer for sale (OFS) component.

The Super Iron Foundry IPO intends to use the net proceeds from the offering for several purposes, including providing for the company's working capital needs, repaying or pre-paying some of the borrowings incurred by the company, either partially or fully, and for general corporate activities.

The Super Iron Foundry IPO's book-running lead manager is Horizon Management Private Limited, and the issue's registrar is Link Intime India Private Limited.Giriraj Stock Broking Private Limited is the market maker for the Super Iron Foundry first public offering.

Super Iron Foundry IPO GMP today

Super Iron Foundry IPO GMP today is +15. This indicates Super Iron Foundry share price was trading at a premium of ₹15 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Super Iron Foundry share price is indicated at ₹123 apiece, which is 13.89% higher than the IPO price of ₹108.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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