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TBO Tek’s IPO fully subscribed

The initial public offering (IPO) of TBO Tek Limited was fully subscribed yesterday.

The IPO received an overall subscription of 1.17 times. The retail category saw a subscription of 3.23 times, while the Qualified Institutional Buyer (QIB) category was subscribed only 0.01 times, and the Non-Institutional Investor (NII) category was subscribed 2.09 times as of 6 PM.

The public issue offered 92,85,816 shares for subscription but received bids for 1,08,37,808 on its first day.
Potential investors can subscribe to the issue until May 10 and will need to bid for 16 shares in one lot and in multiples thereafter.

The IPO’s price band is fixed at INR 875-920 per share. The basis of allotment will be decided by May 13, with the company making its stock exchange debut on May 15.

The IPO’s grey market premium (GMP) stands at INR 540 as of May 8, 2024, at 8:59 AM.

Based on the upper price band of INR 920 per share, the estimated listing price is projected to be INR 1460, indicating a potential gain of 58.70% per share. (Source: Moneycontrol0


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