Presstonic Engineering is expected to launch its initial public offering (IPO) on Monday, December 11th. Entering at a relatively lower price point is likely to be a lucrative opportunity for investors looking to venture into the engineering and technology sector.
Presstonic Engineering is ready to launch its IPO tomorrow, December 11th. (iStock) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
Presstonic Engineering's IPO opens for subscription tomorrow and closes on Wednesday, December 13, lasting two days. Furthermore, the lot size of the issue is 1600 shares, which means investors can bid for at least 1600 shares.
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The price range for Presstonic Engineering's IPO is ₹72. With a minimum subscription of 1600 shares, the minimum bid amount is ₹1,15,200 (1600×72). Below is everything you need to know about Presstonic Engineering's IPO.
Presstonic Engineering IPO: GMP, price range, lot size
The price range for the Presstonic Engineering edition has been set at ₹72, while the minimum number of shares that subscribers can purchase is 1,600. This means that each subscriber must place a minimum bid ₹1,15,200.
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In addition, the par value of the shares is ₹10 each. The issue price is 7.2 times the nominal value of the shares issued ₹72. Meanwhile, the gray market premium (GMP) for the issue is currently stable ₹23.
Presstonic Engineering's IPO is worthwhile ₹23.30 crore and consists of no offer for sale (OFS). This means that the IPO will only consist of a new issue of 3,236,800 shares. The main goal of the IPO is to increase the company's capital to repay loans and buy more machinery to boost production.
Presstonic Engineering Limited recorded a revenue increase of 66.11 per cent and profit after tax (PAT) of 1721.76 per cent in FY22. The company's promoters are Yermal Giridhar Rao and Herga Poornachandra Kedilaya.
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