Presstonic Engineering's IPO is seeing strong retail demand and could list at ₹104, according to Investing.com

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MUMBAI – Presstonic Engineering, a maker of products for the metro rail industry, has witnessed a strong response from retail investors to its initial public offering (IPO), with the subscription price touching 5.31 times on the first day. The company's IPO, which opened today at ₹72 per share, saw retail subscriptions rise almost nine-fold, indicating strong market interest.

The IPO consists of a total issue size of ₹ 23.30 Crore (INR 10 Crore = approximately USD 1.2 million) in 3,236,800 shares with a face value of ₹ 10 each. Retail investors have to bid for a minimum quantity of 1,600 shares, which translates to a minimum investment of ₹115,200. For High Net Worth Individuals (HNIs), the property size is doubled at ₹230,400.

Finshore Management Services Limited is leading the book-running process for the IPO, while Cameo Corporate Services Limited is handling the registration obligations. Nikunj Stock Brokers has been appointed as market maker.

The excitement surrounding the IPO is further underlined by a significant gray market premium of +₹32, suggesting potential listing prices of around ₹104 per share. This premium suggests that investors are optimistic about the company's prospects and are willing to pay more than the issue price ahead of its preliminary listing on the NSE SME platform, scheduled for December 18. The subscription window for this highly anticipated IPO closes on Wednesday.

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