Osel Devices shares made a sweet debut on the bourses on its stock market debut after listing at Rs 198, which commanded a premium of 24% over the issue price of 160 per share on the NSE SME platform.
Grey market, however, has missed the listing as it didn't account for such grey market estimates where shares were trading at a premium of about 63 percent. Grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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Since investor frenzy over SME IPO was running riot, this issue did not disappoint-after all, it is subscribed an astonishing 194 times in four days. Non-institutional investors were the top subscribers, picking up an over 300 times of reserved portion, followed by retail investors buying over 200 times. QIBs picked up 78 times the allotted quota.
Osel Devices specializes in making different LED display systems and hearing aids. Its applied LED display systems to different commercial applications include advertising media, billboards, boardrooms for companies, and command centers. The systems are featured with content management such that connecting the phone or computers facilitates an easy display.
The net proceeds from the issue are proposed to be utilized for prepayment or part repayment of certain loans besides funding working capital requirements and for other general corporate purposes.
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