Osel Devices share price lists at ₹198.05, a decent 23.07% premium over the issue price on the NSE SME.
The Osel Devices share price thereafter gained more than 4% to ₹207.95, not before also dipping slightly to low of close to ₹190.
The investors had strong expectations from Osel Devices IPO as indicated by the strong subscription receipt and the Grey market premium or the GMP
The Osel Devices IPO had received 94.24 times subscription. By September 19, 2024 (Day 4), the public issue had been subscribed 206.07 times in the retail category, 78.01 times in the QIB category, and 321.40 times in the NII category.
The Osel Devices IPO GMP, or grey market premium, stood at +100 as was indicated by the data from Investorgain.com. This had meant that Osel Devices shares were being sold were available in the Grey market for ₹100 more than the upper band of the IPO offer price .
Also considering the upper end of the IPO pricing range and the current premium in the secondary market, Osel Devices’ expected listing price by the market participants was ₹260 per share, which represented a 62.50% premium over the ₹160 IPO price.
Osel Devices IPO subscription period was between September 16, 2024, and September 19, 2024.
The ₹70.66 crore book built issue of Osel Devices consisted of the issuance of 44.16 lakh new shares.
Osel Devices’ IPO price range stood at ₹155 to ₹160 per share. 800 shares was the minimum lot size required for an application.
Founded in 2006, Osel Devices Limited (previously Innovative Infratech Solutions Private Limited) produces a wide variety of LED display systems and hearing aids.
Osel Devices has planned using the net proceeds from the issue to pursue the following goals:
To payback or prepayment of specific loans that the company has taken out;
For financing the company’s needs for working requirement; and
General Corporate Purposes.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions
