2 SME IPOs to close tomorrow: Check subscription status and GMP

Dev Labtech Venture IPO

A BSE SME IPO to raise ₹11.22 crores is Dev Labtech Venture. With a market lot of 2000 shares, the Dev Labtech Venture IPO price range is defined at ₹51. Dev Labtech Venture’s initial public offering (IPO) allotment date is March 24, 2023, and the IPO bid is 2000 shares for an application amount of ₹102,000. March 29, 2023 will be the Dev Labtech Venture IPO listing date. The IPO is scheduled for the BSE SME. Dev Labtech Venture Ltd, which was founded in 1993, is a leading manufacturer of diamonds and jewellery. Gujarat’s Bhavnagar serves as the company’s registered office location. 

At 7:02:00 PM on March 20, 2023, there were 1.31 times subscriptions in the Dev Labtech Venture IPO. On Day 2, the public offering received 1.83 times the retail category’s subscriptions and 0.79 times the NII category’s. A SME IPO with 2,200,000 equity shares with a face value of ₹10 and a total value of up to ₹11.22 crores is Dev Labtech Venture IPO. In the retail category, a total of 19,06,000 shares have been bid, compared to 10,44,000 shares offered, and a total of 8,20,000 shares have been bid in the NII category, compared to 10,44,000 shares offered.

According to the market watchers, the latest GMP of Dev Labtech Venture IPO is ₹8 as of March 20th 2023 07:12 PM. With the issue price band of 51, the Dev Labtech Venture SME IPO’s estimated listing price is Rs. 59 (maximum price band of issue + today’s GMP), resulting in the anticipated upside premium of 15.69%.

A R Ramachandran, Co-founder & Trainer Tips2trades said “Even though Dev Labtech Venture Limited looks attractive in terms of revenue & profit growth, currently a bearish economic sentiment prevailing in the market makes this a risky bet. Investors should wait for lower levels post listing to buy at better valuations.”

Command Polymers IPO

Command Polymers to raise ₹7.09 crore via IPO through a fresh issue of 25,32,000 shares and the company to list on the BSE SME platform. The subscription period for the IPO is from March 17 through March 21, 2023. The IPO price is set at ₹28 per share, and the face value of each share is ₹10. Command Polymers Ltd, a corporation founded in 1998, engages in the marketing and production of products based on polymers. The IPO may list on March 29, and the IPO allotment deadline is March 24. The number of shares in the Command Polymers IPO lot is 4000.

The IPO of Command Polymers was 1.04% subscribed on Day 2 compared to 0.60x on 17th March. By March 20, 2023, the public issue had received 1.79 times as many subscriptions in the other category and 0.30 times in the retail category. In the retail category, 3,60,000 shares were total bid as opposed to the 12,00,000 shares offered, while 21,44,000 shares were total bid in the NII category as opposed to the 12,00,000 shares offered.

A R Ramachandran, Co-founder & Trainer Tips2trades said “A combination of increasing debt burden & extremely high PE ratio leaves very less room for investors to make good returns in Command Polymers IPO. Investors should wait for a discounted price post listing and enter at better levels.”

The current GMP for the SME IPO of Command Polymers is available at a discounted price of ₹-3. According to market analysts in the grey market, the cap price for the Command Polymers SME IPO is 28 and the expected listing price as of the current GMP is ₹25.