According to reports from Moneycontrol, Harikanta Overseas IPO was subscribed 1.11 times during the bidding period, with investors bidding for 29.65 lakh shares against the offer size of 26.7 lakh shares via 389 applications. The synthetic textile fabrics manufacturer approached capital markets to raise ₹24.3 crore. Meanwhile, Yaashvi Jewellers IPO was subscribed 5.4 times during May 25-27, with investors bidding for 2.85 crore shares against the offer size of 52.86 lakh shares via 1,973 applications.
As reported by Moneycontrol, the Harikanta Overseas IPO was majorly backed by qualified institutional buyers whose reserved portion was 21.33 times subscribed, while the parts set aside for non-institutional and retail investors were subscribed 73 percent and 66 percent respectively. For Yaashvi Jewellers, retail investors picked 1.75 times their allotted quota, while the reserved portion of non-retail investors saw 9.6 times subscription. Both companies will finalise their IPO share allotment by May 29.
According to Moneycontrol, Harikanta Overseas intends to utilise ₹5.4 crore of proceeds for factory premises, ₹9.3 crore for plant and machineries, ₹4.75 crore for working capital requirement, and the remainder for general corporate purposes. Yaashvi Jewellers will spend ₹21.5 crore of IPO proceeds for working capital requirements, ₹11 crore for repayment of certain borrowings, and the remaining amount of ₹6.5 crore for general corporate purpose. Both companies' shares will be available for trading on the BSE SME platform on June 2.
As reported by Moneycontrol, Interactive Financial Services is acting as the merchant banker for the Harikanta Overseas IPO, while Yaashvi Jewellers IPO is managed by the book running lead manager Smart Horizon Capital Advisors. The companies' shares will be available for trading on the BSE SME platform on June 2, as per the tentative schedule.
