Pune E-Stock Broking IPO: Check GMP, subscription status on day 1, other details (2024)

It reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The market maker category has been reserved upto 6,91,200 equity shares or 15% of the issue.

Also Read: Pune E-Stock Broking IPO: Price band, issue size, GMP, key details to know

Pune E-Stock brokerage Ltd is a corporate brokerage business, as stated in the Red Herring Prospectus (RHP). Through CTCL (Computer to Computer Link) Terminals, Web Interfaces, and Mobile Apps (Android & iOS), the firm primarily provides its clients with a platform for trading Equity, Futures & Options, Currency, and Commodities with the Stock Exchange (NSE, BSE, MCX).

The clientele of the company consists of both direct clients and authorised persons, dispersed over more than ten cities. As of March 2023, the total number of clients was 60,640. Delhi and Ahemdabad are home to the company's two branch offices.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

As per the RHP, the company's listed peers are Share India Securities Ltd (with a P/E of 18.34), ICICI Securities Ltd (with a P/E of 18.02), and Angel One Ltd (with a P/E of 17.47).

Between March 31, 2023, and March 31, 2022, Pune E - Stock Broking Limited's profit after tax (PAT) dropped by -4.69%, while revenue fell by -12.06%.

Pune E-Stock Broking IPO subscription status

Pune E-Stock Broking IPO subscription status is 13.09 times, on day 1. The issue received positive response from retail investors who's portion set was subscribed 18.36 times, and non-institutional buyers who's portion set was subscribed 8.86 times, according to data on chittorgarh.com. Qualified Institutions Buyers subscribed to the issue 7.05 times.

The company has received bids for 3,59,05,600 shares against 27,42,400 shares on offer, according to data on chittorgarh.com.

Also Read: Gopal Snacks IPO: Price band, finances- here are 8 key things to know from RHP

Pune E-Stock Broking IPO details

Pune E-Stock Broking IPO, which is worth ₹38.23 crore, comprises a fresh issue of 4,606,400 equity shares with a face value of ₹10. This is a completely a fresh issue, and there is no offer-for-sale component.

The net proceeds from the offering will be used by the company to fund its general corporate purpose as well as its working capital requirements.

The registrar for the Pune E-Stock Broking IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Share India Capital Services Private Limited. Share India Securities is the market maker for the Pune E-Stock Broking IPO.

The company's promoters are Sandip Sunderlal Shah, Paresh Sunderlal Shah, Daidipya Ghodnadikar, Vrajesh Navnitbhai Shah, Devendra Ramchandra Ghodnadikar, and Vrajesh Krishnakumar Shah. A total of 80,34,858 equity shares, or 72.75% of the company's pre-issue paid-up share capital, are held by the promoters and promoter group.

Also Read: V R Infraspace IPO allotment to be finalised today: 6 steps to check status; know latest GMP

Pune E-Stock Broking IPO GMP today

Pune E-Stock Broking IPO GMP or grey market premium is +83. This indicates Pune E-Stock Broking share price were trading at a premium of ₹83 in the grey market, according to www.investorgain.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Pune E-Stock Broking share price is ₹166 apiece, which is 100% higher than the IPO price of ₹83

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Pune E-Stock Broking IPO Review

“The company that is currently providing broking services is mulling expansion of its activities by adding more segments to be a financial services provider under one roof. Though it posted inconsistency in its top and bottom lines for FY21 to FY23, its working for H1-FY24 indicates the results of its expansion. Based on FY24 annualized earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards," said Dilip Davda, the contributing editor at Chittorgarh.

Also Read: SME IPOs: A gateway to emerging market opportunities

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Published: 07 Mar 2024, 12:28 PM IST