SME IPO: Shera Energy's issue price band was kept at ₹ 55-57 per share

The initial public offering (IPO) of Shera Energy Limited, which is engaged in producing wires and strips made of non-ferrous metals like copper, aluminum and brass, received bids for 27 crore 50 lakh 34 thousand shares, through which applications worth ₹ 1,567.69 crore got submitted. 

The listing of this issue of the company on the emerge platform of the National Stock Exchange will take place on February 17. The issue has been applied for in lots of two thousand shares, whose price band was kept at ₹ 55-57.

As per market observers, shares of Shera Energy are commanding a premium i.e., GMP (Grey Market Premium) of ₹ 10 in the grey market today. The SME stock is expected to make its market debut next week on Friday, February 17, 2023 on the NSE Emerge platform.

The finalisation of the basis of share allotment of Shera Energy IPO is likely to be announced on Tuesday, February 14, 2023. The registrar of the initial share sale is Bigshare Services Pvt Ltd. 

The company's CMD Naseem Shaikh said, as quoted by news agency ANI, that the highest number of 190 times applications in the IPO came from the NII category, followed by retail investors category.

The initial share sale's issue size was up to 61,76,000 equity shares which comprised of fresh issue of up to 10,48,000 equity shares and offer for sale i.e., OFS of up to 51,28,000 equity shares. Holani Consultants Private Limited is the Book Running Lead Manager to the issue.

Shera Energy Limited based in VKI area of Jaipur along with its three associate companies is supplying products to industries like Automobile, Transformer, Switchgear, Power Generation, Panel etc. The company also exports to about 15 countries. According to CMD Naseem Sheikh, this is the only company in Jaipur, which is supplying specific grade alloy for cartridge shell and bullet. 

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