SME IPO tracker: Comrade Appliances shares offer nearly 70% returns on listing day

The shares of Comrade Appliances were listed at a premium of 61% over issue price on the BSE SME platform. The stock was listed at Rs 87 and was locked in 5% upper circuit at Rs 91.35.

The initial share sale of Comrade Appliances was subscribed by 77 times, led by strong non-institutional and retail interest. While NII category was subscribed 162 times, retail portion was subscribed 72 times at close.

The IPO was completely a fresh issue of up to 22.78 lakh crores and the company mopped up about Rs 12.30 crore.

Comrade Appliances is engaged in the process of manufacturing an extensive array of air coolers and electric geysers. The company also manufactures consumer durable goods and assembles a wide array of products and provides end-to-end product solutions.

It serves under both original equipment manufacturer (OEM) and original design manufacturer (ODM) business models.The net proceeds from the issue will be used for working capital requirements and general corporate purposes. The company’s shares will be listed on the BSE SME platform.Other SME IPOs subscription statusCurrently, three SME IPOs of Spectrum Talent Management, Bizotic Commercial and Urban Enviro Waste Management, are open for public subscription.

The initial share sale of Spectrum Talent Management, which closes on June 14, was subscribed 1.88 times so far on Day 3. The IPO opened on June 9. The company has fixed a price band of Rs 169-173 per equity share, planning to raise about Rs 97.57 crore. The shares of the company will get listed on the NSE Emerge.

Meanwhile, Bizotic Commercial’s IPO, which opened for subscription on June 12 was subscribed just 55% so far on Day 2. The company is offering its shares at a price of Rs 175.

Urban Enviro Waste Management, a general waste handling and management services provider, has seen 13 times subscription from investors for its IPO, which closes on June 14. The company is offering its shares for Rs 100 apiece.