Oneindig Technologies and Dhaval Packaging are set to debut on the BSE SME platform on August 6, with market expectations favouring Dhaval Packaging after its blockbuster subscription and stronger grey market premium (GMP).
According to the latest grey market trends, Dhaval Packaging is commanding a GMP of around 12%, signalling expectations of a strong market debut. Meanwhile, Oneindig Technologies is trading at a GMP of nearly 7%, indicating a moderately positive listing.
The Rs 27.65 crore Oneindig Technologies IPO was a fresh issue of 0.29 crore equity shares. The issue, priced at Rs 91-96 per share, was open for subscription from July 30 to August 3.
The IPO was subscribed 1.68 times, led by NII demand at 2.40 times, followed by retail at 1.84 times and QIBs at 1.05 times. Ahead of the issue, the company raised Rs 7.83 crore from anchor investors.
GMP and expected listing price
The latest GMP stands at around Rs 7 per share, implying a 7% premium over the issue price. Based on current trends, the stock is expected to list at around Rs 103.
The company plans to utilise the proceeds primarily to meet working capital requirements, with the balance earmarked for general corporate purposes.
Founded in 2016, Oneindig Technologies operates in the renewable energy sector, providing EPC services for solar projects across India. Its portfolio includes rooftop and ground-mounted solar installations, solar pumps, O&M services, IPP projects, and the supply of photovoltaic modules, inverters, batteries and other solar equipment.
The Rs 36.36 crore Dhaval Packaging IPO, comprising a fresh issue of 37 lakh shares, was priced at Rs 97 per share and remained open from July 30 to August 3.
The IPO received a blockbuster response, with an overall subscription of 35.52 times. NIIs led the demand at 75.35 times, followed by QIBs at 56.38 times and retail investors at 40.36 times. The company also raised Rs 10 crore from anchor investors ahead of the issue.
Dhaval Packaging continues to command a stronger GMP of around Rs 12 per share, implying an estimated listing price of around Rs 109.
The company will use the proceeds primarily to set up a new manufacturing facility in Ahmedabad, while also repaying debt and meeting general corporate and issue-related expenses.
Established in 2015, Dhaval Packaging manufactures plastic packaging solutions for the food, FMCG and industrial sectors. It specialises in in-mould labelled (IML) food containers and SAW pipe protection caps, serving industries ranging from dairy and pharmaceuticals to construction and heavy engineering.
Among the two SME IPOs listing today, Dhaval Packaging enters with stronger momentum, backed by significantly higher subscription and a firmer grey market premium. However, investors should remember that GMP is an unofficial indicator, and actual listing performance will ultimately depend on market sentiment and demand on debut.
