Samay Project Services IPO Fully Subscribed on Day 1, Patil Automation Sees Lukewarm Response
The initial public offering (IPO) of Samay Project Services received a strong investor response, achieving full subscription on the first day of bidding. In contrast, Patil Automation Limited witnessed a weaker start, with partial subscription on Day 1.
Samay Project Services IPO: Strong Investor Interest
Samay Project Services, a specialist in EPC services, is raising ₹14.69 crore via a fresh issue of 43.2 lakh shares, with a price band set at ₹32–₹34 per share.
As of June 16, investors had placed bids for 41.2 lakh shares against the offer size of 31.2 lakh shares, backed by 230 applications. Prior to this, on June 13, the company secured ₹2.72 crore from anchor investors like Craft Emerging Market Fund, Rajasthan Global Securities, and Aarth AIF Growth Fund at the upper price band.
The IPO funds will be used for working capital requirements and general corporate purposes. Samay Project Services is engaged in the construction of piping systems, tanks, vessels, fabricated structures, and fire safety systems.
Patil Automation IPO: Undersubscribed on Day 1
Patil Automation, a company offering automation and welding solutions, saw a subscription rate of only 66% on its IPO’s opening day. Investors applied for 27.37 lakh shares versus an issue size of 41.49 lakh shares, with 1,104 applications received.
The company aims to raise ₹66.1 crore by issuing 55.08 lakh shares within a price band of ₹114–₹120 per share. Already, ₹19.81 crore has been raised via anchor investment.
Proceeds from the IPO will be utilized for setting up a new manufacturing unit, repaying existing debts, and meeting general business expenses.
Key IPO Details:
| IPO | Status | Issue Size | Price Band | Anchor Investment | Use of Funds |
|---|---|---|---|---|---|
| Samay Project Services | Fully Subscribed | ₹14.69 Cr | ₹32–₹34 | ₹2.72 Cr | Working Capital, Corporate Purposes |
| Patil Automation | 66% Subscribed | ₹66.1 Cr | ₹114–₹120 | ₹19.81 Cr | New Plant, Debt Repayment, Corporate Purposes |
Both IPOs are scheduled to close on June 18, 2025. The lead merchant banker for Samay Project Services is Smart Horizon Capital Advisors, while Seren Capital is managing the Patil Automation IPO.