Record breaking 1200 crore issue heavily oversubscribed; iconic issue of SME segment
It’s just day 2, the issue is already fully subscribed
Spectrum Talent Management Limited was incorporated in 2012, a leading provider of manpower solutions in India, providing a wide range of services including recruitment, payroll, onboarding, and flexible staffing.
The company is founded by two passionate pramotors: Vidur Gupta is the company's Managing Director, and Siddhart Agarwal is the company's Whole-Time Director, CFO. With vast experience in management at all levels in India and abroad, as well as valuable experience with finance and numbers.
Spectrum Talent Management's initial public offering (IPO) opened for subscription on June 9, 2023, and concluded on Wednesday, June 14, 2023.
Spectrum Talent Management Limited's Rs 105.14 crore IPO consists of a fresh issue and an offer for sale in the price range of Rs 169 to Rs 173. Spectrum Talent Management Ltd.'s whole SME IPO involves the issuance of 60.776 lakh shares, which totals Rs 105.14 crore at the upper band of the price range of Rs 173 per share. The stock has a face value of Rs 10, and retail bidders can bid in lots of 800 shares.
Allocation reserve was made for each of the categories out of the total number of shares issued in the IPO.
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Market Maker Shares Offered
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304,000 shares (5.00%)
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QIB Shares Offered
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576,000 shares (9.48%)
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NII (HNI) Shares Offered
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2,598,400 shares (42.75%)
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Retail Shares Offered
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2,599,200 shares (42.77%)
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Total Shares Offered
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6,077,600 shares (100%)
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Synopsis of day-wise progression of the subscription status of Spectrum Talent Management Ltd IPO as follows:
On day 1, Spectrum Talent Management Ltd's SME initial public offering (IPO) received 53 per cent subscription.
The issue had a solid response from Qualified Institutional Buyers (QIB) and retail individual investors (RII) on Day 1, with the set portion being subscribed 1.66 times and 60 per cent, respectively. While 20 per cent of the non-institutional investors (NII) share was subscribed,
It’s just day 2, the issue is already fully subscribed. IPO was subscribed to 1.05 times. The issue had another good response from QIB and retail investors, who subscribed 2.67 times and 1.37 times, respectively. NII subscribed 38 per cent of portion allotted.
On day 3, the issue was subscribed 2.32 times. Prominently by retail investors. QIB, RII and NII subscribed 3.17 times, 3.32 times and 1.14 times, respectively.
On day 4, the issue had a robust response from investors, with the public issue being subscribed to 8.09 times on the last day of the subscription period.
RII subscribed 9.40 times. QIB and NII subscribed 8.39 times and 6.72 times, respectively.
Spectrum Talent Management Limited was biggest IPO in the history of SME segment. The stock collected whooping Rs 1200 crore plus of amount, which makes issue heavily oversubscribed in all category.
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The allocation basis will be finalized on June 19, 2023, and refunds will begin on June 20, 2023. The stock is set to go public on the NSE SME sector on June 22, 2023.