Presstonic Engineering IPO on Monday: Check price band, issue date, GMP and other details

Presstonic Engineering is all set to launch its initial public offering (IPO) on Monday, December 11. Starting at a relatively lower price band, it is expected to be a lucrative opportunity for investors who looking to venture into the engineering and tech sector.

Presstonic Engineering is all set to launch its IPO tomorrow, December 11.(iStock)

Presstonic Engineering IPO will open for subscription tomorrow and will close on Wednesday, December 13, lasting for two days. Further, the lot size of the issue is 1600 shares, which means that investors can bid for a minimum of 1600 shares.

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The price band of Presstonic Engineering IPO is set at ₹72. With a minimum subscription of 1600 shares, the minimum bidding amount comes out to be ₹1,15,200 (1600x72). Mentioned below is all you need to know about Presstonic Engineering IPO.

Presstonic Engineering IPO: GMP, price band, lot size

The price band for the Presstonic Engineering issue has been set at ₹72, while the minimum amount of shares that subscribers can bit for is 1,600. This means that each subscriber needs to make a minimum bid of ₹1,15,200.

Further, the face value of the equity shares is ₹10 each. The issue price is 7.2 times the face value of the equity shares, which comes out to ₹72. Meanwhile, the grey market premium (GMP) for the issue is currently stable at ₹23.

Presstonic Engineering IPO is worth ₹23.30 crore, and consists of no offer for sale (OFS). This means that the IPO consists only of fresh issue of 3,236,800 shares. The main aim of the IPO is to increase the capital of the company in order to repay loans and purchase more machinery to ramp up production.

Presstonic Engineering Limited saw an increase in revenue of 66.11 percent and profit after tax (PAT) of 1721.76 percent in FY22. The company's promoters are Yermal Giridhar Rao and Herga Poornachandra Kedilaya.