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Cryogenic OGS IPO Day 2 update; subscription rises 28x, GMP at 47%

Cryogenic OGS IPO Day 2 subscription status: The initial public offering (IPO) measurement and filtration equipment maker Cryogenic OGS has entered the second day of public subscription and has received a solid response from investors so far. The issue has been fully subscribed with bids for 75.57 million shares against 2.7 million shares on offer, reflecting a subscription rate of 27.93, according to BSE data as of 5 PM, Thursday, July 3. Cryogenic OGS IPO grey market premium (GMP) The current GMP of Cryogenic OGS shares indicate a bumper listing for the IPO. According to sources tracking unofficial markets, the unlisted shares of Cryogenic OGS were trading at ₹69, a premium of ₹22 or 46.8 per cent against the upper price band of ₹47. Cryogenic OGS IPO details Cryogenic OGS aims to raise ₹17.77 crore through a fresh issue of 3.78 million equity shares and no offer for sale (OFS). The SME issue will close for public subscription on Monday, July 7. The basis of allotment of shares is likely to be finalised on Tuesday, July 8. Cryogenic OGS IPO will be listed on the BSE SME platform tentatively on Thursday, July 10. The company has set the price band in the range of ₹44 to ₹47, with a lot size of 3,000. A retail investor would need a minimum investment amount of ₹2,82,000 to bid for at least two lots at the upper price band. However, a high net-worth individual (HNI) can bid for a minimum of three lots for ₹423,000. MUFG Intime India, formerly Link Intime, is the registrar of the issue. Beeline Capital Advisors is the sole book-running lead manager. According to the red herring prospectus (RHP), the company intends to use the net fresh issue proceeds to meet working capital requirements and general corporate purposes. About Cryogenic OGS Incorporated in September 1997, Cryogenic OGS provides measurement and filtration equipment and systems by fabrication and assembling for various sectors like oil, gas, chemicals and allied fluid industry. The company operates a production facility in Vadodara, Gujarat. The company offer diversified products and comprehensive solutions including design, process engineering and manufacturing including fabrication, assembly and testing facilities. Cryogenic's major products include Basket Strainers, Air Eliminators, Prover Tanks, Additive Dosing Skid and Tank Wagon Loading Skid.