CLN Energy IPO subscribed 3.4 times so far on Day 3: Check GMP, price band and other details

The SME initial public offering (IPO) of CLN Energy was subscribed by 3.34 times on Monday, the last day of the bidding process as of 11:45 AM. The company aims to raise Rs 72 crore through the SME IPO, with the shares set to list on the BSE SME platform.

The retail portion of the issue was subscribed by 4.92 times, while the issue was subscribed by 2.87 times in the non-institutional investors category on the last day of bidding. Meanwhile, the qualified institutional buyers had fully subscribed to their allotted portion with a subscription at 1.07 times.

CLN Energy IPO GMP

In the unlisted market, CLN Energy currently does not have any GMP. However, this does not indicate a lack of demand for the IPO, and it is likely that grey market activity could emerge in the coming days.

CLN Energy IPO issue structure

CLN Energy IPO is a fresh equity sale of 28.92 lakh shares, and the issue will be available for bidding till January 27.

Proceeds from IPO

Net proceeds from the IPO will be used for the purchase of machinery and equipment, funding of working capital requirements and other general corporate purposes.

CLN Energy IPO price band

The price band for the CLN Energy IPO is set at Rs 235-250 per share, with a minimum bid size of 600 shares per lot. In the public offering, 50% of the shares are allocated for Qualified Institutional Buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors.

Listing and allotment date for the IPO

CLN Energy is expected to finalize the share allotment for its IPO on January 28, with the listing date scheduled for January 30.

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CLN Energy IPO details

The company manufactures custom lithium-ion batteries, motors, and powertrain components for EVs, including controllers and converters. It offers B2B solutions for mobility and stationary applications under the brand.

The global lithium-ion battery market, valued at $54.4 billion in 2023, is expected to grow at a 20.3% CAGR through 2030, driven by rising EV registrations.

For the period ended September 2024, the company clocked revenue from operations of Rs 75 crore with a profit after tax (PAT) of Rs 4.63 crore.

IPO’s lead manager and registrar

Aryaman Financial Services is the book running lead manager of the CLN Energy IPO, while Bigshare Services is the registrar for the issue.

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