IPO GMP: Zee Tech India set to launch IPO on May 29, 2024
Exciting news for investors! Zee Tech India is all set to launch its IPO on May 29, 2024. The company will be offering 33.91 lakh new shares to investors, with an IPO size of ₹37.30 crore.
The price range for Zee Tech India’s IPO has been set between ₹104 to ₹110 per share. The IPO will close on May 31, and shares will be credited to investors’ demat accounts on June 3. The stock will be listed on the stock exchange on June 4.
Zee Tech India has allocated 1,200 shares per lot for its IPO, with retail investors required to invest a minimum of ₹1,32,000 to purchase at least one lot. After the IPO, promoters’ stake in the company will reduce from 82.65% to 60.75%.
The IPO stock is currently trading at a premium price of ₹65 in the grey market. This suggests that the stock could be listed at ₹175, offering investors a potential 59% profit on the first day.
The anchor for the IPO was opened on May 28, with the company aiming to raise ₹10.63 crore from investors. Zee Tech India has reserved 35% of the IPO quota for retail investors and 50% for QIBs.
In the financial year 2023-24, Zee Tech India posted a net profit of ₹7.79 crore, up from ₹1.96 crore in 2022-23.
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