In a matter of pride for Punjab’s MSME industry, Ludhiana headquartered New Swan Group is all set to make entry into the Dalal Street as its group company New Swan Multitech is going to launch IPO offer from 11th January. The price band of the 5,016,000 equity shares on offer by the company has been fixed between Rs. 62 to Rs. 66 per share. 15th January has been fixed as the last date for IPO subscription and investors can bid for minimum lot of 2,000 shares, it is expected that this share will be listed on BSE SME on 18th January as allotment will take place on 16th January while refunds will be initiated on January 17th.
Notably New Swan Group is headed by prominent businessman of the region Upkar Singh Ahuja, who also is the president of Chamber of Industrial and Commercial Undertakings (CICU) and is a stalwart in the engineering and agricultural components manufacturing field. This IPO of New Swan Multitech is very likely to pave way for other companies in Ludhiana and Punjab to enter the bourses as grey market has already given thumbs up to the IPO and it is being anticipated that rate of share will open at a handsome premium. Moreover this IPO comes close on the heels of recently launched IPO of another Ludhiana based company Happy Forgings Limited which has turned out to be successful.
Meanwhile in an unusual trend, in addition to the regular share investors large number of city residents, businessmen and even employees of private companies are showing huge interest in the IPO of New Swan Multitech and according to local share brokers queries on how to subscribe to the IPO and future prospects of the shares are pouring on with them. Since its inception in 1985, New Swan group has grown steadily under stable leadership and its subsidiary New Swan Multitech Limited is one of the leading & reputed manufacturer-exporter of high quality farm machineries in India supplying its products to automotive and agricultural companies in India and abroad.