It’s only Day 2, but Suntech Infra Solutions’ IPO is already turning heads. The SME infrastructure company has seen a flood of interest, with bids coming in nearly 19 times higher than the number of shares on offer. And it’s not just retail investors lining up—interest across the board is picking up steam, while the grey market is hinting at a solid debut.
If you’re keeping an eye on IPOs, this one has all the signs of a small-market hit.
Demand Surging Across the Board
By Thursday evening, Suntech’s IPO had pulled in bids for more than 6.5 crore shares—against just 34 lakh available. That’s an overall subscription rate of nearly 19 times.
The real buzz? Retail investors. Their portion is already subscribed nearly 30 times, with small investors rushing in aggressively. Non-institutional buyers (like HNIs) are also showing strong interest, booking about 12 times their allotted quota. Even qualified institutional buyers have joined the party, with their section subscribed 6 times.
This comes after Day 1 already saw healthy demand, with nearly five times subscription. Clearly, confidence in the offering is building fast.
Grey Market Premium Keeps Climbing
If you follow grey market trends, the rising premium for Suntech is hard to miss. On Thursday, the GMP (grey market premium) jumped to around ₹25–₹29, suggesting a potential listing price of around ₹111 per share—well above the ₹86 issue cap. That points to a listing gain of roughly 30%, if the momentum holds.
This is a strong indicator of sentiment ahead of the company’s NSE SME debut next week.
Breaking Down the IPO Basics
Here’s a quick refresher on the IPO details:
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Price band: ₹81 to ₹86 per share
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Issue size: ₹44.39 crore (fresh issue + offer for sale)
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Lot size: 1,600 shares per lot
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IPO dates: Open from June 25 to June 27
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Listing: Scheduled for July 2 on the NSE SME platform
The company plans to use the funds for working capital, new construction equipment, and other business expansion needs.
What Does Suntech Infra Actually Do?
Suntech isn’t just another infrastructure name. Founded in 2009, the company specializes in civil construction and equipment rentals—playing a behind-the-scenes but crucial role in building big-ticket infrastructure.
Its clients range from power and steel companies to oil and gas and metro projects. Think Bharat Mandapam, IOCL refineries, and other major industrial projects. The company works on everything from foundation building to renting out heavy-duty machines.
A Look at the Financials
Suntech’s recent numbers paint a solid picture. The company clocked ₹96 crore in revenue for FY24, up from ₹86 crore the previous year. Profits rose too—₹9.25 crore in FY24 compared to ₹5.76 crore a year earlier.
Margins are holding up well, with a strong 28% EBITDA and return on equity (ROE) in the same range—an indicator of efficient, profitable operations.
What’s Next?
Friday is the final subscription day, and if current trends hold, the issue may close with massive oversubscription—particularly in the retail and NII categories.
Allotment results are expected by June 30, with refunds and demat credits scheduled for July 1. The big day—listing—is slated for July 2. If grey market signals are anything to go by, there could be a strong start on debut.
But as with any SME listing, investors will be watching the first few trading sessions closely to see if momentum sticks.
