Roopa Screen IPO closes with 350 times subscription, Peshwa Wheat issue booked 2.7 times

The latest market report highlights that Rotary nickel screen manufacturer Roopa Screen's initial public offering (IPO) attracted a massive 350.06 times subscription, while the public offering of wheat-based products processor Peshwa Wheat was subscribed 2.7 times on September 28, the final day of bidding.

Both public issues opened for subscription on September 24.

Roopa Screen has tapped the capital markets to mobilize Rs 19.2 crore through an IPO of 30 lakh shares at the upper end of its price range of Rs 60-64 per share. The firm is seeking valuation of Rs 70.8 crore.

Market participants placed bids for 75.89 crore equity shares worth Rs 4,857 crore against the offer size of 21.68 lakh shares through 1.46 lakh applications.

Demand remained robust across investor categories. Retail market participants led the subscription, bidding 529.82 times their allotted quota, while the portions reserved for non-institutional market participants and qualified institutional buyers were subscribed 281.63 times and 111.63 times, respectively.

Roopa Screen, which manufactures rotary nickel screens used in rotary screen-printing machines, primarily by textile manufacturers for continuous printing on fabrics, will utilise Rs 9.9 crore of the net IPO proceeds to set up a new manufacturing facility, Rs 6 crore for working capital requirements and the remaining amount for general corporate purposes.

In addition to manufacturing rotary nickel screens at its facility in Gujarat, the firm additionally trades in nickel cathodes, which are primarily used as a key raw material in the production of nickel screens.

On the financial front, Roopa Screen noted a earnings of Rs 6.48 crore for the year ended March 2026, up 38.4 percent from Rs 4.7 crore in the previous year. Topline grew 11.9 percent to Rs 50.7 crore from Rs 45.3 crore during the same period.

In the meantime, Peshwa Wheat's public offering was subscribed 2.68 times, with market participants bidding for 1.41 crore equity shares against an offer size of 52.99 lakh shares through 1,979 applications during September 24-28.

Qualified institutional buyers were at the forefront, bidding 177.12 times their allotted quota. The portions reserved for retail and non-institutional market participants were subscribed 1.72 times and 42 percent, respectively.

The firm, which processes wheat-based products such as atta (wheat flour), sortex wheat, broken wheat and other flour products such as gram flour (besan) and maize flour, aims to mobilize Rs 53.52 crore through the public offering at the upper end of its price range of Rs 95-101 per share.

Of the net offering proceeds, Rs 6.69 crore will be utilised for the purchase of plant and machinery, while Rs 5.01 crore will be used for civil construction. Further, Rs 26.5 crore will be spent on working capital requirements, with the remaining amount earmarked for general corporate purposes.

Peshwa Wheat's financial performance has remained healthy in recent years, with the firm reporting a earnings of Rs 15.8 crore for the fiscal year ended March 2026, up 33.6 percent from Rs 11.8 crore in the previous year. Topline increased 25.9 percent to Rs 215.9 crore from Rs 171.5 crore during the same period.

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Both firms are anticipated to finalise their IPO share allotments by September 29, while trading in their equity shares on the BSE SME platform is anticipated to begin on October 1.

Roopa Screen shares were trading at a premium of more than 50 percent in the grey market, while Peshwa Wheat shares were not commanding any premium, according to market observers.

Seren Capital is acting as the merchant banker for the Roopa Screen IPO, while Finaax Capital Advisors is managing the Peshwa Wheat IPO.

In the meantime, Green Asia Impex, which specialises in processing and exporting frozen shrimps and dried chillies, has extended the closing date of its IPO to October 1 from September 28 due to a muted response from market participants. The price range has additionally been revised to Rs 84-89 per share from Rs 85-90 earlier.

The Rs 60-crore public offering was subscribed 43 percent over the last three days.