Ecoline Exim IPO Subscription Status Day 2: Subscribed 0.89 Times

Calcutta, September 24, 2025:  On the second day of bidding for Ecoline Exim Limited’s SME IPO, overall enthusiasm remained subdued. By 1:00 p.m., the issue had achieved a cumulative subscription of 0.89 times, with 32.06 lakh shares bid against the total 36.05 lakh shares on offer. Demand was primarily driven by institutional investors, while retail participation remained limited.

Institutional Investors Lead Heavy Subscription

In addition to anchor investors, Qualified Institutional Buyers (QIBs) demonstrated strong confidence, bidding for 22.01 lakh shares, equivalent to 2.14 times their allocation, indicating significant interest from large institutional participants. Market makers and anchor investors received their full allocations of 2.72 lakh and 15.43 lakh shares, respectively. Retail investors showed moderate engagement, bidding for 7.20 lakh shares out of 18.02 lakh, translating to 0.40 times their allocation.

The Non-Institutional Investors (NII) segment reflected subdued demand, with only 2.85 lakh shares bid against a ceiling of 7.73 lakh shares. Within this, larger corporate investors (bNII) subscribed 2.41 lakh shares (0.47 times), while smaller investors (sNII) applied for just 44,000 shares (0.17 times), highlighting limited interest in the segment

IPO Goals and Timeline

Ecoline Exim plans to utilise ₹50 crore of the IPO proceeds to establish a new plant in Ahmedabad, covering construction, electrical installations, and plant acquisition. The remaining funds will be allocated for general corporate purposes. The IPO is open for bidding until 25 September 2025, with allotment scheduled for 26 September 2025. Refunds and demat credits are expected on 29 September 2025, ahead of the planned listing on NSE Emerge on 30 September 2025.

Outlook

While institutional demand has been strong, retail and Non-Institutional Investors (NII) participation has been weak, making the final day of bidding crucial. Continued retail interest will determine overall subscription levels, whereas sustained institutional support reflects confidence in Ecoline Exim’s operational prospects.

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