Sugs Lloyd IPO Sees Moderate Demand on Day 1; HNIs Drive Interest

New Delhi, August 29, 2025 — The Sugs Lloyd Limited SME IPO that opened today is seeing measured investor interest on Day 1. Bidding was at about 0.5× of the issue size as of 3:00 p.m., with HNIs being the largest contributors and retail participation being guarded.

Founded in 2009, Sugs Lloyd operates across renewable energy (solar EPC), electrical EPC, and civil EPC, along with manpower and outage management solutions for electricity distribution companies (DISCOMs). The company is promoted by Mrs. Priti Shah and Mr. Santosh Kumar Shah and has expanded rapidly on the back of large EPC contracts in recent years.

Subscription Overview & Segment Interest

BSE data showed bids for 32.36 lakh shares, out of 65.58 lakh shares available—a subscription rate of 0.49×. HNIs replicated their allotment at par, subscribing at 1× with 25.26 lakh shares through 282 applications.

Retail investors exhibited early entries but soft demand, subscribing at 0.19× with 7.10 lakh shares. Qualified Institutional Buyers (QIBs) did not appear on Day 1, with no bids. Bidding was heavy at the upper end of the price band—₹123, with demand almost equalling the aggregate bid volume.

Anchor Investment and IPO Structure

Before opening up to the public, 4.06 lakh shares were allocated to anchor investors at ₹123, aggregating ₹4.99 crore. NAV Capital Emerging Star Fund and Raghunandan Capital Securities were among the prominent anchor subscribers.

The IPO—a fresh full issue—aims to collect ₹85.66 crore, with a price band of ₹117–₹123 per share. It contains 69.64 lakh shares, arranged with 53.7% for retail, 31.4% for NIIs, and 4.1% for QIBs. The closing date of the IPO is September 2, allotment is on September 3, and listing is scheduled on BSE SME by September 5.

Financial Momentum & Market Highlights

Sugs Lloyd posted stellar financial expansion in FY25: revenues jumped to ₹176 crore, an increase of 159% year-on-year, as net profit climbed 60% to ₹16.8 crore. Its order book was solid at approximately ₹299 crore as of March 2025. Focused on core EPC, solar, and transmission segments, the firm is well-positioned for the growing demand for power infrastructure development.

Strategic Insights

HNI bidding dominance on Day 1 indicates investors’ faith in Sugs Lloyd’s growth story, and retail investors seem to be watching the offer.

No QIB bids so far, but that is the nature of SMEs; traction may pick up over the next few days if GMP trends rise.

IPO proceeds are largely meant to strengthen working capital (~₹64 crore) and general purposes—amounts that would drive expansion and execution on the increasing order backlog.

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