New Delhi, July 6 -- The initial public offering (IPO) of Smarten Power Systems, a Gurugram-based power backup and solar products company, is set to open for public subscription on Monday, July 7. The Rs.50 crore SME IPO combines a fresh issue of 40,00,800 shares and an offer for sale of 9,99,600 shares.

According to market sources, the latest grey market premium (GMP) of Smarten Power Systems shares was nil, which indicates the stock could be listed at par with the issue price.

The SME IPO will be for subscription on Monday, July 7, and conclude on Wednesday, July 9.

The price of the SME IPO has been fixed at Rs.100 per equity share.

Smarten Power Systems intends to raise Rs.50 crore from the issue, which it will use to purchase asse...