Overview

• Bidding reached 97% of the 65.38 lakh shares on offer by Monday evening, with QIB and NII tranches fully covered and the retail portion at 95%, according to NSE data.
• The Rs 687.34 crore offer comprises Rs 400 crore fresh equity and a Rs 287.34 crore OFS in a price band of Rs 718–754 per share, with a lot size of 19 and a subscription window from Sept. 22 to 24.
• Fresh proceeds are allocated to Rs 79.1 crore of debt repayment, Rs 210 crore for working capital, and the remainder for general corporate purposes and issue expenses.
• The company raised about Rs 204.7–205 crore from anchor investors at Rs 754 per share, attracting Pinebridge, Allianz Global Investors, Kotak AMC, Axis MF, HSBC MF, Nippon India, HDFC MF and ICICI Prudential Life.
• Grey‑market quotes hovered around Rs 140–145, indicating a notional 18–19% premium to the upper band, which is an unofficial signal that may differ from the actual listing outcome; allotment is slated for Sept. 25 and listing targeted for Sept. 29.