Overview

• The book-built offer opens for bidding September 24–26, comprising a Rs 300 crore fresh issue and a Rs 204 crore offer-for-sale in a Rs 194–204 price band.
• Anchor placement on September 23 was reported as Rs 180 crore for 88.24 lakh shares at Rs 204 each, while another report cited Rs 151.2 crore for 74.12 lakh shares, with investors including Citigroup Global Markets Mauritius, Morgan Stanley Asia (Singapore), WhiteOak Capital MF and Ashika Global Securities.
• The grey market premium was about Rs 14 on September 23, implying roughly a 6.8% upside to the top of the band, which is an informal and non-official indicator.
• Retail investors can apply for a minimum lot of 73 shares (Rs 14,892 at the upper band) and the allocation split reserves up to 50% for QIBs, at least 35% for retail and a minimum of 15% for non-institutional investors.
• Proceeds are slated for a new plant at Ghiloth (about Rs 101.62 crore), expansion at Mambattu (Rs 58.10 crore), repayment of Rs 70 crore debt and general purposes, with allotment expected September 29 and listing targeted October 1 on BSE and NSE.