Overview
- Bids reached 2.23 times the shares on offer by Day 2, led by QIBs at 3.95 times and NIIs at 4.70 times, while the retail tranche was 0.91 times subscribed, according to NSE data.
- The grey market premium eased from roughly Rs 11 on September 29 to about Rs 9 on September 30 and around Rs 3 on October 1, implying only a small, unofficial listing premium.
- The Rs 122.31 crore offer includes a Rs 24.44 crore fresh issue and an offer for sale of up to 72.5 lakh shares, with a price band of Rs 128–135 and a retail lot size of 111 shares.
- The company allocated 11,77,710 shares to anchors at Rs 135 apiece, raising Rs 15.90 crore from Craft Emerging Market Fund, Rajasthan Global Securities and Abundantia Capital VCC.
- Net proceeds are slated mainly for capital expenditure on commercial vehicles and heavy equipment, with category reservations set at 50% for QIBs, 35% for retail and 15% for NIIs.