Overview

• The IPO raised ₹220 crore through the issuance of 15.7 million fresh equity shares at a ₹130–140 price band
• Offer attracted over 1.27 million applications and was subscribed 53.78 times overall by the close on May 30
• Qualified institutional buyers led demand with a 69.51x subscription followed by non-institutional investors at 113.03x and retail investors at 19.40x
• Shares opened at the issue price on both the National Stock Exchange and Bombay Stock Exchange, defying a ₹20 grey market premium
• Proceeds will finance capacity expansion at its Mehsana plant and bolster working capital for the stainless-steel tubes and pipes maker which exports to 16 countries including the US, Germany and France