Karamtara Engineering IPO Sees Strong Subscription
Karamtara Engineering's initial public offering (IPO) was subscribed 33.12 times on Friday, the final day of bidding. The IPO received bids for 84.18 crore shares against 2.54 crore shares on offer.
Subscription Details
The portion reserved for retail individual investors was subscribed 10.41 times, while the non-institutional investors' category was subscribed 37.42 times. The qualified institutional buyers' portion received bids for 70 times the shares on offer.
Context and Significance
Karamtara Engineering manufactures engineering steel products for the renewable energy and power transmission sectors. The company had earlier raised Rs 262.50 crore from anchor investors. The price band for the issue has been fixed at Rs 241-254 per share, valuing the company at around Rs 7,790-8,174 crore.
Grey Market Performance
According to platforms tracking grey market activities, the shares of Karamtara Engineering are commanding a grey market premium (GMP) of up to 26 percent. This indicates a potential listing gain of around 25.6 percent.
Listing Details
The shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 17.