Sanghvi Forging gains 9% on debut
Sanghvi Forging touched an intraday high of Rs 97.05 and an intraday low of Rs 85. At 09:22 hrs the share was quoting at Rs 92.90, up Rs 7.90, or 9.29%.
Sanghvi Forging gains 9% on debut. Sanghvi Forging touched an intraday high of Rs 97.05 and an intraday low of Rs 85. At 09:22 hrs the share was quoting at Rs 92.90, up Rs 7.90, or 9.29%.
The Rs 36.9-crore initial public offering of Sanghvi Forging and Engineering, a forging products manufacturer, received lukewarm response from investors. Non-institutional (NIIs) and retail investors helped the issue to sail through on last day. The issue was subscribed barely 1.30 times, as per data available on National Stock Exchange. The price band was fixed at Rs 80-85 a share.Reserved portion of NIIs and retail was subscribed nearly 2 & 3 times, respectively. However, there was no application from qualified institutional buyers.The company is a manufacturer and exporter of forging products for the non-automotive sector. It manufactures forged flanges, forgings and machined components for various industries like oil & gas, fertilizers, power, desalination & water treatment, ship building, defence, fabrication of process equipments, instrumentation etc.Issue proceeds are proposed to be used for partly financing the cost of setting up 15,000 MTPA open die forging unit (with single piece forging up to 40 MT) to manufacture proof machined products viz. stepped shafts, bars & hollows, blocks, flanged shafts, gear blanks, forging items. Some portion of proceeds will also be used for working capital for the new project and for pre-operative expenses including issue expenses. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
