Arrowhead Seperation Engineering IPO has been subscribed 7.71 times so far on November 16, the first day of bidding. The issue received bids for 37.71 lakh shares against the issue size of 5.28 lakh shares. The retail portion has been booked 12.68 times while non-institutional investors picked 1.6 times the allotted quota.
The price for the issue, which opened on November 16 and will close on November 20, has been fixed at Rs 233 per share. Through the public offer, the company aims to raise Rs 13 crore. The offer is entirely a fresh issue of 5.58 lakh shares. Investors can bid for a minimum of 600 shares and in multiples thereof.
Also Read: Tata Technologies sets IPO price band at Rs 475-500 per share
The company will use the proceed for the repayment of loan from NBFCs, and funding Working capital requirements. The remaining amount will be used for general corporate purposes. Ajit Mundle and Jyoti Mundle are the promoters of the company.
Aryaman Financial Services is the book-running lead manager, Cameo Corporate Services is the registrar and Aryaman Capital Markets is the market-maker for the issue. The stock will get listed on BSE SME.
Also Read: ROX Hi-Tech off to a good start, lists at 62% premium to IPO price on NSE SME
Arrowhead Seperation Engineering manufactures, trades and exports various types of dryers such as Vacuum Double Drum Dryer, Rotary Dryers, Single Drum Dryer, Double Drum Dryer, etc.
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!
