Canarys Automations shares were listed at a 40.16 percent premium over the IPO price on October 11. The stock opened at Rs 43.45 against the issue price of Rs 31.
Notably, the grey market premium, ahead of the IPO was stable at Rs 5, indicating a listing price of Rs 36.
The public offer which opened for subscription on September 27 and closed on October 3, was an entirely fresh issue of 1.51 crore shares, which was subscribed 9.94 times. The price band for the Rs 47.03 crore IPO was fixed at Rs 29-31 per share.
Retail investors subscribed 11.70 times of their allotted quota while qualified institutional buyers (QIB) bought 2.73 times. High-net-worth individuals remained at the forefront, subscribing 14.29 times.
Canarys Automations will use the proceeds from the IPO to fund expenditures related to solutions development for digital transformation, water resources management, creation of a new delivery centre, upgrading existing facilities, and funding working capital requirements. The remaining amount will be used for general corporate purposes.
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Metikurke Ramaswamy Raman Subbarao, Danavadi Krishnamurthy Arun, Raghu Chandrashekhariah, Sheshadri Yedavanahalli Srinivas Pushparaj Shetty and Nagaraju Vineeth are the promoters of the company.
Indorient Financial Services Ltd was the lead manager, Link Intime India Private Ltd was the registrar for the issue and Alacrity Securities was the market maker.
Ahead of the IPO, the company raised Rs 10.02 crore from anchor investors. Nigen Undiscovered Value Fund, Finavenue Growth Fund, Saint Capital Fund and VPK Global Ventures Fund - Scheme 1 took part in the anchor book.
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