Auto components manufacturer Craftsman Automation share price fell 9.6 percent in the opening on March 25. The stock listed at Rs 1,350 on the BSE, against the issue price of Rs 1,490.
The share price opened at Rs 1,359 on the National Stock Exchange, registering a 8.8 percent decline compared to issue price.
Given the current market volatility, unattractive valuations and tepid IPO subscription, the listing price was on expected lines, experts feel.
Craftsman Automation, a well-diversified engineering company, garnered Rs 823.7 crore through its public issue comprising a fresh issue of Rs 150 crore and an offer for sale of Rs 673.69 crore by existing selling shareholders. The company will utilise fresh issue money for repaying of debt.
The company raised the money at the higher end of the price band, Rs 1,490 per share.
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It is the largest component manufacturer engaged in the machining of cylinder heads and cylinder blocks in the construction equipment industry as well as in the IMHCV segment of the commercial vehicle Industry.
The business operates in three key segments namely automotive powertrain and others, automotive-aluminium products, and industrial and engineering, having 12 state-of-the-art manufacturing facilities across 7 cities of India.
Tata Motors, Daimler India, Tata Cummins, Mahindra & Mahindra, Royal Enfield, Siemens, Escorts, Ashok Leyland, VE Commercial Vehicles, and TAFE Motors & Tractors are among others its customers.
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