Fabtech Technologies Cleanrooms IPO clocks 18.46 times subscription on day 1

Fabtech Technologies Cleanrooms IPO

The initial public offering of Fabtech Technologies Cleanrooms, the pre-engineered and pre-fabricated modular panels and doors manufacturer, garnered overwhelming response especially from retail and non-institutional investors, fully subscribing at 18.46 times on January 3, the first day of bidding.

The Mumbai-based company approached capital markets to raise Rs 27.74 crore via initial share sale. The price band for the offer, which closes on January 7, is Rs 80-85 per share.

Investors applied for 4.31 crore equity shares against the offer size of 23.36 lakh shares via 24,281 applications, the BSE subscription data showed.

Retail investors topped the subscription numbers, bidding 33.88 times their allotted quota, while non-institutional investors bought 10 times their reserved portion. Qualified institutional buyers have not put any bids yet.

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Fabtech Technologies that supplies cleanroom products and technology for plants of the pharmaceutical, healthcare, and biotech sectors has already mobilised Rs 7.9 crore by allotting 9.28 lakh equity shares to anchor investors at a price of Rs 85 per share.

Mavira Growth Opportunities Fund, Vikasa India, Invicta Continuum Fund, Finavenue Capital Trust, Chanakya Opportunities Fund, Matterhorn India Fund, and Steptrade Revolution Fund were the participants in the anchor book.

With manufacturing facility in Gujarat, the company intends to utilise IPO proceeds for its long-term working capital requirements, acquisition of equity shares of Kelvin Air Conditioning and Ventilation Systems, and general corporate purposes.

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The share allotment by Fabtech Technologies will be finalised by January 8, while the shares will be available for trading on the BSE SME, effective January 10.

Vivro Financial Services, as a book running lead manager, is handling the public issue.