Madhya Pradesh-based cast components maker Gallard Steel has attracted four investors in the anchor book on November 18, raising Rs 10.63 crore ahead of its IPO opening for the public on November 19.
The company approached capital markets to mop up Rs 37.5 crore via initial public offering (IPO) of 25 lakh shares at the upper end of price band of Rs 142-150 per share. The public issue will remain open till November 21.
On Tuesday, it has finalised allocation of 7.09 lakh equity shares to four anchor investors - SageOne Flagship Growth OE Fund, Cognizant Capital Dynamic Opportunities Fund, Vikasa India EIF I, and Minerva Ventures Fund - at Rs 150 per share.
SageOne Flagship Growth OE Fund, an open-ended Category III AIF, picked Rs 2.49 crore worth shares in Gallard Steel, while Cognizant Capital managed investment fund bought shares worth Rs 3 crore.
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The engineering company that provides cast components to railways, defence, power generation and allied industries through manufacturing facilities in Pithampur (Madhya Pradesh) intends to spend Rs 20.73 crore of IPO proceeds for expansion of its existing manufacturing facility and construction of office building, Rs 7.2 crore for repaying debt, and the remainder funds for general corporate purpose.
Seren Capital is acting as the merchant banker for the Gallard Steel IPO.
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