Gabion Technologies, which manufactures gabions, rockfall protection nettings, and geosynthetic materials for civil engineering, infrastructure development, and environmental protection projects, has attracted massive response for its maiden public issue that was subscribed 57.33 times on the first day of bidding, January 6.
The company approached capital markets to raise Rs 29.16 crore via initial public offering (IPO) of 36 lakh shares at the upper end of price band of Rs 76-81 per share.
Investors have put in bids for 14.77 crore equity shares on Tuesday, against the offer size of 25.77 lakh shares via 35,763 applications.
Retail and non-institutional investors took the lead to boost subscription numbers, bidding 82.25 times and 69.23 times their allotted quotas, respectively, while the portion set aside for qualified institutional buyers was also fully subscribed at 1.47 times.
The public issue will remain open till January 8.
The healthy demand also seems to be reflected in the grey market. The Gabion Technologies IPO shares traded at 37 percent premium in an unofficial market, increasing from 33 percent, the market observers said.
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Gabion Technologies India has already raised Rs 8.28 crore by issuing 10.22 lakh shares to 8 anchor investors at the upper price band on January 5, a day before the IPO opening.
HDFC Bank, 360 ONE LVF Treasury Solutions Fund, Neo Dynamic Strategy Fund, Master Growth 369, SB Opportunities Fund, and Tiger Strategies Fund participated in the anchor book, each picking up 1.24 lakh shares.
Vorton Opportunities Fund, and Vikasa India were the largest investors amongst them, buying 1.37 lakh and 1.36 lakh shares of Gabion.
The New Delhi-based company will utilise IPO proceeds for its working capital requirements, purchasing plant and machinery, and general corporate purposes.
Gabion manufactures mechanically woven double twisted hexagonal steel wire mesh gabions, defence gabions, PP rope gabions, hi-tensile rockfall protection nettings, rockfall fence/barrier reinforced geomat, and high strength flexible geogrid, catering to government entities, contractors, private customers, consultants, and authorities in the fields of geosynthetics, geotechnical engineering, and ground improvement techniques.
The merchant banker managing the Gabion Technologies IPO is GYR Capital Advisors.
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