Kalyani Cast Tech IPO had been subscribed 157.97 times by November 10 afternoon, the final day of bidding. Bids came in for 25.68 crore shares against the issue size of 16.26 lakh.
Retail investors bid 179.94 times their allotted quota of shares, qualified institutional buyers bought 66.35 times and non-institutional investors picked 188.28 times the shares set aside for them.
The small and medium enterprise (SME) is looking to raise Rs 30.11 crore through the offer, which is entirely a fresh issue and there is no offer-for-sale component.
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The price band for the issue, which opened on November 8, has been fixed at Rs 137-139 a share. The company will use the proceeds to meet working capital requirements and for general corporate purposes.
Gretex Corporate Services is the book-running lead manager, Bigshare Services the registrar and the market maker for the issue is Gretex Share Broking. The promoters of the company are Naresh Kumar, Javed Aslam, Nathmal Bangani, Kamala Kumari Jain and Muskan Bangani.
Kalyani Cast Tech is involved in the casting business. It manufactures products such as bearing housing for electrical loco, MG coupler components, adapters for WDG4 Loco and CI brake blocks. The company specialise in manufacturing cargo containers, including ISO containers and custom containers for parcel cargo, two & three-wheelers, dwarf and cuboid containers.
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