Karbonsteel Engineering IPO subscribed 71.3 times, much better than Taurian MPS, Nilachal Carbo, Krupalu Metals issues on final day

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Structural engineering and fabrication solutions provider Karbonsteel Engineering's initial public offering has received strong response from investors, subscribing 71.27 times, which was much better than Taurian MPS, Nilachal Carbo, and Krupalu Metals public issues on their final day of bidding, September 11.

Karbonsteel is raising Rs 59.30 crore via initial share sale of 37.29 lakh shares which consists of fresh issue of 30.39 lakh shares and an offer-for-sale (OFS) of 6.9 lakh shares by promoters. The price band for the offer was Rs 151-159 per share.

Investors have bid 19.02 crore shares against the offer size of 26.68 lakh shares via 45,523 applications. Qualified institutional buyers took the lead amongst investors, bidding 121.61 times their allotted quota.

The parts set aside for non-institutional and retail investors were subscribed 63.82 times, and 46.86 times, respectively.

Karbonsteel Engineering that involves in design, fabrication and assembly of heavy and precision steel structures for industrial and infrastructure sectors has raised Rs 16.87 crore via anchor book of 10.6 lakh shares on September 4.

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The company intends to utilise fresh issue proceeds for expansion of existing Umbergaon facility through construction of new sheds, repayment of borrowings, working capital requirements, and general corporate purpose.

Meanwhile, Taurian MPS, which provides crushing, screening and washing solutions for mining and construction sectors along with other related equipment, and services & maintenance, has received 9.95 times bids for its public issue.

Investors have applied for 1.82 crore shares compared to the offer size of 18.32 lakh shares via 4,378 applications.

Mumbai-based Taurian aims to mobilise Rs 42.53 crore via initial share sale of 24.87 lakh shares consisting of entirely fresh issue. The price band for the issue was RS 162-171 per share.

The company on September 4 (a day before the issue opening for public) already raised Rs 11.2 crore via anchor book of 6.55 lakh shares. All the net IPO proceeds will be used for acquisition of machineries and equipments, working capital requirements, and general corporate purposes.

The maiden public issue of Nilachal Carbo Metalicks, the low ash metallurgical coke producer, was subscribed 4.86 times during September 8-11 with investors bidding 3.2 crore shares against the offer size of 66 lakh shares via 7,206 applications.

It was a fixed price issue with offer price of Rs 85 per share.

The ferro alloy grade coke producer is raising Rs 56.10 crore via IPO which consists of fresh issue of 26 lakh shares, and an OFS of 40 lakh shares by existing shareholder Kajal Fashionwear Agency. The fresh issue proceeds will be utilised for installing one coke oven plant for expansion of capacity, modernization of existing plant, and general corporate purposes.

Krupalu Metals' Rs 13.5-crore public issue has received muted demand from investors compared to above three IPOs, subscribing 1.18 times. Investors bid 22.24 lakh shares compared to the offer size of 18.72 lakh shares via 358 applications. This was a fixed price issue with offer price of Rs 72 per share.

The Gujarat-based brass and copper products maker that seeks valuation of Rs 42 crore is set to utilise net IPO proceeds for purchase of additional plant and machinery, working capital requirements, and general corporate expenses.

All the above four companies will finalise their IPO share allotment by September 12, while their shares will be available for trading on the bourses on September 16.