KRM Ayurveda IPO closes with over 64 times subscription; Shayona Engineering offer booked 1.34 times on day 2

IPO News

• KRM Ayurveda IPO closes with over 64 times subscription
• Shayona Engineering IPO booked 1.34 times
• Hannah Joseph Hospital IPO sees 55% subscription

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Ayurvedic hospitals and clinics chain KRM Ayurveda's initial public offering closed with a massive 64.25 times subscription on January 23, the final day of bidding, while the public issue of Shayona Engineering was subscribed 1.34 times.

KRM Ayurveda will finalise IPO share allotment by January 27, and its equity shares will be available for trading on the NSE Emerge effective January 29, while Shayona Engineering and Hannah Joseph Hospital closed their public issues next week on January 27.

Investors applied for 26.97 crore equity shares against offer size of 41.98 lakh shares via 65,806 applications in last three days. Non-institutional investors bid 132.53 times their allotted quota, while the portions set aside for qualified institutional buyers and retail investors were subscribed 59.02 times and 52.63 times, respectively.

KRM Ayurveda that provides ayurvedic solutions through products and services is raising Rs 77.49 crore via initial share sale of 57.4 lakh shares at the upper price band. The company already mobilised Rs 20.81 crore via anchor book on January 20.

The price band for the offer was Rs 128-135 per share.

The company that operates six hospitals and five clinics will utilise IPO proceeds for construction and development of telemedicine operational facilities, purchase of CRM software and hardware infrastructure, and human resources.

Further, the funds will also be used for repaying loan, working capital requirements, and general corporate purposes.

Meawhile, the Rs 15-crore public issue of Shayona Engineering, the specialist in turnkey project machinery, die and molds, industrial structure and fabrication works, saw 1.34 times subscription on second day of bidding with investors bidding 13.8 lakh shares against offer size of 10.32 lakh shares via 425 applications.

The demand was seen from across categories of investors with qualified institutional buyers being at the top bidding 3.33 times their allotted quota. The reserved portions of non-institutional and retail investors were booked 1.57 times, and 1.18 times, respectively.

Tamil Nadu-based healthcare services provider Hannah Joseph Hospital's Rs 42-crore initial share sale was subscribed 55 percent in the last two days with investors bidding 23.56 lakh shares against IPO size of 42.94 lakh shares via 132 applications.

The parts set aside for non-institutional investors was booked 1.04 times, qualified institutional buyers 63 percent, and retail investors 22 percent.