Elevator manufacturer LT Elevator closed its initial public offering on September 16 with a massive 170.25 times subscription as the demand was seen across categories of investors.
Investors put in bids for 61.48 crore equity shares against the offer size of 36.11 lakh shares via 1.06 lakh applications. Non-institutional investors were at the top to boost subscription numbers, bidding 263.87 times their allotted quota.
The parts set aside for retail investors and qualified institutional buyers were subscribed 158.98 times and 95.1 times, respectively.
LT Elevator IPO shares traded at more than 30 percent in the grey market, the unofficial platform for trading in IPO shares till their listing on the bourses, the market observers said.
The company will finalise the IPO share allotment by September 17, followed by listing of its shares on the BSE SME with effect from September 19.
Click Here To Read All IPO News
LT Elevator launched its Rs 39.37 crore initial share sale on September 12 with price band of Rs 76-78 per share, which consists of entirely fresh issue of 50.48 lakh shares. Of which, Rs 11.21 crore has already been raised through anchor book of 14.36 lakh shares on September 11.
The IPO proceeds will be utilised mainly for working capital requirements, besides general corporate purposes.
Horizon Management acted as the merchant banker for the LT Elevator IPO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
