Ramming mass manufacturer Monolithisch India closed its initial public offering (IPO) with 170.12 times subscription on June 16, the final day of bidding, backed by demand from across categories of investors.
The company launched its IPO on June 12 to raise Rs 82.02 crore via fresh issue of 54.48 lakh shares at the upper price band. The price band for the issue was Rs 135-143 per share.
Investors have bought 69.8 crore equity shares compared to the offer size of 41.03 lakh shares via 1.96 lakh applications. Non-institutional investors were the leaders amongst them, bidding 460.3 times their allotted quota.
The portions set aside for retail individual investors, and qualified institutional buyers were subscribed 94.71 times, and 51.7 times, respectively.
Monolithisch India that seeks valuation of Rs 310.82 crore will finalise the IPO share allotment by June 17. The trading in its equity shares will commence on the NSE Emerge effective June 19.
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The company manufactures and supplies specialised ramming mass used as a heat insulation or lining material by its customers as a refractory consumable for induction furnaces installed in iron/steel and foundry plants.
The IPO funds will be utilised for setting up of a manufacturing facility, and investment in subsidiary, Metalurgica India for financing its capital expenditure towards purchase of land, building of factory shed, civil work and installation of additional plant and machinery therein. Further, the proceeds will also be used for working capital requirements, and general corporate purpose.
Hem Securities is sole merchant banker handling Monolithisch India IPO.
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