Msafe Equipments IPO closes with 154-times subscription; Accretion Nutraveda and Kanishk Aluminium sail through

Msafe Equipments IPO News

• Msafe Equipments IPO closes with 154-times subscription
• Accretion Nutraveda and Kanishk Aluminium IPOs sail through
• Three companies to commence trading on BSE SME platform on February 4

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Aluminium scaffolding maker Msafe Equipments’ initial public offering closed with a massive 153.98-times subscription, while the public issues of Accretion Nutraveda and Kanishk Aluminium managed to sail through on the final day of bidding, January 30.

All three companies will finalise their IPO share allotments by February 2, and their shares will be available for trading on the BSE SME platform on February 4.

Investors bid for 59.66 crore equity shares in Msafe Equipments’ IPO against an offer size of 38.75 lakh shares through 1.52 lakh applications, with demand seen across all investor categories.

The portion set aside for non-institutional investors was subscribed 222.82 times their allotted quota, while the portions reserved for retail investors and qualified institutional buyers were subscribed 133.16 times and 117.97 times, respectively.

Uttar Pradesh-based Msafe Equipments is raising Rs 66.4 crore via its IPO at the upper end of the price band of Rs 116–123 per share. The IPO is a combination of a fresh issue of 44 lakh shares and an offer-for-sale of 10 lakh shares by promoters.

The company will utilise Rs 32.25 crore from the fresh issue proceeds to set up a new manufacturing facility, Rs 6 crore for manufacturing equipment for rental purposes, Rs 8 crore for working capital requirements, and the remaining funds for general corporate purposes.

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Meanwhile, the initial share sale of Accretion Nutraveda was subscribed 1.77 times during January 28–30, with investors bidding for 24.4 lakh shares against an offer size of 13.76 lakh shares through 811 applications.

Retail investors subscribed 2.19 times their allotted quota, while the portions set aside for non-institutional investors and qualified institutional buyers attracted subscriptions of 1.8 times and 1.01 times, respectively.

Ayurvedic and nutraceutical products maker Accretion Nutraveda approached the capital markets to raise Rs 24.7 crore via its maiden public issue of 19.2 lakh shares. The price band for the offer was Rs 122–129 per share.

The Gujarat-based, healthcare-focused company specialising in contract manufacturing will utilise the IPO proceeds for the purchase of machinery for automation at its existing manufacturing unit, working capital requirements, and general corporate purposes.

Aluminium extrusion products maker Kanishk Aluminium India’s public issue managed full subscription at 1.04 times on Friday. Investors picked up 41.61 lakh shares against an IPO size of 40 lakh shares through 1,167 applications.

The Rajasthan-based company tapped the capital markets to raise up to Rs 29.2 crore through a fresh issue of 40 lakh shares at an issue price of Rs 73 per share.

The company will repay loans worth up to Rs 19.5 crore using the IPO proceeds, while the remaining amount will be utilised for branding and promotion of the company’s brand, Baari by Kanishk, and for general corporate purposes.