PS Raj Steels SME IPO fully booked, but Voler Car, Maxvolt Energy public issues remain undersubscribed on day 1

IPO News

The initial share sale of PS Raj Steels, a manufacturer of stainless steel pipes and tubes, was fully booked on February 12, the first day of bidding. However, Voler Car, and Maxvolt Energy Industries' public issues remain undersubscribed.

PS Raj Steels IPO

The company approached capital markets to raise Rs 28.28 crore via initial public offering (IPO) of 20.2 lakh shares during February 12-14. The price band for the offer is Rs 132-140 per share.

Investors have bought 26.41 lakh shares on Wednesday, higher by 1.82 times the offer size of 14.51 lakh shares, the subscription data published on the NSE showed. The IPO has received 1,306 applications.

The fresh issue proceeds will be utilised mainly for working capital requirements of the company.

Voler Car IPO

The public issue of the employee transportation services provider was undersubscribed at 0.78 times on the first day. Investors picked 16.91 lakh shares against the offer size of 21.66 lakh shares via 839 applications.

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Voler Car, which offers corporate transportation in Kolkata, Mumbai, Pune, Bhubaneshwar, Delhi-NCR, and Ahmedabad, targets to mobilise Rs 27 crore via IPO of 30 lakh shares at the upper end of price band of Rs 85-90 per share.

Apart from offer expenses, the IPO money will be used mainly for working capital requirements, and general corporate purposes.

Maxvolt Energy Industries IPO

The lithium-ion batteries manufacturer is set to raise the highest amount of Rs 54 crore amongst these three companies, via IPO. The public issue is a mix of fresh issue of 24 lakh shares worth Rs 43.2 crore, and an offer-for-sale of 6 lakh shares worth Rs 10.8 crore.

The price band for the book-built issue has been fixed at Rs 171-180 per share.

Investors bought 11.03 lakh shares till Wednesday, which were 51 percent of the offer size of 21.48 lakh shares, via 445 applications.

Maxvolt intends to utilise fresh issue proceeds for repaying debt, purchase of plant and machineries, and general corporate purposes.

All these three IPOs will close on February 14, while their share allotment will get finalised by February 17. Investors can start trading in equity shares of these companies on the NSE Emerge, effective February 19.