Savy Infra and Logistics IPO booked 106.53 times, Swastika Castal issue sees tepid response on final day

Even in the grey market, Swastika Castal IPO shares did not get any premium, however, Savy Infra shares traded at around 15-20 percent premium, according to the market observers.

Infrastructure and logistics solutions provider Savy Infra and Logistics' initial public offering has received overwhelming response from investors, but the public issue of aluminum casting maker Swastika Castal saw tepid response on July 23, the final day of bidding.

Even in the grey market, Swastika Castal IPO shares did not get any premium, however, Savy Infra shares traded at around 15-20 percent premium, according to the market observers.

Both companies will finalise IPO share allotment by the end of July 24 and their shares will be available for trading on the bourses effective July 28.

Savy Infra and Logistics IPO

The Rs 70-crore maiden public issue was subscribed 106.53 times during July 21-23, with investors bidding 44.43 crore shares compared to the offer size of 41.71 lakh shares via 97,355 applications.

The IPO comprised of entirely fresh issue of 58.32 lakh shares. The price band for the offer was Rs 114-120 per share.

Of the total funds, Rs 19.93 crore has already been raised from anchor book on July 18, a day before the issue opening.

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Savy Infra and Logistics that focusses on earthwork and foundation preparation for infrastructure projects such as road construction, embankments, sub-grade preparation, granular sub-bases, and bituminous or concrete surfaces is set to utilise Rs 49 crore out of the IPO proceeds for working capital requirements, and the remainder funds for general corporate purposes.

Swastika Castal IPO

Meanwhile, the IPO of Swastika Castal saw 4.87 times subscription with investors buying 1.05 crore shares compared to the offer size of 21.64 lakh shares via 2,225 applications.

The Kolkata-based aluminum casting products maker is raising Rs 14.07 crore via fixed price public issue at Rs 65 per share.

Of the IPO funds, Rs 5 crore will be utilised for acquisition of plant & machinery and construction of shed & building, and Rs 5.5 crore for working capital requirements.

Unistone Capital acted as the merchant banker for the Savy Infra IPO, and the Swastika Castal IPO managed by the Horizon Management.