Savy Infra, Swastika Castal IPOs fully subscribed on day 1

Savy Infra IPO Update

The initial public offerings of SME companies - Savy Infra, and Swastika Castal - were fully subscribed on their first day of bidding on July 21. Both public issues will close on July 23.

Savy Infra and Logistics' initial share sale was booked at 3.24 times with investors buying 1.35 crore shares on Monday compared to the offer size of 41.71 lakh shares via 2,372 applications.

The EPC company specialising in earthwork and foundation preparation for infrastructure projects is raising Rs 69.98 crore via IPO which consists of entirely fresh issue of 58.32 lakh shares. The price band for the offer is Rs 114-120 per share.

The Gujarat-based firm has already mobilised Rs 19.93 crore via anchor book launched on July 18. Vikasa India, Ovata Equity, Nexus Global Opportunities Fund, Saint Capital Fund, Krushnum Nexus Capital Scheme, and Aarth AIF Growth Fund were among 15 institutional investors participated in the anchor book.

The Rs 49 crore out of IPO proceeds will be used for working capital requirements, and the remainder funds for general corporate purposes.

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Meanwhile, Swastika Castal, the aluminum casting products manufacturer, saw 1.53 times subscription for its 14-crore IPO. Investors have bid 33.12 lakh shares compared to the offer size of 21.64 lakh shares via 641 applications.

The offer price for the fixed price issue is Rs 65 per share.

The Gujarat-based company intends to utilise Rs 5 crore out of IPO proceeds for acquisition of plant & machinery and construction of shed & building, Rs 5.5 crore for working capital requirements. The remainder amount of Rs 1.6 crore will be used for general corporate purposes.

Unistone Capital is acting as the merchant banker for the Savy Infra IPO, while the Swastika Castal IPO is handling by Horizon Management.