The initial public offerings of Tejas Cargo India, and Royalarc Electrodes could not attract healthy demand on their first day of bidding as both remain undersubscribed on February 14.
The subscription will remain open for both public issues till February 18, followed by the process of finalisation of IPO share allotment on February 19.
The logistics company targets to raise Rs 105.84 crore via initial share sale of 63 lakh shares. The price band for the book-built issue has been fixed at Rs 160-168 per share.
Investors have bought 13.18 lakh shares till Friday, which were 29 percent of its offer size of 45.24 lakh shares, via 1,082 applications, the subscription data published on the NSE showed.
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On February 13, the Faridabad-based supply chain transportation services provider has already raised Rs 29.82 crore by allocating 17.75 lakh shares to 8 anchor investors at a price of Rs 168 per share.
Tejas Cargo is going to utilise IPO proceeds for the purchase of additional trailers, working capital requirements, and the repayment of debt.
New Berry Capitals is the sole book running lead manager handling the public issue.
The initial public offering of Royalarc Electrodes was subscribed just 12 percent on Friday, with investors buying 2.65 lakh shares against the offer size of 21.6 lakh shares via 214 applications.
The welding consumables manufacturer entered capital markets to mobilise Rs 36 crore via public issue of 30 lakh shares which comprises of fresh issue of 18 lakh shares and an offer-for-sale of 12 lakh shares.
Out of which, it has already raised Rs 10.08 crore via anchor book on February 13. Four institutional investors picked 8.4 lakh shares in the company via anchor book.
The company that makes welding electrodes, flux cored wire, and MIG/TIG wires will utilise fresh issue proceeds for the expansion of the manufacturing facility at Valsad (Gujarat), working capital requirements, and general corporate purposes.
Fedex Securities is acting as the merchant banker for the issue.
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