The initial public offering of Winsol Engineers, which provides balance of plant solutions for wind and solar projects, received strong response from investors on the first day of bidding, i.e. May 6. Investors picked 6.49 crore equity shares, which were 29.1 times higher than 22.32 lakh equity shares, the National Stock Exchange data showed.
Retail investors were at the leading position, buying 52.5 times the allotted quota, followed by non-institutional investors who picked 22.5 times the portion set aside for them. The part reserved for qualified institutional buyers was subscribed 1.1 times.
Winsol Engineers, which to the renewable energy industry, aims to mobilise Rs 23.36 crore via initial share sale of 31.15 lakh equity shares which comprises only a fresh issue component.
The price band for the issue, which closes on May 9, has been fixed at Rs 71-75 per share.
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The Jamnagar-based company already raised Rs 6.62 crore via anchor book at the upper price band. The net issue proceeds will be utilised primarily for working capital requirements and general corporate purposes.
Further, the Refractory Shapes IPO was also fully subscribed on the day 1, receiving 4.35 times subscription. Retail investors picked 8.2 times the allotted quota, and the reserved portion of non-institutional investors was booked 2.66 times.
Qualified institutional buyers are yet to show strong interest to the issue, buying 0.014 times the reserved portion.
The company that manufactures bricks, castables, high alumina catalysts and ceramic balls is planning to mobilise Rs 18.60 crore via public issue of 60 lakh equity shares at the upper price band.
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The price band for IPO, which closes on May 9, is Rs 27-31 per share.
Refractory Shapes has raised Rs 5.27 crore through anchor book launched on May 3, a day before the issue opening.
Overall, the IPO funds will be utilised for civil construction required for expanding & setting up a new manufacturing unit at Wankaner, Gujarat, and also purchase of plant and machinery for the same unit. Further, the remaining money will be spent for purchase of commercial vehicle; and general corporate purposes.
Meanwhile, the IPO of Slone Infosystems, too, received strong demand on its second day of bidding as it was subscribed 73.11 times with investors picking 10.23 crore equity shares against offer size of 14 lakh equity shares.
Retail investors remained at the forefront, buying 126.4 times the part set aside for them, while non-institutional investors and qualified institutional buyers picked 27.6 times the allotted quota.
The Mumbai-based IT hardware solutions company intends to mop up Rs 11.06 crore via public issue of 14 lakh equity shares at a price of Rs 79 per share.
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