Gujarat-based structural steel products manufacturing company Mittal Sections' initial public offering has been fully subscribed on its first day of bidding on October 7.
The company is raising Rs 52.91 crore via initial public offering (IPO) of 37 lakh shares at the upper price band, which consists of entirely fresh issue of shares.
The price band for the offer, which is closing on October 9, has been fixed at Rs 136-143 per share.
The public issue was subscribed 1.19 times with investors applying for 44.09 lakh shares against offer size via 1,964 applications.
Retail investors or individual investors (bidding for 2 lots) took the lead for getting the offer fully subscribed, buying 2.21 times their allotted quota. The portions set aside for qualified institutional buyers and non-institutional investors were subscribed 75 percent and 32 percent, respectively.
Mittal Sections will finalise the IPO share allotment by October 10 and will make its debut on the BSE SME on October 14.
Click Here To Read All IPO News
The company operates mild steel sections and structural steel products business through its two manufacturing plants in Ahmedabad which had installed capacity of 36,000 metric tonnes per annum (MTPA).
It is in the process of increasing the capacities of these manufacturing plants to 96,000 MTPA. These proposed expansions are expected to become operational in FY26, the company said.
Mittal Sections that is valued at Rs 165 crore intends to spend IPO proceeds for acquisition of land, construction of factory building and purchase of plant & machineries, working capital requirements, repayment of certain outstanding borrowings, and general corporate purposes.
Wealth Mine Networks is acting as the merchant banker for the Mittal Sections IPO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
