Municipal castings maker Super Iron Foundry's initial public offering has received 1.5 times subscription on the final day of bidding, i.e. March 13. The issue was opened on March 11.
Investors have subscribed for 96.79 lakh shares compared to the offer size of 63.01 lakh shares via 4,789 applications, the subscription data available on the BSE showed.
The allotted quotas of retail as well as non-institutional investors were fully subscribed at 1.78 times and 1.4 times, respectively.
The Kolkata-based company that makes castings products for several industries and infra projects will finalise the IPO share allotment by March 17. Investors can start trading in Super Iron Foundry shares on the BSE SME effective March 19.
It has launched the public issue to raise Rs 68.05 crore at a price of Rs 108 per share, which was entirely a fresh issue.
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The firm will spend Rs 29 crore out of net issue proceeds for working capital requirements. Further, it intends to utilise Rs 16 crore for repaying debt and the remainder funds of Rs 15.2 crore for general corporate purposes.
Incorporated in 1988, Super Iron Foundry, which set up production facility in Durgapur (West Bengal) in 2013, manufactures municipal castings, ductile iron pipe fittings, cast-iron counterweights, and automotive, agricultural and railway castings.
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