Super Iron Foundry's maiden public issue has received 34.5 percent subscription on March 11, the first day of bidding. This was despite the negative sentiment across segments in the market.
Investors have bought 21.74 lakh equity shares, compared to the offer size of 63.01 lakh shares, via 1,506 applications, the subscription data published on the exchanges showed.
Retail investors have picked 58.9 percent shares of their allotted quota, while the part set aside for non-institutional investors was booked 13.8 percent.
West Bengal-based Super Iron Foundry manufactures municipal castings, ductile iron pipe fittings, ductile iron automotive castings, ductile iron agricultural castings (rollers and crosskills), railway castings and cast-iron counterweights. Municipal castings are used primarily in roadway construction.
It mainly exports products to European and Middle Eastern markets, which accounted for 94 percent to the total revenue in FY24 and over 55 percent to the topline in FY25 (April-December period).
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The company intends to raise Rs 68.05 crore via public issue at a price of Rs 108 per share. The last day to subscribe the issue will be March 13.
Rs 29 crore out of net issue proceeds will be utilised for its working capital requirements, Rs 16 crore for repayment of debt, and the remainder Rs 15.2 crore for general corporate purposes.
Horizon Management is acting as the merchant banker for the issue.
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