Voler Car IPO subscribed 12.38 times on final day; P S Raj Steels, Maxvolt Energy public issues close with decent subscription numbers

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Employees transportation services provider Voler Car's initial share sale was subscribed 12.38 times on the final day of bidding, i.e. February 14, while P S Raj Steels, and Maxvolt Energy Industries closed their IPOs with single-digit subscription numbers.

All these three companies will finalise their IPO share allotment by February 17, while the trading in their equity shares will commence on the NSE Emerge effective February 19.

Voler Car IPO

The company that provides home-to-office transportation for employees of large MNCs and corporate entered capital markets on February 12 to raise Rs 27 crore via initial public offering. The price band for the offer was Rs 85-90 per share.

Investors have applied for 2.68 crore equity shares against the offer size of 21.66 lakh shares via 9,052 applications, the subscription data published on the NSE showed.

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Voler Car, which is valued at little more than Rs 100 crore, intends to utilise IPO proceeds for its working capital requirements, and general corporate purposes.

P S Raj Steels IPO

The initial share sale of the stainless steel pipes and tubes manufacturer saw 9.2 times subscription during February 12-14, with investors picking 1.33 crore equity shares against the offer size of 14.51 lakh shares via 7,013 applications.

The Hisar-based company approached capital markets to mobilise Rs 28.28 crore via maiden public issue at the upper end of price band of Rs 132-140 per share.

These fresh issue funds will be utilised mainly for its working capital requirements.

Maxvolt Energy Industries IPO

The lithium-ion batteries manufacturer also managed to attract decent demand for its IPO which was subscribed 3.07 times on Friday. Investors have applied for 65.92 lakh shares against the offer size of 21.48 lakh shares through 2,649 applications.

The company that manufactures lithium-ion batteries under the MaxVolt Energy brand for electric vehicles, energy storage, and electronic launched its Rs 54-crore public issue on February 12. The IPO was a mix of fresh issuance of 24 lakh shares worth Rs 43.2 crore, and an offer-for-sale of 6 lakh shares worth Rs 10.8 crore.

Maxvolt Energy Industries is going to utilise fresh issue proceeds for repaying its debt, purchase of plant and machineries, and general corporate purposes.