Fabtech Technologies IPO subscribed 70% on Day 1; check latest GMP

Fabtech Technologies IPO subscribed 12% on Day 1 so far; check latest GMP

The initial public offer of Fabtech Technologies got subscribed 70% on the first day of bidding on September 29.

The IPO received bids for 84,20,325 shares against 1,20,60,000 shares on offer, as per NSE data.

The portion reserved for Qualified Institutional Buyers (QIBs) saw 77% subscription and non-institutional investor portion got 46% subscription. Retail Individual Investors (RIIs) quota got subscribed 70%.

The Mumbai-based company's Rs 230-crore IPO will conclude on October 1. The price band has been set at Rs 181-191 per share for the IPO.

The company's IPO is entirely a fresh issue of up to 1.2 crore equity shares worth Rs 230 crore at the upper end of the price band.

Proceeds from the IPO will be used for funding the working capital requirements of the company, pursuing inorganic growth initiatives through acquisitions, and general corporate purposes.

Fabtech Technologies offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers.

Till June 2024, the company had completed 35 projects across countries, including Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the UAE.

Unistone Capital is the sole book-running lead manager to the issue.

Fabtech Technologies GMP

According to InvestorGain, the Grey Market Potential (GMP) of Fabtech Technologies stood at Rs 2 as of September 29, 5 pm. The estimated listing price is expected to be Rs 192 based on the upper price band of Rs 191. The expected percentage gain per share is 1.05%.