Craftsman Automation IPO subscribed 55% on Day 1
The Rs 824-crore Craftsman Automation IPO received bids for 21,31,410 shares against 38,69,714 shares on offer
New Delhi: The initial public offer of auto component maker Craftsman Automation received 55% subscription on the first day of bidding on March 15.
The Rs 824-crore offer received bids for 21,31,410 shares against 38,69,714 shares on offer, as per data available with the NSE.
The non-institutional investors category was subscribed 9% and that for retail individual investors (RIIs) 1.06 times. The initial public offer comprises a fresh issue of Rs 150 crore and an offer for sale of 45,21,450 equity shares. The offer is in a price range of Rs 1,488-1,490 per share.
Craftsman Automation on March 12 raised a little over Rs 247 crore from anchor investors.
Net proceeds of the issue will be utilised for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.
Axis Capital and IIFL Securities are the managers of the offer.
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