Craftsman Automation makes weak debut on exchanges, listing 9% decrease than concern value

Craftsman Automation makes weak debut on exchanges, listing 9% decrease than concern value

The aim of the IPO was to make use of the proceeds to repay or pre-pay the corporate’s borrowings and to fulfill basic company functions

Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price

Representational picture. Reuters

Shares of Craftsman Automation have been listed on the bourses right this moment (Thursday, 25 March) at Rs 1,350 on the BSE towards the difficulty value of Rs 1,490 per share, a discoun of 9 p.c.

On the Nationwide Inventory Trade (NSE) the shares have been listed at Rs 1,359, declining by 8.8 p.c in comparison with the difficulty value.

The corporate had its preliminary public providing (IPO) on 15 March and concluded after three days on 17 March. The corporate had fastened a value band of Rs 1,488 to Rs 1,490. The difficulty was oversubscribed by 3.82 occasions through the intial providing.

Shares reserved for certified institutional patrons (QIBs) noticed oversubscription of 5.21 occasions adopted by the non-institutional buyers’ (NII), who oversubscribed 2.84 occasions and retail buyers (3.44 occasions).

The aim of the IPO was to make use of the proceeds to repay or pre-pay the corporate’s borrowings and to fulfill basic company functions.

The auto elements producer’s public providing consisted of a recent concern of fairness shares as much as Rs 150 crore and a suggestion on the market of as much as 45,21,450 shares by the promoter and present shareholders.

Rs 247 crore was raised by Craftsman Automation from anchor buyers simply forward of the IPO. The lead managers for the general public providing have been Axis Capital Restricted and IIFL Holdings Restricted whereas the registrar was Hyperlink Intime India Non-public Ltd.

The corporate was integrated within the 12 months 1986 and designs, develops, and manufactures a spread of engineering merchandise. As many as 12 state-of-the-art manufacturing amenities are owned by the corporate throughout seven Indian cities.

Subscribe to Moneycontrol Professional at ₹499 for the primary 12 months. Use code PRO499. Restricted interval supply. *T&C apply

#Craftsman #Automation #weak #debut #exchanges #listing #concern #value

Leave a Comment