Craftsman Automation share sale by way of preliminary public providing (IPO) was subscribed 3.81 occasions on the ultimate day of subscription. Craftsman Automation obtained over 1.47 crore bids for its shares as towards 38.69 lakh shares on the provide, knowledge from the Nationwide Inventory Alternate confirmed. A complete of 51,21,100 bids have been obtained on the minimize off worth, in accordance with the NSE.
Craftsman Automation noticed good demand for its shares from the certified institutional patrons (QIBs) because the portion reserved for them was subscribed 4.91 occasions. Parts for retail and non-institutional buyers have been subscribed 1.68 and 1.37 occasions respectively.
Craftsman Automation offered shares within the worth band of Rs 1,488 to 1,490 per fairness share and on the higher band firm plans to lift Rs 823.70 crore from the IPO.
Craftsman Automation is an engineering group that’s engaged in manufacturing precision parts. The corporate designs, develops, and manufactures a spread of engineering merchandise. It is likely one of the main gamers within the machining of cylinder blocks for the tractor phase.
The corporate will use proceeds from the IPO to make compensation/pre-payment of firm’s borrowing totally or partially and to satisfy basic company functions.
The Craftsman IPO ended on March 17 and 50 per cent of the portion of the IPO is reserved for certified institutional patrons. 35 per cent is reserved for retail buyers whereas 15 per cent is put aside for non-institutional buyers.