The Rs 823.7 crore IPO features a contemporary challenge of shares value Rs 150 crore, and a suggestion-for-sale of as much as 45 lakh fairness shares within the worth band of Rs 1,488-1,490 a share
Craftsman Automation preliminary public providing (IPO) was subscribed 1.26 times on the second day of the bidding. The IPO has acquired bids for 48.56 lakh fairness shares towards the dimensions of 38.69 lakh fairness shares.
The auto part maker was subscribed 55 % on the finish of the primary day of the bidding course of, a report in Moneycontrol.com had mentioned.
Established in 1986 in Coimbatore, the corporate boasts of consumers resembling Tata Motors, Daimler India, Tata Cummins, Mahindra & Mahindra, Royal Enfield, Siemens, John Deere, JCB India, TVS Motors, Royal Enfield, Escorts, Ashok Leyland amongst others.
The IPO of the corporate, which opened on 16 March, will shut on 18 March. A worth band of ₹1,488-1,490 a share has been fastened for its IPO.
The Rs 823.7 crore preliminary public providing is made up of a contemporary challenge of shares value Rs 150 crore, and a suggestion-for-sale of as much as 45 lakh fairness shares. The firm, on Friday, raised Rs 247 crore from 21 anchor traders. The anchor traders embrace notable names resembling Tata Mutual Fund (MF), Aditya Birla Sunlife MF, HSBC Global Investment Funds, and The Nomura Trust.
The allotment of shares will happen on 22 March and the share will likely be listed on BSE and NSE on 25 March.
Speaking to Economic Times, ICICI Securities mentioned that Craftsman Automation is a play on revival within the automotive trade. “It is well poised to clock healthy returns ratios in FY 22-23. At IPO price, it is offered at reasonable forward valuations,” the brokerage was quoted as saying. The agency additionally gave a subscribe score on the problem.
According to a analysis report by ICICI Direct, the corporate’s high 10 clients constituted 53 %, 59 % of its gross sales as of the primary 9 months of FY20, respectively.
The report states that the corporate additionally has “high client stickiness” with greater than 50 % of gross sales coming from shoppers who have been related to the corporate for lower than a decade.
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