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Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price – Business News , Firstpost


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

Representational picture. Reuters

Shares of Craftsman Automation had been listed on the bourses at this time (Thursday, 25 March) at Rs 1,350 on the BSE towards the issue price of Rs 1,490 per share, a discoun of 9 p.c.

On the National Stock Exchange (NSE) the shares had been listed at Rs 1,359, declining by 8.Eight p.c in comparison with the issue price.

The firm had its preliminary public providing (IPO) on 15 March and concluded after three days on 17 March. The firm had fastened a price band of Rs 1,488 to Rs 1,490. The issue was oversubscribed by 3.82 instances throughout the intial providing.

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

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

The auto parts producer’s public providing consisted of a contemporary issue of fairness shares as much as Rs 150 crore and a proposal 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 traders simply forward of the IPO. The lead managers for the general public providing had been Axis Capital Limited and IIFL Holdings Limited whereas the registrar was Link Intime India Private Ltd.

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

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