Hy-Tech Engineers IPO listing: The shares of Hy-Tech Engineers IPO are also set to make their stock market debut on Tuesday, 1 September. The ₹136 crore IPO opened for bidding on 24 August and closed on 27 August.
The allotment of was finalised on Friday, 28 August.
The issue witnessed an overwhelming response from investors, with the IPO subscribed a whopping 244.41 times.
According to NSE data, the issue received bids for 4,43,49,70,542 shares, compared with 1,81,45,406 shares on offer. Non-institutional investors (NIIs) led the subscription with their portion subscribed 402.29 times, meanwhile, Qualified institutional buyers (QIBs) subscribed 255.77 times, The retail investor portion was subscribed 170.58 times on the final day of bidding.
Hy-Tech Engineers IPO GMP today
GMP today, or grey market premium, stands at ₹42. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price of Hy-Tech Engineers shares is ₹95 apiece. This indicates a potential listing gain of 79.25%% over the IPO price of ₹53 per share.
Hy-Tech Engineers IPO details
The company had fixed the price band for the Hy-Tech Engineers IPO at ₹50– ₹53 per share, with a lot size of 283 shares. At the upper price band of ₹53 per share, retail investors will be required to invest ₹14,999 for a single lot.
The company plans to utilise ₹29.96 crore from the IPO proceeds towards the purchase of machinery and equipment. The investment will support the expansion of its Kavathe, Shirwal and Pithampur Unit-I facilities.
New Berry Capitals Pvt. Ltd. is acting as the sole book-running lead manager for the IPO, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
Limited is an engineering company engaged in designing, manufacturing and supplying hydraulic fittings for industrial applications. With over four decades of industry experience, the company offers a portfolio of more than 11,000 SKUs, including DIN-metric, JIC, ORFS, conversion and customised fittings.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.