Tipco Engineering IPO: The (IPO) of Tipco Engineering entered its third and final day of bidding on Wednesday, March 25. The SME IPO opened earlier this week, on March 23.
The ₹60.55-crore Tipco Engineering IPO is a book-built issue, comprising of fresh share sale of 0.54 crore shares aggregating to ₹48.49 crore and offer for sale () of 0.14 crore shares worth ₹12.06 crore.
Tipco Engineering IPO price band is set at ₹84 to ₹89 per share. Investors can apply for the offer in lots of 1600 shares, with retail investors required to apply for at least two lots. The minimum amount of investment required by a retail investor is ₹2,84,800.
The company plans to use ₹30 crore of the fresh proceeds for repayment of certain or all borrowings availed by the company, ₹7.66 crore for funding working capital needs and the rest for general corporate purposes.
Tipco Engineering India IPO Subscription Details
Tipco Engineering India IPO was set to sail through on the last day of the bidding process on strong demand for qualified institutional buyers (QIBs). The other categories of non-institutional and retail investors remained undersubscribed.
Data from BSE showed that as of 12.42 pm, Tipco Engineering India IPO received bids for 50,09,600 shares as against 50,83,200 shares on offer, resulting in overall subscription of 99%. The QIB segment was booked 3.20 times, the NII quota 54% and the retail portion 14%.
Tipco Engineering India IPO GMP
The (GMP) for Tipco Engineering India IPO remained nil. This means that shares of Tipco Engineering India are trading at par with the offer price.
If Tipco Engineering India IPO GMP sustains, its shares could list on a flat note on BSE SME. The listing date for Tipco Engineering India IPO shares is slated to be April 1.
Tipco Engineering India Details
Tipco Engineering manufactures and supplies a comprehensive range of plants and machinery. It offers plants and machinery mainly across three different series, i.e., Mill Series, Disperser Series and Homogeniser Series.
For FY25, its revenue from operations was ₹133.13 crore, increasing from ₹101.22 crore in FY24 and ₹35.97 crore in FY23, growing at a CAGR of 92.38%.
Smart Horizon Capital Advisors is the book-running lead manager, and Maashitla Securities is the registrar for the offer.