Today is the last day of the three-day subscription window of the initial public offering of hydraulic fitting manufacturer Hy-Tech Engineers Ltd. The Rs 135.73-crore public issue has so far received 25.44 times subscription. According to data available on the National Stock Exchange (NSE), the IPO received bids for 46,15,87,150 shares against 1,81,45,406 shares on offer. The quota for retail investors was subscribed 31.46 times, while that of non-institutional investors was subscribed 43.35 times. The portion meant for Qualified Institutional Buyers (QIBs) received .24 per cent subscription.
While the IPO of Hy-Tech Engineers Ltd was subscribed 7.74 times on the first day of share sale on Monday, the subscription status reached 19.31 times on Day 2.
Hy-Tech Engineers IPO Price Band
Hy-Tech Engineers has fixed a price band of Rs 50-53 per equity share for its initial public offering.
Hy-Tech Engineers IPO GMP Today
According to Investorgain, the Hy-Tech Engineers IPO is commanding a grey market premium (GMP) of around Rs 40 today, implying a potential 75.47 per cent premium over the issue price of Rs 53. This means the shares are expected to list at around Rs 93.
The Maharashtra-based company has revised its IPO size by trimming the fresh issue to Rs 60 crore from Rs 70 crore earlier. It has increased the offer-for-sale (OFS) component to nearly 1.43 crore shares from 1.19 crore shares earlier, as per the red herring prospectus (RHP).
The company has proposed to utilise Rs 29.96 crore from the net proceeds towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I, and Rs 16 crore will be used for repayment of loans. The remaining amount will be used for general corporate purposes.
What does the company do?
Hy-Tech Engineers operates on a business-to-business model across both domestic and international markets, catering to original equipment manufacturers and other industrial customers.
Hy-Tech Engineers IPO Listing Date
The company’s shares are proposed to be listed on the BSE and the National Stock Exchange (NSE) on September 1. New Berry Capitals Pvt Ltd is the sole book running lead manager for the IPO.
