Hy-Tech Engineers IPO: The shares of Hy-Tech Engineers IPO listed at Rs 75 on the NSE, representing a premium of 41.51 per cent, on Tuesday, September 1. The Rs 136 crore IPO was open for subscription from August 24 to August 27. The company’s current market capitalisation is Rs 711.39 crore.
The allotment of the Hy-Tech Engineers IPO was finalised on Friday, August 28. The issue received an overwhelming response from investors, with the IPO being subscribed 244.41 times.
According to NSE data, the issue received bids for 4,43,49,70,542 shares against 1,81,45,406 shares on offer. Non-institutional investors (NIIs) led the subscription, with their portion subscribed 402.29 times. Qualified institutional buyers (QIBs) subscribed 255.77 times, while the retail investor portion was subscribed 170.58 times on the final day of bidding.
Hy-Tech Engineers IPO GMP vs listing price
The Hy-Tech Engineers IPO listed at Rs 75 on September 1, compared with the grey market’s earlier estimate of Rs 88 per share. The IPO’s GMP of Rs 35 had indicated a potential listing gain of 66.04 per cent over the issue price of Rs 53.
Hy-Tech Engineers IPO details
The price band for the Hy-Tech Engineers IPO was fixed at Rs 50-53 per share, with a lot size of 283 shares. At the upper price band of Rs 53 per share, retail investors would need to invest Rs 14,999 for one lot.
The company plans to use Rs 29.96 crore from the IPO proceeds to purchase machinery and equipment. The investment will support the expansion of its Kavathe, Shirwal and Pithampur Unit-I facilities.
New Berry Capitals Pvt. Ltd. is the sole book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is acting as the registrar.
Hy-Tech Engineers Limited is an engineering company specialising in the design, manufacturing and supply of hydraulic fittings for industrial applications. With more than four decades of industry experience, the company offers over 11,000 SKUs, covering DIN-metric, JIC, ORFS, conversion and customised fittings.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
