The ₹875-crore IPO, which opened for subscription on September 9 and closed on September 11, was subscribed 66.01 times overall.
The retail portion was subscribed 13.98 times, while the qualified institutional buyers (QIBs) excluding the anchor portion subscribed 168.19 times. The non-institutional investor (NII) category was subscribed 51.17 times.
In the grey market, Karamtara Engineering shares are commanding a GMP of around 19%, indicating expectations of a listing above the issue price. However, GMP is an unofficial and speculative indicator and the actual listing price can differ from the level indicated by the grey market.
Karamtara Engineering IPO: Price band, valuation and anchor book
The company had fixed a price band of ₹241-₹254 per share, with a lot size of 59 shares.
At the upper end of the price band, Karamtara Engineering will have an estimated post-issue market capitalisation of ₹8,174.3 crore.
Ahead of the IPO, the company raised ₹262.50 crore from anchor investors. It allotted 1.03 crore shares to 15 anchor investors at ₹254 per share, the upper end of the price band.
The anchor book saw participation from domestic mutual funds, insurance companies, alternative investment funds and foreign institutional investors.
IPO structure and use of proceeds
The IPO comprised a fresh issue of 2.66 crore shares worth ₹675 crore and an Offer For Sale (OFS) of 78.74 lakh shares worth ₹200 crore.
In total, the issue comprised around 3.44 crore shares.
Karamtara plans to use ₹600 crore of the fresh issue proceeds to repay borrowings, while the remaining funds will be used for general corporate purposes.
What does Karamtara Engineering do?
Karamtara Engineering manufactures products for the renewable energy and power transmission sectors.
Its portfolio includes solar mounting structures, fixed-tilt structures, tracker components, fasteners and overhead transmission line hardware fittings.
The company describes itself as a one-stop supplier of solar structures and transmission-related products. It has also entered the wind energy segment through a manufacturing facility for tubular towers used in wind turbines.
As of March 2026, Karamtara exported its products to more than 50 countries across North America, Europe, Asia, Africa, Australia and Latin America.
The company served 48 solar-product customers in FY24, 73 in FY25 and 65 in FY26.
Backward integration and manufacturing capabilities
Karamtara’s manufacturing operations are backward integrated, with in-house galvanising facilities having a capacity of 2,58,000 metric tonnes per annum (MTPA).
The company says this is the largest galvanising capacity in India’s solar energy sector.
Its rolling mill furnaces also provide greater control over costs, supply chain and delivery timelines.
In solar products, the company manufactures fixed-tilt structures and tracker components used across different types of solar projects.
In the transmission segment, Karamtara manufactures lattice towers with capabilities of up to 1,200 kilovolt (kV). As of September 30, 2024, the company had supplied more than 0.5 million tonnes of towers globally.
Karamtara also manufactures fasteners for the solar, wind, transmission, automobile and telecom industries, including bolts, nuts, studs, washers and customised fasteners.
How have Karamtara Engineering’s financials fared?
Karamtara Engineering reported total income of ₹4,316.36 crore in FY26, up from ₹3,165.36 crore in FY25 and ₹2,427.12 crore in FY24.
Profit after tax (PAT) rose 64% year-on-year to ₹228.75 crore in FY26, compared with ₹139.33 crore in FY25 and ₹102.65 crore in FY24.
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