Craftsman Automation Limited will finalise the allotment of its initial public offer on Monday. The IPO of auto component maker was subscribed 3. 81 times. According to data available on NSE, the Rs 824-crore offer attracted bids for 1,47,58,160 shares as compared to 38,69,714 shares on offer.
The category for qualified institutional buyers (QIBs) was subscribed 5.21 times, non institutional investors 2.84 times and retail individual investors (RIIs) 3.43 times. The initial public offer (IPO) comprised a fresh issue of Rs 150 crore and an offer for sale of 45,21,450 equity shares. It was in a price range of Rs 1,488-1,490 per share. Craftsman Automation had raised a little over Rs 247 crore from anchor investors ahead of the public issue.
The company will finalise the allotment of IPO today while the refunds will be initiated on March 23 (Tuesday). The shares of the company will be credited to demant accounts of investors on March 24. Craftsman Automation shares will be listed on the NSE and BSE on March 25.
The unlisted shares of Craftsman Automation in the grey market are commanding a premium of Rs 40.
Incorporated in 1986, Craftsman Automation is a leading engineering organisation that is engaged in manufacturing precision components. The company designs, develop, and manufactures a range of engineering products. It is one of the leading players in the machining of cylinder blocks for the tractor segment. Net proceeds of the issue will be utilised for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.
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