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Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price

Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price
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Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price

Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price

The aim of the IPO was to make use of the proceeds to repay or pre-pay the corporate’s borrowings and to satisfy common company functions

Craftsman Automation makes weak debut on exchanges, list 9% lower than issue price

Representational picture. Reuters

Shares of Craftsman Automation have been listed on the bourses at this time (Thursday, 25 March) at Rs 1,350 on the BSE in opposition to the issue price of Rs 1,490 per share, a discoun of 9 %.

On the Nationwide Inventory Change (NSE) the shares have been listed at Rs 1,359, declining by 8.8 % in comparison with the issue price.

The corporate had its preliminary public providing (IPO) on 15 March and concluded after three days on 17 March. The corporate had mounted a price band of Rs 1,488 to Rs 1,490. The issue was oversubscribed by 3.82 occasions in the course of the intial providing.

Shares reserved for certified institutional patrons (QIBs) noticed oversubscription of 5.21 occasions adopted by the non-institutional buyers’ (NII), who oversubscribed 2.84 occasions and retail buyers (3.44 occasions).

The aim of the IPO was to make use of the proceeds to repay or pre-pay the corporate’s borrowings and to satisfy common company functions.

The auto parts producer’s public providing consisted of a contemporary issue of fairness shares as much as Rs 150 crore and a proposal on the market of as much as 45,21,450 shares by the promoter and current shareholders.

Rs 247 crore was raised by Craftsman Automation from anchor buyers simply forward of the IPO. The lead managers for the general public providing have been Axis Capital Restricted and IIFL Holdings Restricted whereas the registrar was Hyperlink Intime India Personal Ltd.

The corporate was integrated within the yr 1986 and designs, develops, and manufactures a spread of engineering merchandise. As many as 12 state-of-the-art manufacturing services are owned by the corporate throughout seven Indian cities.

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