Thejo Engineering IPO subscribed 1.47 times
The initial public offer of Thejo Engineering, the first company to be listed on National Stock Exchange's SME platform, was subscribed 1.47 times on the last day of the issue today.
The IPO received bids for more than 6.96 lakh shares compared to 4.72 lakh shares on offer, as per the National Stock Exchange (NSE) data.
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The qualified institutional buyers (QIB) category was subscribed 100 per cent, while non-institutional investors portion was subscribed 0.91 times and retail individual investors category received 2.44 times subscription.
The Chennai-based company has fixed a price band of Rs 402-430 per equity share of Rs 10 each.
The firm would become the first company to be listed on the small and medium enterprises (SME) exchange platform of the NSE, EMERGE.
IDBI Capital Market Services Ltd is the sole book running lead manager for the issue.
Thejo Engineering is an engineering solutions provider for bulk material handling, mineral processing and corrosion protection to the core sector industries like mining, power, steel, cement, ports and fertilisers among others.
The company proposes to invest the net proceeds of the issue to set up a poly-urethane unit with investment of Rs 68.28 lakh. It would invest Rs 6.87 crore in expansion of the existing facility, Rs 2.83 crore for setting up R&D unit and Rs 1.69 crore for setting up a lining plant, all at Chennai.
It also proposes to invest Rs 6.42 crore in Thejo Australia Pty Ltd, its Australian subsidiary.