BackSandhar Technologies IPO subscribed 6.12 times on last day
As of 6 pm, the shares reserved for institutional investors saw a subscription of 14.49 times, for retail investors 1.19 times and for HNIs 6.44 times
Premium
Mumbai: The Rs512 crore IPO of auto parts maker Sandhar Technologies Ltd saw an overall subscription of 6.12 times on Wednesday, the last day of its share sale.
As of 6 pm, the portion of shares reserved for institutional investors saw a subscription of 14.49 times, while those kept aside for retail investors and high net-worth individuals (HNIs) were subscribed to the extent of 1.19 times and 6.44 times, respectively.
Sandhar had fixed a price band of Rs327-332 per share for its IPO.
The IPO comprises a fresh issue of Rs300 crore and an offer-for-sale of 8.93 million shares by the private equity firm GTI Capital.
GTI Capital that is selling a majority of its stake will garner Rs212.48 crore from the share sale. It had invested in Sandhar in 2012.
Incorporated by Jayant Davar in 1987, Sandhar started operations as a supplier to the Hero group. The firm manufactures 21 categories of products including safety and security systems such as lock assemblies, mirror assemblies, operator cabins for off-highway vehicles, aluminium spools, spindles, and hubs.
Meanwhile, the Rs438 crore IPO of state-owned Mishra Dhatu Nigam Ltd (MIDHANI) saw a subscription of 26% on Wednesday, the first day of the share sale.
As of 5 pm, the portion of shares reserved for institutional investors and retail investors saw a subscription of 46% and 11%, respectively, while those kept aside for HNIs is yet to see any subscription.
MIDHANI has set a price band of Rs87-90 per share for the IPO. The offer will close on 23 March.
The initial share sale is a pure secondary offering that will see the Indian government sell a total of 48.7 million shares, representing a stake dilution of about 25%.
MIDHANI was established in 1973, with an aim of achieving self-reliance in the research, development and supply of critical alloys and products of national security and strategic importance.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
