Kalyani Cast Tech IPO Day 3: Issue subscribed over 195 times so far; check latest GMP, other key things to know

Kalyani Cast Tech IPO: The initial public offering (IPO) of cargo containers manufacturer Kalyani Cast Tech has received stellar response from investors so far. Kalyani Cast Tech IPO, that opened for subscription on November 8 is an SME IPO and will close today on November 10.

The casting company aims to raise ₹30.11 crore from the public offer. 

The company manufactures a wide product range of castings, including finished components and is a specialist in various types of cargo containers. The company has a diverse client base including Indian Railways, Mining industry, cement industry, chemical and fertilizer plants and power industries. 

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Let us take a look at Kalyani Cast Tech IPO subscription status, latest GMP and other key things to know:

Kalyani Cast Tech IPO Subscription Status

Kalyani Cast Tech IPO has been subscribed 195.66 times so far on Friday, the third and the last day of the bidding process. The public issue received bids for 24.73 crore equity shares as against 12.64 lakh shares on the offer, as per data available till 3:35 pm.

The public issue subscribed 171.94 times in the retail category, 66.32 times in Qualified Institutional Buyers' (QIB) category, while the Non-Institutional Investors’ (NII) portion was booked 423.26 times so far.

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Kalyani Cast Tech IPO GMP Today

Kalyani Cast Tech IPO GMP today, or grey market premium today, has increased to ₹85 per share, as per market observers. This indicates that Kalyani Cast Tech shares are trading higher by ₹85 than their issue price, in the grey market.

Considering the GMP today and the IPO price, the shares of Kalyani Cast Tech are expected to list with a premium of more than 61% to the issue price at ₹189 per share on BSE SME.

Kalyani Cast Tech IPO Details

Kalyani Cast Tech IPO opened for subscription on Wednesday, November 8, and will close on Friday, November 10. The company is expected to finalise the basis of IPO allotment on November 16.

Kalyani Cast Tech IPO price band has been fixed at ₹137 to ₹139 per share. The public issue is entirely a fresh issue of 21.66 lakh shares and the company plans to raise ₹30.11 crore from the IPO at the upper end of the price band.

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The IPO lot size is 1,000 shares and the minimum investment amount required by retail investors is ₹139,000.

The company proposes to utilise the IPO proceeds for working capital requirements and general corporate purposes.

The equity shares of Kalyani Cast Tech will be listed on BSE SME with tentative listing date fixed on November 21.

Gretex Corporate Services is the book running lead manager of the Kalyani Cast Tech IPO, while Bigshare Services Pvt Ltd is the IPO registrar.