Active Stocks
Mon May 27 2024 15:59:11
  1. Tata Steel share price
  2. 175.50 0.40%
  1. NTPC share price
  2. 369.60 -1.40%
  1. State Bank Of India share price
  2. 834.10 0.66%
  1. HDFC Bank share price
  2. 1,527.95 0.75%
  1. ICICI Bank share price
  2. 1,129.15 -0.19%
Business News/ Markets / Ipo/  Thaai Casting IPO: Issue oversubscribed on day 4 led by retail, NIIs; check GMP, issue details, review, more
BackBack

Thaai Casting IPO: Issue oversubscribed on day 4 led by retail, NIIs; check GMP, issue details, review, more

Thaai Casting IPO is open for subscription until February 20, with a price band of ₹73 to ₹77 per share and a lot size of 1,600 shares. Thaai Casting Ltd. specialises in precision machining and is seeking to raise ₹47.20 crore through its IPO.

Thaai Casting IPO has opened for subscription on Thursday, February 15, and will close on Tuesday, February 20. (https://www.thaaicasting.com/)Premium
Thaai Casting IPO has opened for subscription on Thursday, February 15, and will close on Tuesday, February 20. (https://www.thaaicasting.com/)

Thaai Casting IPO has opened for subscription on Thursday, February 15, and will close on Tuesday, February 20. Thaai Casting IPO price band has been set in the range of 73 to 77 apiece. Thaai Casting IPO lot size consists of 1,600 shares. Investors can bid for a minimum of 1,600 shares and in multiples thereof.

Thai Casting Limited is an automobile auxiliary firm that specialises in precision machining of ferrous and non-ferrous materials, induction heating and quenching, and high-pressure die casting.

Anandan Shevaani, Sriramulu Anandan, and Chinraj Venkatesan are the company's promoters.

Also Read: Thaai Casting IPO: Here's price band, date, GMP and other details

As per the Red-herring prospectus (RHP), the company's listed peers are Endurance Technologies Limited (with P/E of 41.98), and Electro Steel casting Limited (with P/E of 16.7). 

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

From March 31, 2022 to March 31, 2023, Thaai Casting Ltd.'s profit after tax (PAT) climbed by 336.49%, while its revenue increased by 27.84%.

Thaai Casting IPO details

The SME IPO is a a book built issue of 47.20 crores and is entirely a fresh issue of 61.3 lakh shares.

The issue's objectives are to pay for the issue's expenses, general corporate purposes, and capital expenditures.

The registrar of the Thaai Casting IPO is Purva Sharegistry India Pvt Ltd, while the book running lead manager is GYR Capital Advisors Private Limited. Market makers Giriraj Stock Broking and Commodity Mandi are in charge of the Thaai Casting IPO.

Also Read: Wise Travel India IPO allotment in focus today; GMP drops, steps to check WTI Cabs IPO allotment status

Thaai Casting IPO subscription status 

Thaai Casting IPO subscription status is 375.43 times on day 3, so far. The issue received positive response from retail investors who's portion set was subscribed 355.66 times, and non-institutional buyers who's portion was subscribed 729.72 times, as per data available on chittorgarh.com. Qualified Institutions Buyers (QIBs) portion was booked 144.43 times.

The company has received bids for 1,51,97,39,200 shares against 40,48,000 shares on offer, at 17:36 IST, according to data on chittorgarh.com.

Thaai Casting IPO subscription status was 3.28 times on day 1, and the offer was subscribed 13.48 times on day 2. On the third day, the issue was subscribed 73.86 times. 

Also Read: Rudra Gas Enterprise share price makes a bumper debut, stock lists with 90% premium at 119.70 apiece on BSE SME

Thaai Casting IPO Review

“Thaai Casting is a distinguished automotive ancillary company and has posted growth in its top and bottom lines for the reported periods. The management is confident of improving the trends established so far. Based on FY24 annualized earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards. The closing date is extended by a day to February 20, 2024 due to Bank Holiday on February 19, 2024," said Dilip Davda, the contributing editor at Chittorgarh.

Thaai Casting IPO GMP today

Thaai Casting IPO GMP or grey market premium is +68. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Thaai Casting share price was indicated at 145 apiece, which is 88.31% higher than the IPO price of 77.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Vibhor Steel Tubes IPO day 3: GMP, review to subscription status — apply or not as bidding ends soon?

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 15 Feb 2024, 02:18 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started