Kalyani Cast Tech IPO Receives Overwhelming Response: Subscribed 157 Times on Final Day

Mumbai: Kalyani Cast Tech, a prominent player in the small and medium enterprise (SME) sector, witnessed an overwhelming response from investors as its Initial Public Offering (IPO) concluded today. The IPO, which aimed to raise Rs 30.11 crore through an entirely fresh issue of shares, garnered a remarkable subscription rate of 157.97 times the issue size on the final day of bidding.

Investors exhibited strong interest in Kalyani Cast Tech, with bids pouring in for a staggering 25.68 crore shares against the total issue size of 16.26 lakh shares. This enthusiastic response reflects the confidence investors have in the company’s growth prospects.

"Exciting news! Stockesta is now on WhatsApp and Telegram Channels πŸš€ Subscribe today | Stay updated with the latest IPO insights!" Follow on Whatsapp! and Join Telegram!

Also See: Kalyani Cast Tech IPO GMP Today

Retail investors, in particular, showed tremendous enthusiasm, bidding 179.94 times their allotted quota of shares. Qualified institutional buyers (QIBs) also displayed robust interest by subscribing 66.35 times their allocated shares, while non-institutional investors opted for 188.28 times the shares earmarked for them.

Kalyani Cast Tech’s IPO, which opened for subscription on November 8, 2023, had a price band set at Rs 137-139 per share. The company intends to utilize the funds raised from this offering to meet its working capital requirements and for general corporate purposes.

Also See: Upcoming IPO in India

Gretex Corporate Services acted as the book-running lead manager for the IPO, with Bigshare Services serving as the registrar. The market maker for the issue was Gretex Share Broking. The promoters of Kalyani Cast Tech include Naresh Kumar, Javed Aslam, Nathmal Bangani, Kamala Kumari Jain, and Muskan Bangani.

Kalyani Cast Tech specializes in the casting business, manufacturing a range of products such as bearing housing for electrical locomotives, MG coupler components, adapters for WDG4 Loco, and CI brake blocks. The company is also known for its expertise in manufacturing cargo containers, including ISO containers and custom containers for parcel cargo, two & three-wheelers, dwarf, and cuboid containers.

The remarkable subscription rate of Kalyani Cast Tech’s IPO underscores the confidence investors have in the company’s future prospects and its potential to deliver strong returns.

Disclaimer: This news article is for informational purposes only and should not be considered as financial advice or a recommendation to invest in Kalyani Cast Tech’s IPO. Investors should conduct their own research and consult with financial advisors before making investment decisions.

"Exciting news! Stockesta is now on WhatsApp Channels πŸš€ Subscribe today by clicking the link and stay updated with the latest IPO insights!" Click here!

πŸ‘‰ IPO GMP || IPO News || IPO Details || IPO Review || Join Whatsapp Channel and read news related to IPO on Stockesta.com.
Disclaimer: The information provided on this website is for informational purposes only and should not be construed as financial or investment advice. Users are advised to do their own research and consult a qualified financial advisor before making any investment decisions.
What is an IPO?- Why Companies Go Public