Overview
- By the close of Day 2, bids totaled 86,04,622 shares against 89,47,367 on offer, taking overall subscription to about 96% per NSE data.
- Qualified institutional buyers were subscribed 1.28 times and non-institutional investors 2.33 times, while the retail portion stood at 0.20 times.
- The Rs 400 crore offer comprises a Rs 240 crore fresh issue and a Rs 160 crore offer-for-sale, with about Rs 170 crore of proceeds earmarked to repay borrowings.
- The price band is Rs 304–320 per share with a retail lot of 46 shares; bidding runs March 16–18, allotment is expected March 20, and listing is tentatively set for March 24.
- The grey market premium was reported at Rs 0, the company raised Rs 120 crore from anchors at Rs 320, and FY24 results showed revenue of Rs 1,152 crore and PAT of Rs 61.29 crore, with Equirus and Motilal Oswal as lead managers and MUFG Intime as registrar.