 "Auto parts maker Craftsman Automation IPO subscribed 55% on Day 1")
The initial public offer of auto component maker Craftsman Automation received 55 per cent subscription on the first day of bidding on Monday.
The Rs 824-crore offer received bids for 21,31,410 shares against 38,69,714 shares on offer, as per data available with the NSE.
The non-institutional investors category was subscribed 9 per cent and that for retail individual investors (RIIs) 1.06 times.
The initial public offer comprises a fresh issue of Rs 150 crore and an offer for sale of 45,21,450 equity shares.
The offer is in a price range of Rs 1,488-1,490 per share.
Craftsman Automation on Friday raised a little over Rs 247 crore from anchor investors.
Net proceeds of the issue will be utilised for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.
Axis Capital and IIFL Securities are the managers to the offer.
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