Salasar Techno Engineering IPO oversubscribed 1.55 times

The initial public offer (IPO) of infrastructure firm Salasar Techno Engineering was oversubscribed 1.55 times on the first day of bidding today.
The IPO, which would close on July 17, received bids for 51,47,250 shares against the total issue size of 33,21,000 shares, data available with the NSE at the end of the day showed.
The issue comprises 33.21 lakh equity shares at a price of Rs 108 per equity share aggregating to Rs 35.86 crore.
Proceeds from the issue will be utilised for meeting working capital requirements and general corporate purposes.
Rajasthan-based SalasarTechno provides customised steel fabrication solutions in the domestic market.

Sarthi Capital Advisors Private Limited is the book running lead manager to the offer.
The equity shares are proposed to be listed on the NSE and BSE.