Technofab Engineering today fixed the issue price of its maiden public offer at Rs 240 a share, the upper end of its price range, thereby garnering Rs 71.76 crore.
The engineering firm had entered into the primary market with an issue of 29.90 lakh shares of Rs 10 each in the price band of Rs 230-240 per piece.
The issue was open for subscription between June 29 to July 2. The public offering has generated good demand from investors and was subscribed nearly 13 times, with robust participation from HNIs and retail buyers.
Technofab Engineering aims to utilise the proceeds from the IPO to meet its long-term working capital requirements and for procurement of construction equipment.
Collins Stewart Inga is the sole book running lead manager to the issue.
