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New Delhi, Sep 1 (PTI) Shares of hydraulic fitting manufacturer Hy-Tech Engineers Ltd listed with a huge premium of 41.5 per cent against the issue price of Rs 53 on Tuesday.
The stock made its market debut at Rs 72, up 35.84 per cent from the issue price on the BSE.
At the NSE, the stock listed with a huge premium of 41.50 per cent at Rs 75.
The company’s market valuation stood at Rs 716.99 crore.
The initial public offering of Hy-Tech Engineers Ltd was subscribed a whopping 244.41 times on the final day of the share sale on Thursday, helped by an impressive response from investors.
The Rs 135.73-crore IPO had a price band of Rs 50-53 per equity share.
The Maharashtra-based company had revised its IPO size by trimming the fresh issue to Rs 60 crore
from Rs 70 crore earlier. It increased the Offer For Sale (OFS) component to nearly 1.43 crore shares from 1.19 crore shares earlier, as per the red herring prospectus (RHP).
It has proposed to utilise Rs 29.96 crore from the net proceeds towards procurement of machinery and equipment for expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I, and Rs 16 crore will be used for repayment of loans.
The remaining amount will be used for general corporate purposes.
Hy-Tech Engineers operates on a business-to-business model across both domestic and international markets, catering to original equipment manufacturers and other industrial customers. PTI SUM SUM DR DR
