Hy-Tech Engineers IPO Allotment Date: GMP Jumps to 85%; Here's How to Check Status Online

Hy-Tech Engineers IPO Allotment Day: Hydraulic fitting manufacturer Hy-Tech Engineers Ltd, which witnessed a whopping 247.39x subscription on the final day of its bidding on Thursday, will see its IPO allotment today, August 28. Investors might be able to check their allotment status in the evening today. They will also get a bank debit message if their allotment is approved.

On the last day of bidding on Monday, the Rs 135.73-crore Hy-Tech Engineers IPO received a blockbuster 247.39x subscription, garnering bids for 4,43,49,35,733 shares as against the 1,79,27,144 shares on offer. Its retail category has received a 175.10x subscription, while the non-institutional investor (NII) category received a 412.96x subscription. The QIB category received a 249.71x

subscription on the final day of subscription.

The public issue was open for public subscription between August 24 and August 27. The company’s shares are proposed to be listed on both the BSE and the NSE on Tuesday, September 1.

Hy-Tech Engineers IPO: A Step-By-Step Guide To Check Status Online

The basis of allotment of the Hy-Tech Engineers IPO is likely to be finalised today, August 28, while refunds and credit of shares to successful bidders are expected on August 31. The allotment status can be checked online by following these steps:

1) Visit registrar Bigshare Services Pvt Ltd’s portal – https://ipo.bigshareonline.com/ipo_status.html.

2) Under ‘Select Company’, choose ‘Hy-Tech Engineers Ltd’ from the drop-down menu.

3) Enter your application number, demat account, or permanent account number (PAN).

5) Then, enter captcha and click on the ‘Search’ button.

Your share application status will appear on your screen.

Via the BSE

1) Go to the official BSE website via the URL — https://www.bseindia.com/investors/appli_check.aspx.

2) Under ‘Issue Type’, select ‘Equity’.

3) Under ‘Issue Name’, select ‘Hy-Tech Engineers Limited’ in the drop box.

4) Enter your application number, or the Permanent Account Number (PAN). Those who want to check their allotment status via PAN can select the ‘Permanent Account Number’ option.

5) Then, click on the ‘I am not a robot’ to verify yourself and hit the ‘Search’ option.

Your share application status will appear on your screen.

Via NSE’s Website

The allotment status can also be checked on the NSE’s website at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.

Hy-Tech Engineers IPO GMP Today

According to market observers, unlisted shares of Hy-Tech Engineers Ltd were commanding a grey market premium (GMP) of Rs 45 per share on Tuesday.

Based on the IPO price of Rs 53, the GMP indicates a potential listing price of around Rs 98 per share, which is a 84.91 per cent listing gain. However, investors should note that the grey market is unofficial and GMP keeps changing based on investor sentiments.

Hy-Tech Engineers IPO: Key Details

The Maharashtra-based company 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).

Hy-Tech Engineers has fixed a price band of Rs 50-53 per equity share for its initial public offering. At the upper end of the price band, the company will fetch up to Rs 135.73 crore from the public issue.

The company 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.

New Berry Capitals Pvt Ltd is the sole book running lead manager for the IPO.