The issue was subscribed to 23% on day one.
The company is selling its shares in the range of Rs 559-587 apiece between November 10-14, with a lot size of 25 equity shares.
According to the data from BSE, the investors made bids for 36,95,450 equity shares or 35% compared to the 1,04,70,246 equity shares offered for the subscription by 1.30 pm on Friday, November 11.
The quota for employees was booked 2.7 times, and retail bidders were subscribed 27%, whereas the allocation for HNI investors fetched 29% bids. The portion for institutional investors was booked 53%.
The company provides manufacturing and life-cycle support for players in the automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, Internet of Things (IoT), Information Technology and other segments.
The majority of the brokerage firms remain positive about the company citing its strong order book and growth prospects. However, a few remain concerned about the company citing high competition and high customer concentration.
“With a constant thrust towards product innovation and R&D and higher backward integration, the company will be able to achieve higher operational efficiency in the future,” said Phillip Capital with a subscribe rating on the issue.
Broking, which remains neutral on the issue, cited high competition in the electronics system design and manufacturing industry and negative cash flows to impact growth as the key risks to the company.
DAM Capital Advisors and
are the book-running lead managers to the issue, whereas Link Intime India has been appointed as the registrar of the issue.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
