Auto parts maker Craftsman Automation IPO subscribed 55% on Day 1

The initial public offer of auto component maker Craftsman Automation received 55 per cent subscription on the first day of bidding on Monday.

The Rs 824-crore offer received bids for 21,31,410 shares against 38,69,714 shares on offer, as per data available with the NSE.

The non-institutional investors category was subscribed 9 per cent and that for retail individual investors (RIIs) 1.06 times.

The initial public offer comprises a fresh issue of Rs 150 crore and an offer for sale of 45,21,450 equity shares.

The offer is in a price range of Rs 1,488-1,490 per share.

Craftsman Automation on Friday raised a little over Rs 247 crore from anchor investors.

Net proceeds of the issue will be utilised for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.

Axis Capital and IIFL Securities are the managers to the offer.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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