Craftsman Automation IPO subscribed 1.26 times on Day 2 of subscription

Auto component maker Craftsman Automation’s initial public offer was subscribed 1.26 times on Tuesday, the second day of subscription.

The Rs 824-crore initial public offer (IPO) received bids for 38,69,714 shares against 48,56,990 shares on offer, according to NSE data.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 56 per cent, non institutional investors 19 per cent, and retail individual investors (RIIs) 2.11 times.

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

Price range for the offer has been fixed at 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.

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