Hy-Tech Engineers Ltd. made a strong debut on the stock market on Tuesday, listing at a premium of 41% to its IPO price. The stock opened at Rs 75 on the NSE which is a 41.51% rise from the IPO price of Rs 53. On the BSE, it began trading at Rs 72 per share which marks a 35.85% premium.
The initial public offering of hydraulic fitting manufacturer 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 received bids for 4,43,49,70,542 shares against 1,81,45,406 shares on offer, according to NSE data.
The category for non-institutional investors received a massive 402.29 times subscription. Also, the portion meant for qualified institutional buyers (QIBs) was subscribed 255.77 times, and the quota for retail investors garnered 170.58 times subscription.
The initial public offering of Hy-Tech Engineers Ltd was subscribed 7.74 times on the first day of share sale on Monday.
The Maharashtra-based company has revised its IPO size by trimming the fresh issue to Rs 60 crore from Rs 70 crore earlier. It has 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 Company Details
Hy-Tech Engineers 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. The company's shares are proposed to be listed on the BSE and the NSE on September 1.
New Berry Capitals Pvt Ltd is the sole book-running lead manager for the IPO.
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