Global Markets
Home›Global Markets›Emerging Markets›Metalic Technoforge IPO opens with 28% subscription on…
Metalic Technoforge IPO opens with 28% subscription on day one
The company plans to raise about ₹50 crore at the top of its ₹72-77 price band, using proceeds for facility upgrades and debt repayment, with the issue set to close on 23 July.
Metalic Technoforge’s initial public offering opened on 21 July and is scheduled to close on 23 July, with a price band set at ₹72-77 per equity share and a face value of ₹10, according to LiveMint Markets.
On day one, the IPO subscription stood at 28%, including 49% for retail and 17% for non-institutional investors, while qualified institutional buyers had not yet received bids. In the grey market, the Metalic Technoforge IPO GMP was ₹0, indicating shares were trading at the issue price of ₹77 with no premium or discount.
The IPO is a fresh issue of 64.88 lakh equity shares, with no offer for sale component, meaning the company will receive the full proceeds. The firm is set to list on the NSE Emerge platform, with a tentative listing date of 28 July.
Metalic Technoforge plans to use ₹30.8 crore from net proceeds for its proposed Manufacturing Unit IV and to upgrade existing facilities in Rajkot. It also plans to allocate ₹6.72 crore toward repayment or prepayment of certain borrowings, with the remainder earmarked for general corporate purposes, the outlet reported.