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Hy-Tech Engineers shares jump as IPO debuts on NSE
The offer was subscribed 244.4 times overall, and the company cut the IPO fresh issue to ₹60 crore while increasing the offer-for-sale to nearly 1.43 crore shares.
Hy-Tech Engineers debuted on the bourses on 1 September with a strong first day move, opening at ₹75 on the NSE, 41.5% above the issue price of ₹53. On the BSE, the stock opened at ₹72, up 35.9% from the issue price, according to LiveMint Markets.
The IPO drew heavy demand, with subscriptions reaching 244.41 times on the final bidding day. The qualified institutional buyers segment was subscribed 255.77 times, non-institutional investors were subscribed 402.29 times, and retail individual investors were subscribed 170.58 times.
Hy-Tech Engineers had been priced in a ₹50 to ₹53 band for equity shares of face value ₹5, with the company reserving up to 50% for QIBs, at least 15% for NII, and at least 35% for retail investors. The grey market premium was listed at +₹35, implying an estimated listing price of ₹88, or 66.0% above the IPO price.
Ahead of listing, the Maharashtra-based company revised its IPO size, reducing the fresh issue to ₹60 crore from ₹70 crore, while increasing the offer-for-sale component to nearly 1.43 crore shares from 1.19 crore shares. The company said it plans to use ₹29.96 crore to procure machinery and equipment for expansion at multiple units, allocate ₹16 crore for loan repayment, and route the remainder to general corporate purposes.