The initial public offer (IPO) of auto components maker Sandhar Technologies got fully subscribed on the final day of its share sale.
The initial public offer (IPO) of auto components maker Sandhar Technologies got fully subscribed on the final day of its share sale. The company’s shares were subscribed 6 times, with investors bidding for around 6.58 crore shares of the 1.08 crore shares on offer.
Qualified Institutional Buyers (QIBs) bid the most on Wednesday with the category seeing 14.4 times subscription. Of the 0.30 crore shares on offer, QIBs bid for 4.47 crore shares.
Interestingly, none of the Qualified Institutional Buyers (QIBs) bought shares of Sandhar Technologies on the first day i.e. on Monday. On the final day, High Networth Individuals (HNIs) bid for 1.49 crore shares of the 0.23 crore shares on offer to them, and retail investors bid for 0.61 crore shares of the 0.54 crore shares reserved for them.
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On March 16, Sandhar Technologies finalised allocation of 46.30 lakh shares at `332 per share aggregating to `153.7 to 15 anchor investors. These include DSP Blackrock, ICICI Prudential, HSBC, Aditya Birla Sun Life Insurance, Nomura, East Spring Investments, SBI, Reliance Capital, IDFC, Sundaram Mutual Fund and Volrado Venture Partners. ICICI Securities and Axis Capital are book running lead managers to the offer. The offer will help raise `300 crore through fresh issue of shares and `212.48 crore through an offer for sale by GTI Capital Beta, based on the upper band price.