Hy-Tech Engineers IPO Fully Subscribed on Day 1; Ends With 7.74 Times Subscription

New Delhi: The initial public offer of hydraulic fitting manufacturer Hy-Tech Engineers Ltd was subscribed 7.74 times on the first day of share sale on Monday.

The company’s IPO received bids for 14,04,79,502 shares against 1,81,45,406 shares on offer, as per NSE data.

The category for retail investors was subscribed 11.22 times, while the portion meant for non-institutional investors received 8.79 times subscription. The Qualified Institutional Buyers (QIBs) quota was subscribed 51 per cent.

Hy-Tech Engineers has fixed a price band of Rs 50-53 per equity share for its initial public offering.

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).

At the upper end of the price band, the company will fetch up to Rs 135.73 crore from the public issue.

The company 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.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)