The initial public offer of infrastructure firm Salasar Techno Engineering was oversubscribed a staggering 272.93 times on the last day of bidding today. The IPO received bids for 90,63,94,500 shares against the total issue size of 33,21,000 shares, data available with the NSE till 1930 hours showed. At the close of Friday's bidding, the IPO of Salasar Techno was oversubscribed 11 times.
It had opened for bidding on July 12. The issue comprises 33.21 lakh equity shares at a price of Rs 108 per equity share aggregating to Rs 35.86 crore. Proceeds from the issue will be utilised for meeting working capital requirements and general corporate purposes. Rajasthan-based Salasar Techno provides customised steel fabrication solutions in the domestic market. Sarthi Capital Advisors Pvt Ltd is the book running lead manager to the offer. The equity shares are proposed to be listed on the NSE and BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)