NSE SME IPO Thaai Casting subscribed 2.08 times

The offer received bids for 1.28 crore shares as against 61.29 lakh shares on offer.

The initial public offer (IPO) of Thaai Casting received bids for 1,28,09,600 shares as against 61,29,600 shares on offer, as per NSE data as of 17:00 hours on Thursday, (15 February 2024). The issue was subscribed 2.08 times.

The issue opened for bidding on Thursday (15 February 2024) and it will close on Tuesday, (20 February 2024). The price band of the IPO is fixed at Rs 73 to 77 per share. The minimum order quantity is 1,600 equity shares. The equity shares will list on NSE's SME platform.

The IPO comprises fresh issue of 61,29,600 shares. About 3,47,200 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 57,82,400 equity shares.

The company intends to utilize the net proceeds for capital expenditure and general corporate purposes.

Ahead of the IPO, Thaai Casting on Wednesday, 14 February 2024, raised Rs 13.35 crore from anchor investors. The board allotted 17.34 lakh shares at Rs 77 per share to 2 anchor investor.

Thai Casting is an automotive ancillary company specializing in High-Pressure Die Casting, as well as the precision machining of both ferrous and non-ferrous materials and induction heating and quenching. As of 30 September 2023, the company has 132 employees in various departments.

The company recorded revenue from operations of Rs 28.88 crore and net profit of Rs 5.57 crore for the period as on 31 October 2023.

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