Craftsman Automation share sale via initial public offering (IPO) was subscribed 3.81 times on the final day of subscription. Craftsman Automation received over 1.47 crore bids for its shares as against 38.69 lakh shares on the offer, data from the National Stock Exchange showed. A total of 51,21,100 bids were received at the cut off price, according to the NSE.
Craftsman Automation saw good demand for its shares from the qualified institutional buyers (QIBs) as the portion reserved for them was subscribed 4.91 times. Portions for retail and non-institutional investors were subscribed 1.68 and 1.37 times respectively.
Craftsman Automation sold shares in the price band of Rs 1,488 to 1,490 per equity share and at the upper band company plans to raise Rs 823.70 crore from the IPO.
Craftsman Automation is an engineering organization that is engaged in manufacturing precision components. The company designs, develops, and manufactures a range of engineering products. It is one of the leading players in the machining of cylinder blocks for the tractor segment.
The company will use proceeds from the IPO to make repayment/pre-payment of company’s borrowing fully or partially and to meet general corporate purposes.
The Craftsman IPO ended on March 17 and 50 per cent of the portion of the IPO is reserved for qualified institutional buyers. 35 per cent is reserved for retail investors while 15 per cent is set aside for non-institutional investors.