The SME initial public offering (IPO) received bids for 4.69 crore equity shares against 3.65 crore shares on offer, according to the BSE data.
The strongest demand came from qualified institutional buyers (QIBs), whose portion was subscribed 12.48 times, while the non-institutional investor category garnered 2.52 times subscription. The retail portion was subscribed to 29 per cent.
The IPO will conclude on June 19. The price band for the issue has been fixed at Rs 21-23 per share.
The Bengaluru-headquartered company’s share sale comprises a fresh issue of approximately 3.46 crore equity shares worth Rs 79.60 crore and an Offer for Sale (OFS) of around 38.75 lakh shares aggregating Rs 8.91 crore.
Proceeds from the fresh issue will be utilised by the company to set up an assembling unit, working capital requirements and general corporate purposes.
The engineering, procurement, construction, and commissioning (EPCC) company has built an order book of more than Rs 384 crore, with export projects accounting for over Rs 327 crore of the pipeline, reflecting the company’s growing presence across Kuwait, Bahrain, and other Gulf markets. The company reported FY25 revenue of Rs 134.66 crore and profit after tax of Rs 16.22 crore. Its order book remains diversified across oil & gas, infrastructure, utilities, metals, and industrial projects, providing visibility for future revenue generation. PTI