The stock listed at Rs 22 on BSE SME platform, as compared to its issue price of Rs 23.The Rs 88.51-crore IPO was subscribed 2.70 times during the three-day bidding period.
The issue saw strong institutional interest, with the qualified institutional buyers (QIB) portion subscribed 20.32 times and the non-institutional investor (NII) category booked 5.10 times.
However, the retail portion remained undersubscribed at 0.84 times.
The IPO comprised a fresh issue of Rs 79.60 crore and an offer for sale worth Rs 8.91 crore.
The company plans to use the fresh issue proceeds for setting up an assembling unit, funding working capital requirements and general corporate purposes.
