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  5. IPO wrap, June 24: Kalptaru sees tepid demand on Day 1; Global Civil makes a strong debut

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IPO wrap, June 24: Kalptaru sees tepid demand on Day 1; Global Civil makes a strong debut

Upstox
By Upstox News Desk

5 min read | Updated on June 24, 2025, 20:47 IST

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SUMMARY

New IPOs that opened on Tuesday includes— Kalpataru, Shri Hare-Krishna Sponge Iron, Ellenbarrie Industrial Gases, Globe Civil Projects and Icon Facilitators

IPOs

Road construction firm Mayasheel Ventures’ issue was subscribed to 216.50 times on the last day of bidding.

The primary market witnessed a hectic day on Tuesday, June 24. As many as nine initial public offerings (IPOs) were active, with issues of Safe Enterprises, Mayasheel Ventures and Aakaar Medical Technologies ending their subscription.

New IPOs that opened on Tuesday includes— Kalpataru, Shri Hare-Krishna Sponge Iron, Ellenbarrie Industrial Gases, Globe Civil Projects and Icon Facilitators.

Here’s a look at the major developments in the IPO market on Tuesday, June 24:
Aakaar Medical issue booked 2.19x on last day
Aakaar Medical Technologies IPO has been subscribed to 2.19 times till 5 PM on the third day of bidding on Tuesday, with bids for 5,889,600 shares compared to 2,683,200 shares on offer.

The company deals in specialised cosmetic products and devices. It will use funds to the tune of ₹20.35 crore for working capital requirements and the rest for general corporate purposes.

The price range was set at ₹68 to ₹72 per unit, and the application size is 1,600 shares.

Also read: HDB Financial vs Bajaj Finance: How do the NBFCs stack up against each other?
Safe Enterprises Retail subscribed over 13x
Safe Enterprises Retail IPO was booked 13.73 times on the last day of bidding on Tuesday, with bids for 12,08,18,000 shares compared to 87,99,000 shares on offer.

The book-running lead manager for the IPO is Hem Securities, while the registrar is Maashitla Securities.

Safe Enterprises designs, manufactures and installs shop fittings and retail fixtures, offering customised solutions across retail segments like electronics, fashion and department stores.

The price range was set at ₹131 to ₹138 per unit, and the lot size is 1,000 shares.

Mayasheel Ventures subscribed over 216x
Road construction firm Mayasheel Ventures’ issue was subscribed to 216.50 times till 5 PM on the last day of bidding, with bids for 89,956,200 shares compared to 4,155,000 shares on offer.

The ₹27.28 crore bookbuilding issue of Mayasheel Ventures Ltd is entirely a fresh issuance of 55.14 lakh shares. The price band is fixed at ₹44 to ₹47 per share.

The company intends to utilise the proceeds from the fresh issue for funding capital expenditure requirements for the purchase of machinery, working capital needs and general corporate purposes.

A lot consists of 3,000 shares and in multiples thereafter. The minimum investment is ₹1,41,000.

Globe Civil Projects IPO subscribed 6.96x on day 1
Globe Civil Projects IPO was subscribed to 6.96 times on Tuesday, the first day of subscription, with bids for 8,16,76,623 shares compared to 1,17,32,392 equity shares on offer.

Its portion for qualified institutional buyers (QIBs) was booked 8.06 times, non-institutional investors 8.16 times and retail investors 5.82 times.

The initial public offering is open till June 26. The company mobilised ₹35.7 crore from six anchor investors, including Compact Structure Fund, Chanakya Opportunities Fund, Steptrade Revolution Fund, and Lords Multigrowth Fund.

The ₹119 public offer is only a fresh issuance of 16,760,560 shares. The price range has been set at ₹67 to ₹71 per share.

Also read: HDB Financial IPO: Here’s how to apply under the HDFC Bank shareholders’ quota
Ellenbarrie Industrial Gases offer booked 0.08x

Ellenbarrie Industrial Gases IPO has been subscribed to 0.08 times on the first day of bidding. It had received 1,147,370 bids against 15,108,983 reserved shares.

Incorporated in 1973, Ellenbarrie Industrial Gases provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, nitrous oxide, dry ice, firefighting gases and others. The company’s portfolio of gases serves critical functions across industries from public and private entities.

Ellenbarrie Industrial Gases IPO aims to raise ₹852.5 crore through its public issue. The IPO is a combination of a fresh issue and an offer for sale. The fresh issue consists of 1 crore shares worth ₹400 crore, while the offer for sale component is 1.1 crore shares worth ₹452.5 crore.

Kalpataru offer booked 0.09x
Real estate developer Kalpataru's initial share sale is a fresh capital raise of ₹1,590 crore. There is no offer for sale component. The price band has been set at ₹387 to ₹414 per share, and a lot consists of 36 shares.

On Tuesday, the IPO was subscribed to 0.09 times. It received 2,035,764 bids against 2,282,6516 reserved shares.

On Monday, the Mumbai-based company raised ₹708 crore from nine anchor investors, including GIC, Bain Capital, SBI Mutual Fund (MF), 360 ONE Group, Aditya Birla Sun Life Insurance, ICICI Prudential MF, SBI General Insurance, Ayushmat Ltd, and Taurus MF.

Shri Hare-Krishna Sponge Iron offer booked 0.62x
The SME issues of Shri Hare-Krishna Sponge Iron were subscribed to 0.62 times until 5 PM on the first day of its bidding. It received 22,40,000 bids against 36,30,000 reserved shares.
Also read: HDB Financial Services IPO opens tomorrow: Planning to apply? Check 10 risk factors from RHP
 AJC Jewel offer subscribed 0.43x on day 2
The BSE SME IPO of AJC Jewel has been subscribed to 20% on the second day of the offer, on Tuesday. It secured bids for 469,200 shares compared to 1,083,600 shares on offer, according to the data till 5 pm.
Icon Facilitators offer booked 0.64x
Icon Facilitators, the BSE SME IPO, was subscribed 0.64 times until 5 PM on the first day of its bidding. It received 1,353,600 bids against 2,100,000 reserved shares.
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