Karamtara Engineering IPO Day 1: Check subscription status, price band, lot size and key dates

The initial public offering of Karamtara Engineering, which manufactures engineering steel products for renewable energy and power transmission sectors, hit the primary market on Wednesday, September 9. The issue will end on September 11.

The ₹875 crore IPO comprises a fresh issue of shares worth ₹675 crore and an offer for sale (OFS) component of up to ₹200 crore by promoters Rajiv Singh and Tanveer Singh.

The net proceeds from the fresh issue will be used for debt clearance and general corporate purposes. "Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including to enhance our brand image among our existing and potential customers and creation of a public market for the equity shares in India," the company said.

The price band has been fixed at ₹241 to ₹254 per share. A lot consists of 59 shares.

Karamtara Engineering IPO Day 1: Subscription status

The issue has been subscribed 15% so far on Day 1, with bids for 39,24,562 shares compared to 2,54,14,937 shares on offer, according to the NSE data until 10:54 am.

Karamtara Engineering IPO allotment and listing date

On Tuesday, the firm collected ₹262.50 crore from anchor investors such as HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, HDFC Life Insurance Company, Nippon India Mutual Fund, and SBI Life Insurance, among others.

Karamtara Engineering makes transmission line towers, wind energy structures, solar structures and tracker components, structural steel profiles and fasteners for India and overseas markets.

Prior to the IPO, the company mobilised ₹546 crore via multiple pre-IPO stake sales and funding rounds.

The company's shares are expected to be listed on both the BSE and the NSE.