Kasturi Metal Composite IPO Day 1: Check subscription status, price band, lot size, key dates and more

Kasturi Metal Composite IPO: The initial public offering of steel fibre products maker Kasturi Metal Composite opened for subscription on Tuesday, January 27. The issue will conclude on Thursday, January 29. The price band has been fixed at ₹61 to ₹64 per share.

The ₹17.61 crore initial share sale is solely a fresh issuance of 27.52 lakh shares, with no offer for sale component.

The fresh issue proceeds to the tune of ₹13.29 crore will be used for capital expenditure towards electrical and mechanical works, interior work and procurement of plant and machinery for establishing a new manufacturing unit at Maharashtra's Amravati. A part will also be utilised for general corporate purposes.

"We believe that listing will enhance our corporate image and visibility of brand name of our company. We also believe that our company will receive the benefits from listing of equity shares on the SME Platform of BSE (BSE SME). It will also provide liquidity to the existing shareholders and will also create a public trading market for the equity shares of our company," Kasturi Metal Composite said in its red herring prospectus.

Kasturi Metal Composite IPO Day 1: Subscription status

The issue has been subscribed 30% so far on day 1, with bids for 5,94,000 shares as against 19,70,000 shares on offer, according to the BSE data until 11:24 am.

Kasturi Metal Composite IPO: Lot size

A lot consists of 2,000 shares. Investors can apply for a minimum of two lots or 4,000 shares.

Kasturi Metal Composite IPO: Allotment and listing date

About Kasturi Metal Composite

Kasturi Metal Composite, incorporated in 2005, manufactures, supplies and exports steel fibre products for industrial applications. Its product portfolio includes loose hook-end steel fibre, flat crimped steel fibre and glued hook-end steel fibre, available in various sizes and configurations for fibre-reinforced concrete applications. It also makes steel wool fibre, which is widely used in the production of friction linings for brake pads and clutches. The company markets its products under the 'Duraflex' and 'Durabond' brands.