Thaai Casting IPO subscription status: Issue subscribed 345 times on final day, check details
Upstox
3 min read • Updated: February 20, 2024, 7:58 PM
Summary
Thaai Casting Ltd (TCL) IPO comprises a fresh issue of a total 61,29,600 equity shares and no offer for sale (OFS) component. The retail segment of the public issue received bids for 71.98 crore shares as against 20.24 lakh shares on offer.
The Thaai Casting Ltd IPO closed with a massive demand for the public issue on Tuesday, February 20. The automotive ancillary company saw its Initial public offer getting subscribed 345.85 times on the fourth and final day of bidding.
The Thaai Casting public offer received total bids for 152 crore (1,52,00,86,400) shares at the close of subscription against 43.95 lakh (43,95,200) shares on offer. According to the NSE data, the qualified institutional buyers (QIBs) portion received bids for 16,70,80,000 shares against 11,56,800 equity shares on offer.
The non-institutional investors (NIIs) placed applications for 63,31,60,000 equity shares compared to 8,67,200 equity shares reserved for them.
Reflecting huge retail investors' interest in the IPO, the portion for retail investors garnered bids for 71,98,46,400 equity shares against 20,24,000 shares set aside for the category.
The ₹47.20 crore IPO of Thaai Casting opened for subscription on February 15. The IPO will be listed on NSE SME on February 23.
With the end of the Thaai Casting IPO subscription period, the company is expected to announce the allotment of shares on February 21. It is expected to start refunds on the same day. The shares will be credited to the demat accounts of the successful bidders on February 22.
Thaai Casting IPO: price band, offer size and lot size
Thaai Casting Ltd (TCL) IPO comprises a fresh issue of a total 61,29,600 equity shares and no offer for sale (OFS) component. The issue included a market maker portion of 3,47,200 equity shares and anchor allocation of 17,34,400 shares.
The Thaai Casting IPO price band was fixed at ₹73 to ₹77 per share. The minimum lot size was 1,600 shares. For retail investors, the minimum amount of investment was ₹1,23,200. For HNI it was two lots (3,200 shares) at ₹2,46,400. At the lower end, the company would raise ₹44.74 crore and ₹47.19 at the upper end from the IPO.
GYR Capital Advisors Private Limited is the book running lead manager while Purva Sharegistry India Pvt Ltd is the registrar for the Thaai Casting IPO.
Thaai Casting Ltd had set aside 17,34,400 equity shares for anchor investors. The company raised a total of ₹13.36 crore from anchor investors by issuing shares at the upper end of ₹77 per piece.
Vikasa India Eif I Fund - Incube Global Opportunities was allotted 14,73,600 equity shares while Silver Stallion Limited received 2,60,800 equity shares.
About Thaai Casting Limited
Thaai Casting Ltd is a leading player in the automotive ancillary segment, specialising in high-pressure die casting, as well as the precision machining of both ferrous and non-ferrous materials, and induction heating and quenching.
The company operates predominantly in the business to business (B2B) segment, catering to leading entities in the automotive components sector.
Its product portfolio comprises a diverse range of automobile components, including engine mounting support brackets, transmission mounts, fork shift and housing, armature – steering wheel, electrical connectors, YFG base frame (right-hand drive side/left-hand drive side), housing and top cover. The company has a manufacturing unit at SIPCOT Industrial Park, in Tiruvallur, Tamil Nadu.
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