Hy-Tech Engineers IPO oversubscribed 244.41 times, lists September 1
Hy-Tech Engineers, an engineering company engaged in designing, manufacturing and supplying hydraulic fittings for industrial applications, is hitting the stock market on September 1 after its IPO got a massive response, oversubscribed by 244.41 times.
Investors put in bids for 4,43,49,70,542 shares for just 1,81,45,406 shares between August 24-27.
Noninstitutional investors led Hy-Tech IPO 402.29x
Noninstitutional investors led the charge, subscribing 402.29 times, with strong interest from both big institutions and retail buyers too.
The gray market hints at a hot debut: shares could open around ₹95 each (that's 79.25% above the IPO price of ₹53 per share).
The company plans to use ₹29.96 crore from the IPO to buy machinery and equipment and expand the Kavathe, Shirwal, and Pithampur Unit-I facilities, aiming for bigger growth ahead.