IC Electricals IPO fully subscribed within hours seeks 48 cr
IC Electricals, known for making electronic gear for trains, launched its IPO and got a huge response, fully subscribed within hours.
The company is offering more than 48 lakh shares priced between ₹94 to ₹99 each, aiming to raise nearly ₹48 crore.
Retail investors jumped in strong, subscribing eight times their quota, while non-institutional buyers followed close behind.
IC Electricals institutional quota 10% subscribed
Institutional buyers were a bit slower, with only 10% of their portion taken up so far.
Earlier, anchor investors like Bengal Finance and Investment and SageOne-Flagship Growth OE Fund pitched in ₹13.54 crore ahead of the launch.
Shares are already trading at more than a 40% premium on the gray market, a sign people are pretty excited about this one.
The company intends to utilize ₹33.6 crore of proceeds for working capital requirements and the remaining funds for general corporate purposes.
IC Electricals IPO closes July 7
The IPO was delayed by a week but now closes on July 7.