Metalic Technoforge opens at ₹87 on NSE, 13% above ₹77
Business
Metalic Technoforge hit the NSE today, opening at ₹87 per share, 13% above its IPO price of ₹77.
The stock fell to ₹83.50 by late morning, outperforming expectations since the last gray market buzz was for just an 8% premium.
Metalic Technoforge IPO nearly sixfold oversubscribed
The IPO got a lot of attention, being nearly six times oversubscribed between July 21-23 and raising about ₹50 crore.
Most of the funds will go into building and upgrading manufacturing facilities in Rajkot, plus some will help pay off loans and cover general business needs.
Metalic Technoforge makes precision parts for cars, tractors, and construction machines, aiming to expand both in India and abroad with this fresh investment.