Sotefin Bharat IPO oversubscribed nearly 4 times, listing Thursday
Business
Sotefin Bharat's IPO just wrapped up and was oversubscribed by nearly four times, which is pretty impressive for a debut.
Investors rushed in, with non-institutional bidders leading the charge, followed by retail and institutional buyers.
Shares are set to list Thursday.
Sotefin Bharat funds ₹20 cr unit
Even with strong demand, the gray market premium dropped from over 10% to just 2%.
The share allotment wraps up July 21, and trading starts July 23.
Out of the ₹89.76 crore raised, about ₹20 crore will fund a new robot manufacturing unit in Kolkata for automated parking systems, to reduce dependence on imports.
The rest will be allocated to office capital expenditure, working capital, and general corporate purposes as Sotefin Bharat aims for more vertical integration.