Karamtara Engineering IPO subscription status: Issue booked 78% on Day 1 so far; should you subscribe?…

As per the latest business developments, Karamtara Engineering initial public offering (IPO) witnessed firm demand on the first day of its share sale on Wednesday, with the offering subscribed 78 percent so far.

The Rs 875-crore IPO received bids for 1.92 crore equity shares against the 2.54 crore shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 1.19 times, while the retail individual market participants (RIIs) category saw 52 percent subscription. The non-institutional market participants (NIIs) segment was subscribed 72 percent.

The price range for the IPO has been set at Rs 241–254 per equity share, giving the firm an implied valuation of Rs 7,790 crore to Rs 8,174 crore.

The firm’s maiden public offering will stay open for subscription until September 11.

Earlier, the Mumbai-based manufacturer of solar mounting structures and tracker components for the renewable energy and transmission line sectors, mobilised Rs 262.5 crore from 14 institutional market participants through the anchor book on September 8.

Karamtara Engineering IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of the firm are commanding a GMP of up to 27 percent. Investorgain quoted a GMP of Rs 65 for the shares of the firm, indicating a stock-exchange debut gain of 25.6 percent. In the meantime, IPO Watch, quoted a GMP of 27.17 percent.