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Salasar Techno Engineering IPO subscribed 273 times on last day

LiveMint logoLiveMint 17-07-2017 PTI

New Delhi: The initial public offer (IPO) of infrastructure firm Salasar Techno Engineering was oversubscribed a staggering 272.93 times on the last day of bidding on Monday.

The IPO received bids for 90,63,94,500 shares against the total issue size of 33,21,000 shares, data available with the NSE till 7.30pm showed. At the close of Friday’s bidding, the IPO of the company was oversubscribed 11 times. It had opened for bidding on 12 July.

The issue comprises 33.21 lakh equity shares at a price of Rs108 per equity share aggregating to Rs35.86 crore. Proceeds from the issue will be utilised for meeting working capital requirements and general corporate purposes.

Rajasthan-based Salasar Techno provides customised steel fabrication solutions in the domestic market. Sarthi Capital Advisors Pvt. Ltd is the book running lead manager to the offer. The equity shares are proposed to be listed on the NSE and BSE.

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