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Shares of Thaai Castings jumped over 150 per cent or 2.5 times on listing day on Friday on the NSE-Emerge. As against the IPO price of ₹77, the SME company listed at ₹185.90 and rose further to ₹195.15. During the day, the stock touched a low of ₹176.60.
The ₹47.20-crore IPO of the Chennai-based company was subscribed 375 times with the retail portion subscribing abround 355 times and non-institutional investors whopping 729 times. The quota for qualified institutional buyers was subscribed over 144 times. The offer comprised a fresh issue of 61.29 lakh shares.
The company plans to use the net fresh issue proceeds to meet the capital expenditure and for general corporate purposes.
The automotive ancillary company specialises in high-pressure die casting and precision machining of both ferrous and non-ferrous materials and Induction heating and quenching. Its business model is firmly rooted in a B2B approach, catering to leading entities in the automotive components sector.
The product portfolio include automobile components, including engine mounting support brackets, transmission mounts, fork shift and housing, armature – steering wheel, electrical connectors, YFG Base Frame, etc.
GYR Capital Advisors Private Ltd was the book running lead manager, while Purva Sharegistry India Pvt Ltd was the registrar for the issue.
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