Hy-Tech Engineers share price made a bumper debut on the bourses today, Tuesday, 1 September. On NSE, Hy-Tech Engineers share price opened at ₹75 per share, 41.51% higher than the issue price of ₹53. On BSE, the stock opened at ₹72 apiece, up 35.85% than the issue price.
The initial public offering of Hy-Tech Engineers achieved a subscription of 244.41 times on the final day of bidding. The segment designated for qualified institutional buyers (QIBs) was subscribed 255.77 times, while the portion allocated for non-institutional investors received 402.29 times subscription. The retail individual investors (RIIs) segment saw a subscription rate of 170.58 times.
Hy-Tech Engineers IPO date of subscription was scheduled for Monday, 24 August and will close on Thursday, 27 August. Hy-Tech Engineers IPO price band was fixed in the range of ₹50 to ₹53 per equity share of the face value of ₹5.
Hy-Tech Engineers IPO reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Hy-Tech Engineers IPO GMP today, or grey market premium, is +35. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Hy-Tech Engineers share price was indicated at ₹88 apiece, which is 66.04% higher than the IPO price of ₹53.
Hy-Tech Engineers IPO details
The Maharashtra-based company has revised the size of its IPO, reducing the fresh issue to ₹60 crore from ₹70 crore earlier. At the same time, it has increased the offer-for-sale (OFS) component to nearly 1.43 crore shares from 1.19 crore shares, according to the Red Herring Prospectus (RHP).
Of the net IPO proceeds, the company plans to utilise ₹29.96 crore to procure machinery and equipment to support expansion at its Kavathe Unit, Shirwal Unit, and Pithampur Unit-I. Another ₹16 crore will be used for loan repayment, while the remaining funds will be allocated for general corporate purposes.
Hy-Tech Engineers operates on a business-to-business (B2B) model across domestic and international markets, catering to original equipment manufacturers (OEMs) and other industrial customers.
New Berry Capitals Pvt Ltd is the sole book-running lead manager for the IPO, while Bigshare Services Pvt Ltd is the registrar to the issue.
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