Shares of auto component maker Craftsman Automation on Thursday made a tepid market debut, listing with a discount of over 9 per cent, against its issue price of Rs 1,490. Meanwhile, Laxmi Organic made a debut in the capital market at Rs 156.20 per share, up by 20 per cent from the IPO pricing of Rs 130 per share.
Craftsman Automation's stock listed at Rs 1,350, registering a decline of 9.39 per cent from the issue price on the BSE. Later as the trade progressed, it dipped 9.44 per cent to Rs 1,349.20. On the NSE, it debuted at Rs 1,359, a discount of 8.79 per cent from the issue price.
The initial public offer of Craftsman Automation was subscribed 3.81 times earlier this month. The Rs 824-crore offer was in a price range of Rs 1,488-1,490 per share. Net proceeds of the issue will be utilised for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.
Laxmi Organic Industries’ public issue was subscribed 107 times by investors. The company was aiming to raise Rs 600 crore from the IPO. The money raised with this IPO will be utilised towards fluoro specialty chemicals facility, a manufacturing facility and the company's working capital requirements.
(With inputs from agencies)
