New Delhi : Rajasthan-based Salasar Techno Engineering’s IPO has been oversubscribed 272.93 times which means the bid was worth Rs 9,700 crore on the last day of offer. The massive response can be attributed to the company’s clients or companies its works with.
The company has received bids for 90.11 crore shares on the fourth day of bidding as against the offer size of 33.21 lakh shares. The Rs 36 crore IPO opened for bidding on July 12 and closed on Monday (July 17, 2017).
The shares reserved for high net worth investors was subscribed by 478 times, while retail portion was subscribed by 56 times.
The company provides customised steel fabrication solutions in the domestic market. The book running lead manager to the offer was Sarthi Capital Advisors Pvt ltd. The equity shares are proposed to be listed on the NSE and BSE.